Cushman & Wakefield CEO Brett White told CNBC he thinks about 10% of the workforce will remain remote after the pandemic, double the pre-coronavirus rate but less than many predict. 'In the early days, we talked about the high productivity at home. That's changing.'
White, a commercial real estate veteran who ledfrom 2005 to 2012, said he believes it will take around two to three years for the U.S. office market to recover, with additional near-term pain ahead. The firm projects U.S. office vacancies could rise to as high as 15% to 18% in the next 24 to 30 months, he said, implying a rent decline of between 5% and 15%.
Employees are "voting with their feet," White said. "They don't feel safe, and they also don't feel it's worth the hassle because they're not required to go to work."
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