There is “no question” that office occupiers have been the least impacted by inflation, according to one industry economistbut that doesn’t mean they’re immune from the challenges wrought by the current economic environment.

In a new analysis, Cushman & Wakefield’s Rebecca Rockey notes that since office occupiers are generally service providers, they’ve had it easier when it comes to inflation.  But there’s a catch: “they are experiencing no shortage of challenges as they adapt to work-from-anywhere and intense competition for talent that now has fewer city-edge borders,” she writes. “Companies are also struggling to commit to new pay models for remote-first or mainly-remote workers who can potentially have a much lower cost-of-living than non-remote workers in similar roles.”

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