As high vacancy rates and rising unemployment numbers continue to make headlines, much speculation about where the U.S. office market is heading has followed the sector through the COVID-19 pandemic. However, despite headwinds such as remote work, industry experts remain optimistic about the future of this sector.
According to Cushman & Wakefield, the impact of the pandemic on office space is expected to surpass that of the global financial crisis, causing a net loss of nearly 100 million square feet of unoccupied real estate by the third quarter of 2021, CNBC reports. But despite these short-term challenges, Will Pattison, head of real estate research and strategy at MetLife Investment Management, expects office demand to be relatively strong in the mid- and long-term.
In an exclusive video interview with IREI, Pattison shared that a significant return to the office in 2020 is not likely; remote work will probably continue until there is a vaccine and could extend
