"Record Office Vacancy Rates Plague America's Commercial Real Estate Market"

Office vacancies in major U.S. cities have reached a record high of 19.6%, the highest since at least 1979, due to overbuilding and shifting work habits accelerated by the pandemic. The surge in vacancies can be traced back to the office-market downturn of the ’80s and ’90s, with many older office buildings struggling to find tenants. The trend of remote work and the shift towards smaller offices have further contributed to the increase in vacancies, with analysts expecting offices to remain emptier for longer due to the growing popularity of working from home.