Office space is a good place to start cutting back if you're a CEO looking to batten down the hatches in a turbulent time.
Office vacancy levels are approaching highs last seen during theIt appears that a reckoning in the office market, widely anticipated since the start of the pandemic, is upon us.
"We're not ready to say that this is a cliff for the office sector. But I think right now we're finally entering the true turbulent times," Thomas LaSalvia, director of economic research at Moody's Analytics, told Axios.by a tenant — as opposed to leased office space that’s mostly deserted.This was always going to be a slow-moving trend. Remote work drove folks home, but companies didn't instantly give up on their office spaces. Typical leases run for at least 10 years.
And for property owners dealing with rising vacancies, there's a new wrinkle: They're getting hit with rising costs thanks to higher interest rates on their floating rate debt.At the end of last year, even Class A buildings saw a drop in occupancy, per a new report from
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