In a new report, Cushman & Wakefield indicates that office pricing should recover by late 2022.
To get to this conclusion, Cushman & Wakefield presumed US office employment declines by 1.2 million jobs in 2020, Congress passes another fiscal relief bill, the Coronavirus situation begins to resolve by mid-2021 and the historical relationship between job losses and net absorption holds true in this cycle, according to Cushman & Wakefield's "U.S. Property Markets & The Economy" by David Smith.
While it doesn't expect a seismic shift to remote work, Cushman & Wakefield does project that the number of people working from home will increase from 5% to 10%.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
