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COVID-19 Will Cast A Long Shadow on the Office Sector

Demand for office space is likely to fall with companies embracing remote work in higher numbers.

The commercial office space sector is in for a long, bumpy ride thanks to COVID-19.

Demand for office space will remain low through the remainder of 2020 and likely well beyond that due to health concerns from the coronavirus and the rapid rise in remote work—a trend that was already on the rise but accelerated by the virus. That’s according to a new report from TD Economics that looks at how the pandemic is likely to transform the office space industry in the long term. The report predicts a surge in vacancies—made worse by new office space coming online—that in turn puts negative pressure on rents.

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Karen Sloan

Karen Sloan

Karen Sloan is the Legal Education Editor and Senior Writer at ALM. Contact her at [email protected]. On Twitter: @KarenSloanNLJ Sign up for Ahead of the Curve—her weekly email update on trends and innovation in legal education—here: https://www.law.com/briefings/ahead-of-the-curve/

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