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Research - AUGUST 1, 2024

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Office market recalibration expected by 2027–2029, reports New York Life Investors

by Andrea Zander

The office market will likely reach recalibration — that new supply will potentially decline enough to reflect the new lowered demand reality — by 2027–2029, wrote Stewart Rubin, head of strategy and research, and senior director, and Dakota Firenze, a senior associate, strategy and research, at New York Life, in a July office report, Not Back to the Office – and Common Sense Expectations for a Recalibration. 

A recovery will likely be the result of nominal new construction, demolition, and the removal of inventory that was retrofitted for other uses. Top-tier, newer buildings continue to outperform, and select metros such as Miami continue to put together a positive s

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