["Real Estate Economics, Volume 54, Issue 2, Page 504-539, March 2026. ", "\nAbstract\nWe exploit the COVID‐19 pandemic as a natural experiment to examine how health‐conscious infrastructure impacts commercial real estate. Using data from listed real estate companies globally and in the United States, we find a post‐pandemic surge in healthy building investments, especially in regions with higher pre‐pandemic health risks. Firms with greater pre‐pandemic healthy building shares showed stronger market resilience and superior post‐pandemic performance. Cell phone mobility data confirm these benefits, showing increased visits to healthy buildings after reopening, highlighting their perceived safety and appeal. Our findings underscore health‐centric infrastructure's role in shaping investment, performance, and mobility.\n"]