The coronavirus (COVID-19) pandemic has led to major cyclical and structural changes in the office real estate sector. As a result of the economic downturn and rising unemployment, along with an increasing share of businesses that introduce the option to work from home, office real estate rents in certain regions worldwide are forecast to experience a short term decline. The Asia Pacific region is forecast to see the highest drop in rents, at **** percent in 2021 followed by a gradual recovery to *** percent in 2024.

The coronavirus (COVID-19) pandemic has led to major cyclical and structural changes in the office real estate sector. As a result of the economic downturn and rising unemployment, along with an increasing share of businesses that introduce the option to work from home, office real estate demand in certain regions worldwide is forecast see a short term decline. In 2022, office real estate vacancy rates are forecast to peak at **** percent in the United States, **** percent in Europe, and **** percent in Greater China. In the Asia Pacific region and in Canada, vacancies are expected to reach their highest point in 2022.

The coronavirus (COVID-19) pandemic has led to major cyclical and structural changes in the office real estate sector. As a result of the economic downturn and rising unemployment, along with an increasing share of businesses that introduce the option to work from home, office real estate demand in certain regions worldwide is forecast see a short term decline. In the United States, net office absorption is forecast to fall to - 59.1 and -61.8 million square feet in 2020 and 2021, but will likely pick up in 2023 and surpass the pre pandemic levels in 2024.