A new report suggests the office real estate sector, especiallyin gateway cities like New York, San Francisco andWashington, DC, will feel the pain foryears from the pandemic-led work from home trend.
"The notion that a well-located office building full of highlypaid workers in or near a dense, expensive city is the best way tooperate a successful firm has been challenged by the acceptance ofremote work," said the report by Green Street Advisors, a realestate research company. "Coupled with an increase inindividuals who no longer regularly go into the office, many moremay consider moving further away from coastal city centers."
Overall, the need for office space will decline by 10-15%because so many people are working from home, and the trend couldbecome a permanent employment benefit after the pandemic haspassed, wrote Danny Ismail, lead office analyst of GreenStreet.
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Angela Morris
Angela Morris is ALM Media's Texas litigation reporter. She covers lawsuits in all levels of Texas state and federal courts. Based in Austin, Morris earned journalism and government degrees from the University of Texas at Austin in 2006, and since then, has worked primarily as a reporter and writer, but also has skills in videography, photography and podcasts. Follow her on Twitter at @AMorrisReports.
