As work-from-home arrangements continue, the Boston Metro office sector is feeling the impact. The latest Beige Book report from the Federal Reserve Bank of Boston estimates that only 20% of New England office workers have returned to employer sites. This is far below the original, optimistic projections last spring.
Industry observers such as CBRE expect that office buildings will remain mostly empty through the first quarter of 2021. It is increasingly likely that a percentage of employees will permanently work from home. This expectation has already generated a wave of employee self-relocations to other residential areas. In turn, we could be on the cusp of a paradigm shift in office space demand, but it remains too soon to tell.
Yet there are signs that businesses are attempting a return to the office. About 6% of the offices in downtown Boston’s central business district were occupied as of October 2020. This is an improvement from the 1.5% occupancy during June. Further progression hinges on how well-managed the pandemic becomes in the months ahead.
In the meantime, softened demand has opened up opportunities for desirable office space around the Boston Metro. For companies needing additional space to accommodate social distancing, it’s a good time to explore available leases! For the best results, be sure to have professional tenant representation before starting your search.
When you are ready to begin, relocate or expand your business, team up with the Jay Nuss Realty Group, LLC! Whether you are thinking of buying, leasing, or investing in Boston Metro commercial real estate, we can help you find the ideal property.
Contact us today for expert guidance!