Posted 4/9/2024, 5:50:00 PM
Remote Work and Rates Lead to Gloomy Office Market Forecast for Tech Hubs
- Office values in San Francisco and Seattle expected to fall another 25% by end of 2023 due to remote work trends and high interest rates
- Office job growth was weak in 2022, especially in information sector jobs located in LA, San Jose, and San Francisco
- Over next 5 years, Austin forecasted to see strongest office job growth while NYC expected to see weakest
- San Francisco and Seattle have high office vacancy rates and negative absorption predicted next few years
- Capital Economics forecasts peak-to-trough office value declines of up to 60% in worst-hit metro areas by end of 2024
