Before the Pmicron wave earlier this year, office leasing activity had reached its highest levels since the onset of the pandemic. The space available for sublease also declined, most importantly in central business districts, according to Marcus & Millichap.
Omicron interrupted this positive trend, raising vacancy in CBDs by an estimated 30 basis points in the first quarter of 2022, while suburban rates remained stable.
The subsequent slowdown in cases was welcomed news for office owners. Sadly, it appears that cases are rising again, although it remains unclear whether another wave is forming. In the meantime, though, companies are moving forward to bring workers back to the office.
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