Post-pandemic, America is seeing a reduction in office space, which experts believe will help stabilize the commercial real estate market. Jessica Morin of CBRE notes that while recovery is underway, pre-pandemic vacancy rates won't return soon, possibly until the decade's end. Most companies have adjusted their remote work policies, with two-thirds expecting staff to be in-office three or more days weekly. A significant shift is happening, where office conversions are surpassing new constructions as vacant offices are converted to apartments and other uses, reflecting a noteworthy trend in commercial real estate.
America is experiencing a significant decline in office space, a trend that commercial real estate experts believe will help stabilize the market post-pandemic.
The office market has reached stability on its path to recovery, with many occupiers finding a balance in their remote work policies.
According to surveys, two-thirds of companies expect their employees to be in the office three or more days a week, illustrating changing work dynamics.
By the end of this year, 23.3 million square feet of office space will be converted or demolished, with apartments taking the lead in conversions.
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