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Current real estate interest rates are in free-fall, now at depths never seen in the US. We can blame the COVID-19 pandemic in part for today’s ultra-low interest rates, but the reality is that rates have largely been in decline since the 1980s. It hasn’t been a straight line down, but the general trend has been lower and lower rates over time.
The economic disruption caused by COVID-19 will require many companies to revise their short- and long-term business plans, which is likely to impact current and future real estate needs. For some occupiers, market trends could lead to a temporary or permanent expansion; for others, a reduction or consolidation of space may be warranted.
The “new office” is coming. In the post-COVID-19world corporate offices will likely be cleaner, roomier, quieter and potentially more desirable due to the reconfiguration and innovation of available space. Commercial offices paired with new tools and concepts will lead us to a more efficient and productive marketplace, one that will be better for the environment and the communities we serve.
The office landscape and workforce has seen a dramatic transformation in the last decade: open layouts replaced large cubicle footprints; daily work schedules are less "scheduled" and more digital and flexible; and in-person assemblies are now virtual gatherings. Leading this charge is technology.
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