On its surface, the use of weight loss drugs may seem to be it has little to do with the demand for office space, shopping malls and apartment buildings. But Jefferies analyst Jonathan Petersen begs to differ. He speculated that a healthier population would have a number of various habits that could ripple through the economy and eventually be felt by the real estate industry — benefiting some pockets, while pressuring others. “While an instantaneous rebalance of your portfolio on this trend would likely be premature, we offer predictions on how GLP-1 drugs may transform Real Estate over the next decade,” wrote Petersen in a note to clients Monday. A recent class of weight loss drugs often called glucagon-like peptide 1 receptor agonists has given individuals who struggle with obesity fresh hope that they’ll shed kilos and possibly ward off other chronic health conditions like Type 2 diabetes and heart disease. Use of those drugs, which include Ozempic, Wegovy and Mounjaro, continues to be small but analysts predict it’s going to grow in the coming years as a result of the large percentage of people that can profit from these therapies. SPG YTD mountain Simon shares have fallen 6% yr to this point. Petersen suggests the fallout might begin with a pickup in foot traffic at malls as patients on medication shop for brand spanking new wardrobes to suit their smaller frames. That may help mall operators reminiscent of Simon Property , Federal Realty Investment Trust and Macerich . But restaurants could lose out as consumers eat less wealthy food, a blow to firms reminiscent of NNN REIT that own numerous restaurant properties of their portfolio, Petersen said. NNN YTD mountain NNN REIT shares have fallen greater than 22%. He goes on to invest that a thinner populace is likely to be more social, and search for apartment buildings with more shared spaces and amenities like pools. If that vision involves pass, it could boost apartment operators reminiscent of Equity Residential , Avalonbay Communities and Apartment Income REIT , amongst others. PEAK YTD mountain Healthpeak shares are down 26% since January and hit a 52-week low Tuesday. Over the long run, the use of those drugs will boost patient well-being, and Petersen expects this could mean fewer doctor visits and longer lives, trends that could boost senior housing operators like Welltower , but pressure operators of medical office space reminiscent of Healthpeak . Healthpeak shares hit a 52-week low on Tuesday, while Welltower shares shed greater than 2%. Welltower, which operates in the U.S., Canada and U.K., is up nearly 24% yr to this point. Healthpeak shares are down greater than 26% during the same period. Petersen is not the first analyst to check out the far-reaching implications of GLP-1 medications. Morgan Stanley predicted a reckoning for food and beverage firms as patients on these drugs eat fewer calories. And medical device stocks need not wait to see the knock-on effects. Their stocks have already been hammered by investors who’re predicting fewer people will need insulin pumps, CPAP machines for sleep apnea and bariatric surgery. — CNBC’s Michael Bloom contributed to this report.