California office spaces are expected to keep getting emptier. Their rent prices will likely keep declining for years, according to a new survey. travery98 explains:
With that in mind, some developers and financiers are taking a step back from building more office space. One-third of those surveyed said they’re cutting back their plans for new office developments by more than 15%, and three-quarters said they were experiencing stress related to current tenant leases.
The return to pre-recession levels of office development will be slow, and growth looks likely to begin in late 2021, the survey’s findings indicate.“The current view is that retail properties will be generating significantly lower, if any, returns in 2023 compared to the middle of 2020. In the Bay Area and Southern California, two-thirds of panelists will not develop any new properties in the coming 12 months,” the survey found.
“People having to stay home [during the pandemic] could be a boon for warehousing development in order to handle the increased distribution to consumers,” Tipton said in the survey report.
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