Office Market To Return Mid-2022, and Corporate America To Shed 25% of Their Office Space?
At a recent webinar where I forecast what was going to happen in the various commercial real estate segments over the next few years we had several surveys. One was asking our audience, which included CPA’s, bankers, realtors and lawyers, when they thought the office market was going to return, and the overwhelming consensus was mid-2022. I have done less formal surveys of office brokers who for the most part think June 2021 is a more likely scenario, but as a tenant rep expert I tend to agree with mid-2022. Another survey question was a yes or no to the question, ‘Do you believe the estimate that long-term corporate office space needs will be reduced by 25%? And 86% answered, ‘Yes!’ This is scary because this means 500 million square feet of existing office space will come on the market as companies downsize. If you would like to watch my 45 minute presentation please click https://www.rina.com/resource-library/videos/what-can-we-expect-for-commercial-real-estate-in-2021/