It’s hard to believe three years later we’re still experiencing the effects from the COVID-19 pandemic. And I’m not just talking about the latest variant and rise in cases. According to a Pew Research Center survey, about one-third (35%) of workers with jobs that can be done remotely are working from home full-time. Full disclosure, I am one of them. As a result, during the first three months of 2023, U.S. office vacancy topped 20% for the first time in decades, per JJL, a professional services firm that specializes in real estate and investment management.
And with many real estate leases signed pre-pandemic expiring now and over the next few years, experts expect to see a higher percentage of vacancies, lower rents or both. In fact, it is anticipated that by 2030, more than 300 million square feet of U.S. office spaces will be obsolete.