Two years in and pandemic conditions, as they wax and wane, have left office properties at 43.8% of pre-pandemic occupancy, says Kastle Systems.
Trying to understand where office use, and therefore the office market, is going has been at a minimum perplexing. Will employers succeed in getting workers to return to the office? Will employees win the ability to stay out of the office most of each week? On the backs of the answers to these and other questions rests the future of the office market. In the U.S., this could mean shedding 145 million square feet over the next two years.
The Mortgage Bankers Association in a new report says that if the goal is to have everyone back in the office, then unlike the Apollo 13 mission, failure may indeed be an option.
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