As older-vintage segments of the office market have grappled with an unprecedented slowdown in demand, 2022 is on pace to see the largest volume of functionally obsolete office space removed from the inventory on record.
Key themes to consider:
Post-pandemic demand shifts are driving developers to limit office redevelopment: From 2015-2019 nearly half of offices taken offline were redeveloped as office, but since 2021 more than half were redeveloped or converted into multi-housing, and just 6%…
