With a couple executives always burning the midnight oil, office buildings have been like giant nightlights in our cityscapes. The gaping hole of office activity during COVID-19 has been painfully visible.
In an article for Real Trends, I explain that while the office sector faces clear challenges, a permanent shift to remote work is unlikely, and there are a number of counter forces that can sustain or increase demand:
- Employers require more space for each employee, reversing the densification trend.
- Moratoriums on construction means office sector competition will again be true to market and quality dependent.
- A revitalization of the suburban office market is likely as people move away from cities and toward more favorable business climates.
In the end, things are far from hopeless. Landlords, investors, and tenants alike should approach.