Companies downsizing their office spaces in the Loop due to the pandemic are leaving behind vacant spaces available at bargain rates, allowing smaller firms and nonprofits to afford nicer spaces and amenities.
America's return-to-office has been slow and stagnant, with office occupancy at around 47.2 percent of pre-pandemic levels, and the majority of hybrid arrangements failing to foster meaningful connections, leading some companies to resort to threats to get employees back in the office.
Dozens of colleges and universities across the United States are purchasing office buildings at bargain prices to expand their campuses or bolster their real estate portfolios, taking advantage of the slump in the office market caused by the shift to remote work during the pandemic.
Canary Wharf's office buildings are experiencing high vacancy rates as the district struggles to recover from the impact of the pandemic and the rise of remote working, with iconic buildings like One Canada Square currently 36% vacant compared to 4% before the pandemic. The increasing vacancy rates in Canary Wharf are attributed to a combination of factors, including the shift to flexible working, the preference for office buildings with better environmental credentials and amenities, and the demand for more flexible rental contracts. The area is also facing competition from other parts of London.
