Does Office Leasing Post-COVID-19 Still Exist?

Despite dire predictions and a slowing of the return-to-work movement due to the delta variant, certain sectors of the office market remain strong—perhaps most notably (and understandably) life sciences spaces. These combination office/lab environments have proven to be more resilient than traditional office space due to (a) the vaccine push and (b) the need for physical proximity for the development and testing of such biomedical products. And, while it is anyone’s guess as to exactly when the traditional office workforce will return in any great percentage, the recent spike in occupancy rates for city center apartments and condos in urban centers like Chicago suggest that at least some people are ready to get back into the office as soon as companies deem it safe. That said, few predict the return of the five-day week in the office; rather, studies suggest most companies are going to hold onto a hybrid model (e.g., three days in; two days out) moving forward. Kevin Woolf, real estate partner, joins host Eric Greenberg to discuss the future of office leasing.