Ask any professional in the commercial real estate industry which asset class is most ripe for correction, and most discussions will quickly arrive at the future of the traditional office. 

Pandemic-induced volatility afflicting the demand side of the office market is raising numerous concerns about whether or not this sector will ever return to pre-pandemic levels. Office stakeholders are eagerly reading the tea leaves, but reviews are mixed and no one has reached anything approaching a consensus. National brokerages remain cautiously optimistic about the speedy recovery of office, while the sector's fundamentals continue to suggest that a recovery is far on the horizon. What's more, sweeping concerns about the aggressive spread of the new omicron variant has renewed worldwide concerns about the permanence of remote work. 

Currently there is still more office space being vacated than actively leased, and net absorption is in the red, according to Colliers' Office Market report. In addition, office landlords are increasingly offering generous concessions such as reduced rents and tenant improvement allowances in hopes of inking more deals and securing long-term leases, according to an Avison Young US Office Market Report. 

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