Vacant Office Buildings in the United States: An Opportunity for Public Investment?
Four years after the onset of the COVID-19 pandemic, its effects are still felt in the construction and real estate sectors in the United States. Accelerated remote work and hybrid schedules are leading to a sharp decline in demand for traditional office space in cities across America. In major metros like New York and San Francisco, occupancy rates have dropped, property values have diminished and rents have fallen significantly. As architects design for the future of work, the real estate market faces divided perspectives on whether to invest in the country's growing inventory of vacant office buildings.
Two Manhattan West / Skidmore, Owings & Merrill. Image © Dave Burk
Four years after the onset of the COVID-19 pandemic, its effects are still felt in the construction and real estate sectors in the United States. Accelerated remote work and hybrid schedules are leading to a sharp decline in demand for traditional office space in cities across America. In major metros like New York and San Francisco, occupancy rates have dropped, property values have diminished and rents have fallen significantly. As architects design for the future of work, the real estate market faces divided perspectives on whether to invest in the country's growing inventory of vacant office buildings.
