Despite bleak forecasts from some experts, the office sector will return to pre-pandemic levels—it'll just take time, according to analysts from Cushman & Wakefield.
The firm's baseline scenario presented in a recent report on the asset class, has US office vacancy reaching an inflection point and beginning to improve in the second half of 2022, after which point it will "fall precipitously downward."
Vacancy has increased significantly over the past 18 months, driven partly by the pandemic's push to remote work and also by a glut of new office stock. About 14 million square feet of new office space was delivered in Q1, with a total of 64 million square feet expected by year's end.
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