Although the pandemic feels like it happened long ago, many sectors of the economy are still struggling to recover from its lasting effects, and the office real estate sector is certainly one of them. The pandemic caused significant disruptions, and the sector continues to face challenges as companies, employees, and investors adapt to new workplace realities. The shift to remote work and changing workforce preferences triggered a downturn that saw vacancy rates soar and demand plummet, as many companies began rethinking their long-term office space needs. While the sector is still struggling with ongoing challenges, there is hope on the horizon as demand begins to increase and net absorption turns positive in several large urban centers.
Let’s take a closer look at the timeline of the office sector’s journey through the pandemic and beyond.
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