Office is the asset that has the most challenged fundamentals in today's environment. Reduced demand, rising vacancy, and rents that are declining are all bellwethers of this market right now.
However, Jessica Morin, U.S. Office Research, CBRE, offers a potentially positive recovery outlook as offices look to stabilize coming out of the prevalent work-from-home environment and ponder today's uncertain economic picture.
She cited the improved office vacancy over periods of 2021, when leasing activity exceeded pre-pandemic levels for several months before the economic struggle truly set in months later, as a good indicator that cyclical trends will outweigh "work-from-home" in near future.
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