The coronavirus pandemic has altered many sectors of commercial real estate, particularly office space. analyzed the national office outlook as of September 2020, and broke down four ways office space is on track to change long-term as a result of the pandemic. In other words, some of the hallmarks of remote working, like having a lot more room to spread out, will make their way into the office.
Independent work will be the focus when working remotely, and collaborative functions like meetings will be the focus for office spaces , Marcus and Millichap predicts. Those areas have been weathering the pandemic relatively well, per the report, with fewer vacancies than larger markets. However, rental prices increased in suburban markets by 1.1% in June to $27.55 per square foot. In addition, 8.9 million square feet of office space was added to suburban markets in the second quarter.On the contrary, 3.1 million square feet was added to city markets.
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