Yes The Office Market Is Coming Back But The Devil Is In The Details
The days of working in your pajamas may be fading. The office rental market is rebounding.
The Wall Street Journal recently reported that, for instance, in New York City there were a record number of office leases signed at $100-plus per square foot starting rents in 2021. Annual office leasing activity totaled 20.42 million sq. ft. and was up 63 percent compared to the same period last year.
CBRE summed up the movement in the office market as follows: “the office market rebound began in earnest in 2021 but is still in its early days of recovery. The bounce-back reflects improvement in office tenant requirements and new leasing volumes, strong momentum in the rebound of the U.S. economy, increasing levels of NYC office-using employment, and success in vaccination levels in the Tri-State region.
