Due Diligence is your source for Florida’s most relevant commercial real estate research from the Kelley A. Bergstrom Real Estate Center at the UF Warrington College of Business.

Current Issue: October 2021

Two people walk through a modern office with glass partitions and computer stations

Has the Office Market Changed Forever?

When the unexpected pandemic shocked the country in March 2020, strict quarantine mandates and shelter-in-place orders forced businesses to transition out of office space and restructure operations to a remote working platform. The office market and its users felt an immediate impact. The second quarter of 2020 marked the sharpest downturn in office market activity since the Global Financial Crisis (GFC) and showed just how uncertain real estate investors across the country were about the overall future of the market. Microsoft Teams and Zoom conference calls seemed to be the new norm for the foreseeable future as the office market struggled throughout the ensuing year. Do the discoveries of the past year spell the end of the office market as we know it? Alternatively, will 2020 become a blip in history followed by a return to the market that we remember?