Will 2024 Mark a Turning Point for Office?

2024 could mark a turning point – with the possibility in a few years that demand for office space will exceed supply.

The drumbeat of bad news from the office sector has been so pervasive over the past years that it has almost become a fact of life. But a new report from JLL suggests that 2024 could mark a turning point — with the possibility in a few years that demand for office space will exceed supply.

Several factors underlie this optimistic view. A growing number of companies have imposed return to office mandates, as have several government agencies. As this happens, there will be fewer opportunities for companies to downsize. At the same time, a number of office buildings are being converted to residential or other uses. And new office construction has fallen sharply as a result of poor investor confidence and high financing costs.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

Unlimited access to GlobeSt and other free ALM publications
Access to 15 years of GlobeSt archives
Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
1 free article* every 30 days across the ALM subscription network
Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account? Sign In Now

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Philippa Maister

Dig Deeper

Recommended Stories

Bloomberg Inks 11-Year Lease Extension at 731 Madison

Jack Rogers | May 06, 2024

Deal extends lease for 947K SF global headquarters until 2040.

Consumer Geo-Tracking a Boon to Apartment Marketers

Richard Berger | May 08, 2024

With precise details, campaigns can be optimized to reach prospective renters at the right time and place.

Hudson Pacific Buys Out San Francisco Tower Stake at 80% Discount

Jack Rogers | May 07, 2024

Partner bought 45% share of 1455 Market for $219M, sells it back for $44M.

Resource Center

Better decisions come from better data, insight and coordination. Download this guide for insights on how to optimize the lease administration process and recommendations for best practices to deliver increased ROI across the lease lifecycle.

Guide

Sponsored by LeaseAccelerator

The Real Estate Leader's Quick Guide: Insights for Better Lease Administration

Better decisions come from better data, insight and coordination. Download this guide for insights on how to optimize the lease administration process and recommendations for best practices to deliver increased ROI across the lease lifecycle.

Browse More Resources ›

Discover how to transform your real estate assets from mere spaces into vibrant experiences that captivate tenants -- and their employees -- to support engagement and retention.

Guide

Sponsored by HqO

How to Develop a Real Estate Experience (REX) Strategy for Your Tenants

Discover how to transform your real estate assets from mere spaces into vibrant experiences that captivate tenants -- and their employees -- to support engagement and retention.

Browse More Resources ›

Cementing your CRE portfolio’s long-term growth means assembling a great tech stack to support your goals. However, selecting the right solutions takes preparation and research. This guide outlines five areas of consideration to help you find the right fit.

Guide

Sponsored by Building Engines

How to Choose the Right Building Operations Tech to Boost Your NOI

Cementing your CRE portfolio’s long-term growth means assembling a great tech stack to support your goals. However, selecting the right solutions takes preparation and research. This guide outlines five areas of consideration to help you find the right fit.

Browse More Resources ›

GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
Exclusive discounts on ALM and GlobeSt events.
Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now

Copyright © 2024 ALM Global, LLC. All Rights Reserved.