Commercial Real Estate Bounces Back

Metropolitan areas from coast to coast have been feeling the real estate pinch since the start of the COVID-19 pandemic. With a considerable chunk of the workforce operating from home at least part of the time, many businesses have opted to sell their office space or break their leases.

According to Statista, office vacancy rates reached 17.2 percent in the second quarter of 2021, causing concern for business owners, landlords, and investors alike. In big cities like New York and San Francisco, the squeeze has been even tighter, with vacancies consistently hovering over the 20 percent mark.

But 2022 brought reason for optimism. In many ways, life has returned to the way it was before the pandemic – thanks in large part to vaccine rollouts and increased testing. Gatherings are allowed again, mask mandates have been lifted, and the Centers for Disease Control and Prevention (CDC) has officially relaxed its guidelines.