Cushman & Wakefield, a leading global real estate services firm with a strong presence in Tampa, has just released its first-ever Global Office Impact Study, which projects that the world’s office leasing fundamentals will be significantly impacted by the effects of the COVID-19 pandemic.
Those interested can watch an on-demand webinar on the study. Kevin Thorpe, Cushman & Wakefield’s chief economist and global head of research leads the webinar.
Even with the work-from-home trend continuing, leasing will begin to improve in 2022 and is expected to fully recover by 2025, the report states.
“The 2020 Global Office Impact Study is the first of a four-part series and will provide a new look into the future of the office, and the role it will play in a post-pandemic environment,” according to Cushman & Wakefield.
The full recovery timeline will be similar to what occurred during the Great Recession, but with “a slight lag due to the work-from-home trend.” The report was developed by the firm’s newly organized Global Think Tank made up of senior researchers and economists from around the world.
According to a recent report on the second quarter of 2020 from commercial real estate firm Avison Young, Tampa’s office market remains robust with no spike in sublease space and healthy rent growth.
“Although the United States suffered the steepest recession in history in the second quarter of this year, Tampa’s office market was resilient during the same period. Leasing activity was brisk during the second quarter, with seven large deals signed north of 10,000 square feet, including a 147,111 square-foot lease with T-Mobile at Netpark Tampa Bay and a 36,820 square-foot with coworking firm Industrious. Nearly every major submarket in the Tampa Bay area recorded at least one significant lease between April and June.”
