Two ways to look at office: 1) it’s dead or 2) it’s temporarily oversupplied. The prevailing narrative to date has been “dead.” But maybe that’s changing…
Recent Lasalle report: expect a slow recovery (five years to recover the WFH gap) defined by strength at the top of the market and policy-inspired demolitions and conversions at the bottom of the market.
Assuming a larger share of space is obsolete, the office market should have a higher structural vacancy rate.
What’s the office market’s new equilibrium vacancy rate?
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