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Office Market Recovery Brings Opportunity
The office market weathered a pandemic-fueled revolution last year, but both owners and tenants responded with impressive adaptability and endurance. Those things bode quite well for the sector's recovery, according to Tony Russo and Ryan Freed, respectively SVP and VP at Lee & Associates of Illinois. The two discussed the office market outlook to start the second quarter of 2021 with Commercial Leasing Law & Strategy's ALM sibling GlobeSt.com.
"A major positive was how quickly many companies were able to react to the pandemic and get people to work from home to keep productivity going," Russo said. "I think that was fantastic on most fronts. We'll see more and more companies bringing employees back into the office mid- to late second quarter and definitely by third quarter."
Unlike the last downturn, many office owners and landlords were able to withstand late payments and rent relief provisions in 2020, Freed noted. That was despite the additional expenses required to retrofit properties with anti-viral tools and technology.
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