A Look Back at Office Occupancy Over the Years
Since the declaration of the pandemic in March 2020 and lockdowns were put in place, events were set in motion that profoundly changed the office market. What was first dismissed as a short-term disruption turned into a years-long impact that was not officially declared over by the Federal government until May 2023. In the meantime, remote work became the norm for many knowledge workers.
Because real estate is a long-term commitment, the complete picture of the real impact to the office market is still unclear. However, as more pre-Covid leases begin to roll, the landscape will come into focus. A few of the early indicators, point to the following:
- Occupiers are taking less space
- Occupiers are looking for amenity-filled space with lots of options and multi-use space
- Increased flexibility in lease terms
- Length to complete deals is taking longer due to prolonged due diligence