Office Leasing Seen Remaining Below Pre-Covid Levels Until 2025
- Remote working will limit demand, Cushman & Wakefield says
- Firm sees vacancies rising for two more years before bottoming
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Global pricing and demand for office space will take almost five years to recover from the damage wrought by the pandemic, according to a report by Cushman & Wakefield.
Vacancies worldwide are expected to peak at 15.6% in 2022, with about 95.8 million square feet (8.9 million square meters) of space emptying over the next two years. That’s more than during the 2008 financial crisis, when tenants abandoned 85 million square feet of offices, the real estate services firm said Wednesday.