Part 3/11:
The Struggle of Office Vacancies and Market Uncertainty
The COVID-19 pandemic accelerated a trend of remote work that has left many office towers vacant. Today, it's estimated that roughly 50% or more of commercial buildings are empty or underperforming. The aftermath of prolonged remote work has made it difficult for property owners to attract tenants or justify high valuations. This has led to a glut of unsold or underleased properties, with some buildings becoming eyesores due to neglect and homelessness at street level.
Local experts suggest that the market is still attempting to reach a bottom, with some seeing signs of a potential turnaround. However, the path to recovery is uncertain and protracted, hindered by persistent social issues and economic fragility.