Pro businesses such as Miami have seen a massive demand in commercial real estate occupancy — Much to do with Florida’s lax covid restrictions. On the other hand, New York City has seen a major decline in office spaces. Otherwise known as ‘The Big Apple’, NYC is currently facing a record-breaking number of commercial office vacancies due to many businesses choosing to move to cities with less restrictions not just limited to the pandemic.
To many the pandemic was a wake up call that there are simply better and much more friendly states to operate in. Since the Pandemic has ended, the salty taste of unfavorable governance has manifested into many of the nation’s largest corporations heading south. Businesses want to be surrounded by governments that support business. This is what the cause of the low office space occupancy has become a result from.
Less than half the number of pre pandemic office workers have returned to their office spaces. With life returning to airports, concerts, sporting events, and other gatherings — it seems like office spaces in some areas have been left behind. With the marketplace continuing to change rapidly, urban cities with commercial real estate vacancies may have a problem on their hands.
This post is based on the opinion of writers at Real Estate Today