Effects of COVID-19 Predicted to Decrease US Office Demand

Originally published by NAIOP Charlotte 

“The virus’ macroeconomic impact is now quite visible in U.S. data,” according to the Q2 2020 NAIOP Office Space Demand Forecast. “Since March 2020, COVID-19 has markedly altered the U.S. macroeconomic landscape as states issued stay-at-home orders designed to limit the spread of the disease. Workers across multiple industries are staying home, and it is unclear how or when they will return their workplaces. Due to the turmoil in the national economy, rising unemployment and continued uncertainty about future work arrangements, the U.S. office market absorption is forecast to decline into negative territory through the second quarter of 2021.”

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