A move back to the urban core, motivated by a gradual return to physical office space by real estate occupiers, will drive commercial real estate investment in 2022, with significant variation across US markets.
John Chang, Senior Vice President and Director of Research Services, foresees increasing momentum in the recovery of the urban core—"not a bounce back, but more of a slow march toward recovery." He says that recovery will also look different across US metros, as local COVID polices like vaccine mandates, mask mandates, and rules on public gatherings still vary significantly. That means that cities like New York and San Francisco will likely recover more slowly than cities with less stringent codes.
Chang also says the broader urban recovery will be influenced by a movement back toward working in the office.
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