The labor shortage will be one of the greatest challenges for the commercial real estate industry and the economy as a whole heading into 2022, presenting a substantial headwind for the overall recovery.

According to John Chang, senior vice president and director of research services at Marcus & Millichap, there are currently about 10.9 million job openings nationwide, with only about 6.5 million people looking for work. And in turn, "the labor shortage is slowing economic growth because jobs can't be filled and businesses are reducing their services," Chang said. "That means they're creating less economic growth than they would if they were fully staffed." 

The future of the office sector is also tied to the labor shortage, Chang says, noting that companies can't push for a full return to the office because some employees will leave.