A new study warns of a bleak future for the office sector and the cities that rely on it.
Employers like Comcast are brought employees back to work at least three days a week, but other office buildings sit empty in Philly and beyond., the business-dominated corners of Center City are feeling more active than they have since March 2020. With the hybrid experiment in full swing — barring any new, deadlier variants of COVID-19 — some office workers are seeing something like a return to normalcy.
Office vacancy rates in Center City, meanwhile, are the highest they’ve been in at least 10 years, according to commercial property analytics firm CoStar Group. In Center City, only 87.9% of office space was occupied in the the third quarter. The numbers are similar The public sector would not escape the fallout, either. Cities dependent on commercial property taxes would be hit hard by a permanent and deep decline in the value of the office sector. Van Nieuwerburgh warns of a “fiscal doom loop” for municipalities akin to, in which budget holes must be filled by higher taxes and service cuts, which drive more affluent residents away and spur further contraction.
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