Office real estate – medium-term headwind?

For many white-collar workers in the West, one of the enduring changes brought about by the Covid-19 pandemic was a change in workplace location. According to data from the Survey of Workplace Arrangements and Attitudes, before the pandemic fewer than 5% of US workdays were taken from home. After peaking at 60% in the early weeks of the pandemic, this remains at nearly 30%. This drastic change in working patterns is causing a profound shift in demand for office space.