Hybrid & Remote Strategies Projected to Create 330M-SF of Excess U.S. Office Vacancy by End of Decade
By the end of this decade, it is estimated that the U.S. will have an overall total of 5.56 billion square feet of office space; and while tenant demand for high quality office space exists, it has been projected that only 4.61 billion square feet of offices will be needed by 2030. Among the anticipated 1.1 billion square feet of office vacancy, the ongoing hybrid and remote work schedules will create 330,000 million square feet of what will be considered “excess vacancy,” providing an opportunity for investors to invest in either the upgrading of older buildings to attract tenants, or as an alternative option to consider, repositioning or repurposing an office building where structurally and/or financially viable.