In the second quarter of this year, 'the office sector set a record vacancy rate at 20.1%, breaking the 20% barrier for the first time in history,' a Moody's analysis published today read.
The slow bleed in the office sector led to a rise in the vacancy rate as permanent shifts in working behavior outlasted the initial wave of the pandemic four years ago.
The current turbulence in the office sector has a different root cause than previous peaks, as a lasting shift is occurring due to the near equilibrium of working models four years after the pandemic.
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