The COVID pandemic has left an indelible mark on our collective memory, reshaping the way people work and where they work. In the Philadelphia area, the blending of home and office spaces has become a lasting transformation, with hundreds of thousands of employees now adopting a remote work model for at least a portion of the week.
While many individuals appreciate this new work arrangement, it presents a substantial challenge for cities, Philadelphia not excluded, with a surge in vacant downtown office spaces. A recent white paper by Savills, a real estate firm, highlights the extent of the challenge. In the 15 years preceding the pandemic, Philadelphia’s office vacancy rate remained between 12 and 15 percent. Presently, it has surged to over 23 percent. Additionally, Rialto Capital Management reports a significant decline in office valuations, ranging from 40 to 70 percent over the last 18 months.
*Article courtesy Philadelphia Mag
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