By the beginning of 2021, live and leisure activities like sporting events and concerts were going back to normal — but office attendance still lagged. And that begs the question: will office usage ever return to normal?

"The big movement toward working from home was started by the pandemic, but at this point, it would be hard to argue the people are still it doing because of health risks," says Marcus & Millichap's John Chang. And while most companies would like their folks back in the office, "even the most adamant business leaders have had to back off their hard line positions," he says.

The reason? A booming employment market. The US added 3.5 million jobs during the first eight months of this year, well above pre-pandemic norms, and unemployment is hovering at 3.7%. (The rate for college-educated people is just 1.9%, well below the 3.1% 20-year average for the segment.) The tight labor market is sustaining the WFH trend as companies are increasingly looking to WFH policies as a way to woo and retain talent.