 Shares of real estate investment trusts REITs focused on business office properties were hit hard Monday, after Deutsche Bank analyst Derek Johnston downgraded some, and cut price targets all the companies he covers, saying the outlook for the group has dramatically changed in the wake of the recession induced by the COVID-19 pandemic. Johnston downgraded Kilroy Realty Corp. to sell from hold, and both SL Green Realty Corp. and Paramount Group Inc. to hold from buy. Fundamentals are likely to be strained for the forseeable future with leasing velocity decelerating as business activity remains weakened by the virus and is unlikely to fully recover for 12-to-18 months as we await a safe and effective vaccine, Johnston wrote in a note to clients. Businesses are rethinking their office footprints as employees appear in no rush to head back into office space where they will be met with multiple restrictions which may further hamper productivity. Kilroys stock slumped 2.2, SL Green shares shed 4.4 and Paramounts stock dropped 3.8. Elsewhere, shares of Boston Properties Inc. gave up 3.5, Vornado Realty Trust slid 3.9 and Mack-Cali Realty Corp. gave up 2.3. The SPDR Real Estate Select Sector ETF has now shed 9.9 year to date, while the SP 500 has edged up 0.5. 