How The Commercial Real Estate Market Is Opening Up New Opportunities
How The Commercial Real Estate Market Is Opening Up New Opportunities
by Adam | June 23, 2023
Recent bumps in the massive commercial real estate market is opening the door for new opportunities. Rough waters caused by rising interest rates and dropping office space demand could lead to serious consequences for this market. Office demand has dropped significantly due to the pandemic and the rise of remote work leading many employees to spend much less time at the office. Employees are spending 25% to 35% less time in the office today as compared to before the pandemic. Office vacancies have also started to rise – in the San Francisco area office vacancies have more than doubled since before the pandemic. Office prices across the country have fallen by over 17% with an even larger drop alongside an uneven recovery still very possible.