Work settings seem to have altered permanently, despite the fact that many things have recovered and rebounded since the epidemic (think Thanksgiving travel and big gatherings). Central business areas suffered, and office buildings as we know them were empty due to the epidemic.
The tremendous move toward remote or hybrid employment and people’s reluctance to give up on brick-and-mortar assets in favor of e-commerce is still having a devastating effect on the commercial real estate market.
Why individuals aren’t returning to their workplaces is a puzzle; traffic to downtown business districts has more than returned. For some time now, there have been indications that the commercial real estate market is on the verge of bursting.
Gary Shilling an economist who is known for forecasting of 2008 housing crash said,
“I think the biggest bubble right now is commercial real estate, he said, referring to the cascade of defaults that crashed multiple Wall Street banks and brought on the global financial crisis, but I think it is a bubble which is beginning to crack.”
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