The Impact of COVID on the Office Market

The next couple of years are peak years for commercial real estate securities across the whole spectrum of CMBS, banks, insurance and other lenders. The share of hours worked remotely is now about 30%. It was 60% at the peak during COVID but much higher than the pre-pandemic levels. And employees in surveys continued to desire something like two and three quarters work from home days a week compared to two and a quarter from employers.