The typical current analysis of office space revolves around average occupancy rates driven by work-from-home. A more accurate analysis, a report from Savills earlier this year, is about oversupply.

Not construction booms, which they say are the historical sources of oversupply. Nor even "vast development of new buildings, and not enough occupier demand to fill such space." Instead, Savills points to obsolete buildings with chronically high availability combined with the post-pandemic "new normal" hybrid workplace business model.

One could quibble about oversupply versus obsolescence. The latter is ultimately the result of the former aggregated over time without attention to keeping existing buildings as up-to-date as possible. The results are the same — too many buildings with too much space that too few companies want.