Office has been a spiraling disappointment since so many companies were compelled to close early in the pandemic and hybrid work became a broad fact of business and life.
Vacancies in the property type at the end of last year — just a month ago — were worse than during the pandemic's height, according to Moody's Analytics.
Even now, after the early heights of the pandemic, enforced closures, and work-from-home mandates, and after corporations began to reconsider how they would operate, the national vacancy rate reached a new high of 18.7%. The pandemic peak — hit in the second quarter of 2021 and third quarter of 2022 — was 18.5%.
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