SoCal Office Market Outlook Year-End 2020
Office markets in Southern California are feeling the effects of the COVID-19 pandemic shutdown
At year-end, Southern California’s office markets are feeling the effects of an economy that has so far spent three-fourths of the year under the COVID-19 pandemic shutdown.
The impact of social distancing and work from home measures caused by the pandemic has diminished the demand for office space in the region. Year-end figures show vacancies are rising and asking rents for office space in Southern California have begun their descent from the peak.
Heading into the new year, the lasting impacts from the pandemic will fundamentally change how companies utilize office space – ensuring a shift in demand, from physical distancing and a transition to work from home.