The coronavirus pandemic has emptied offices and shuttered shops but filled warehouses and highlighted demand for work-from-home spaces, leaving investors wondering if they should flee real estate or double down on their bets. Property has long been a staple of a balanced investment portfolio, favoured by pension funds and insurers seeking assets that combine capital value growth offered by stocks with secure income akin to bonds. But government lockdowns to contain COVID-19 have spurred unprecedented changes in the way billions of people live and work, denting values and rental prospects of malls and skyscrapers and making property investment a far bigger gamble. “It is unclear whether we will see more demand for real estate because of social distancing, or less because of the home office,” Joe Stadler, head of the ultra-high net worth business at UBS told Reuters, describing the conundrum as a key focus for clients.Millions of staff are now working from home while online shopping sales reported by Alibaba and Amazon have soared. Savills is forecasting prime European office rents to drop by between 2 and 10% this year, while first-quarter yields on prime European shopping centres have softened by 39 bps to 5.1% compared to 2019.In contrast, demand for logistics real estate could grow by 150-200 million square feet annually for the next two-to-three years in the United States, industrial property firm ProLogis said. And some of the boldest investors are not only sticking with the property asset class but raising their stakes.Data from alternative assets research firm Preqin showed European focused property funds attracted $13.2 billion from investors between April 1 and May 28, the highest quarterly volume seen since Q4 2017, with one month of the quarter remaining.Swapping offices and shops for storage and industrial property appears like a simple solution.