Even as some form of hybrid work becomes ingrained and accepted, and some of the largest corporate office tenants are mandating a return to the office, the lack of overall physical office usage continues to push tenants to smaller footprints.
What is being commanded by Blackrock, Disney, Amazon, and Google has not done enough, so far, to prevent vacancy rates from rising as leases expire, according to a report from Yardi's CommercialEdge.
For example, national vacancy rates are up 260 basis points year-over-year and reached 17.5% at the end of August.
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