Overall across the U.S., leasing activity has dipped in tandem with employees and employers rethinking traditional five day work weeks with every day spent in the office.
has changed the nature of commercial real estate negotiations, shifting some of landlords' long-held leverage to tenants as cities across the U.S. experience a reshuffling of where business activities take place. It's also created opportunities for some small businesses to take a chance on brick-and-mortar properties, while other smaller shops that long relied on daily business crowds have suffered.
The virus ushered in remote work, with corporations across the globe closing their offices and sending workers home. Some employers have held on to their corporate leases even as hybrid work arrangements lead to employees spending less time in the office, while others have reduced their real estate footprints or given up their spaces altogether.
In other formerly busting central business districts across the U.S., more office space than usual is sitting empty. The office availability rate for the fourth quarter of 2021 was 22%, up from 18% before the pandemic, CBRE found.
"People say if they want to continue pay for office space, they want amenities in building — things like a gym or a fancy restaurant. They really want the best if they're going to pay through the nose for it," Braus said.
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