Market Monday: June 2020 Office Update

Verani Commercial

Market Mondays are backkkk and this week we're looking at offices offices and how recent events have affected how (and where) people work.

The future of offices as we know them is really up in the air in the wake of the COVID-19 pandemic. Many employers are making the decision to move to 100% work-from-home, while others are slowly bringing people back to the office. With restrictions on distancing, having in-person meetings, spending time cleaning all high-touch areas, sharing food/supplies in the cafeteria, etc. it's really not a surprise that the future of brick and mortar offices is a bit shaky.

Not only are are people taking more caution before jumping into a lease (leasing was down 37% year over year), but they're also paying LESS to lease office space (the list to lease percentage was just 44% for the month of June).

What do you think the future of the physical office is? Let us know in the comments!

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