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Much of the future of the office sector is cloudy. We don’t know how many people will return to the office. We don’t know when they will return to the office and what working spaces of the future will look like.

The one thing that isn’t in doubt is that 2020 was a challenging year for office landlords with 104 million square feet of negative absorption, according to C&W Chief Economist Kevin Thorpe. That was more than the market lost throughout the entirety of the Great Financial Crisis. Before the pandemic, vacancy was 12.9% before hitting 15.5% by year-end.

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