Commercial Real Estate Faces a Long Road Back to ‘Normal’ Even as Workers Ease Back Into Office Life
The days of eerily empty offices and airplanes may be behind us, but as commercial real estate bounces back from the pandemic, everything from the way we work to the way we shop and travel is in the middle of a major readjustment, said expert panelists on the second day of Mansion Global’s Luxury Real Estate Conference on Wednesday.
“What we’ve seen in New York in particular is that the return to office progression has been very gradual,” said
managing director, strategy and innovation at JLL Work Dynamics. “As of Oct. 8, we’ve just surpassed 20% occupancy. The Delta [Covid-19 variant] surge really delayed what was anticipated to be a major return after Labor Day.”
And while some luxury retail has roared back as consumers get out of the house and flex their spending power, businesses that rely on foot traffic from office workers in traditional…