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Last updated on March 29th, 2022 at 04:37 pm
Due to the COVID-19 pandemic offices across the U.S. were empty. Suddenly the businesses had to adapt to the remote-working environments.
A looming crisis in the commercial office market was predicted by many.
But within a year the American economy recovered at a faster pace, bringing optimism in the attitude of companies and workers.
According to a recent survey of employees in professional and financial services conducted by Arizent, which is the parent company of National Mortgage News, a similar physical footprint or even expansion is expected in the post-pandemic environment in over half of American companies.
The commercial office market faced a huge financial blow due to COVID-19, and the effect of it will be months before a complete picture emerges.
Paul Leonard, managing consultant of CoStar, the research platform serving commercial real estate said that there will definitely be some continued weakness in leasing in the next 12 months as the real economy takes a while for actions for instance in cases like hiring and GDP growth to flow through to office demand as leases are anywhere from a few years to 10 to 15 years which is quite a long time.
According to Wells Fargo’s Economics’s commercial real estate chartbook, businesses are seeking out flexible office space to accommodate hybrid work models.
The primary factor in determining the plan for returning to the office was worker’s preferences said 30% of the Arizent survey respondents.
Now that employees are likely to work remotely, because of the expectation of a less crowded and safer environment when they head to the office in the post-Covid era.
According to Wells Fargo’s research renovations for dedicated workspaces and to keep people spaced out when they’re in the office will require mending of older buildings to make necessary tech improvements.
The new ways to work remotely have enabled the workforce to be more flexible, but it is not going to be the dominant way or a common way to work.
It would be only in 2022 that business leaders and developers can get a full idea about how the future office environment will be shaped.
Reference Source: Newso Time
