NAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles (E) are available only to NAR members and require the member's nar.realtor login.
Office Property Trends
U.S. Office Market Dynamics, Q4 2024 (JLL, Jan. 7, 2025)
- Demand has nearly returned to pre-pandemic levels
- Net absorption flips positive for first quarter sine 2021
- Rent momentum remains broadly positive
- New supply will become even more scarce in 2025
- Hybrid employers still requesting more attendance
The Office Property Market May Finally Be at a Turning Point (Fast Company, Oct. 3, 2024)
“There are growing signs of market-bottom capitulation or sophisticated property owners selling their properties even at large discounts to their purchase price which is helping create some sort of pricing benchmark for office values,” said Kevin Fagan, Moody’s head of Commercial Real Estate Economic Analysis.
Six Facts About the Post-Pandemic Commercial Real Estate Market in the US and What They Tell Us About the Future of Retail (Brookings, Aug. 15, 2024)
“Understanding the trends impacting this sector is of broad general interest, as headlines and Congressional hearings have warned us. Commercial real estate distress can destabilize local government fiscal models, the banking sector, or even the entire economy. Across product types, CRE has struggled to keep pace with demand trends that are evolving faster than buildings can be built or renovated.
“However, it’s not all fragility and bad news—demand remains stronger than ever for vibrant communities that create opportunity, bring amenities into proximity, and build wealth.”
Reconsidering the State of Office (Connect CRE, Jan. 12, 2024)
Russo with Lee & Associates said that owners of Class B+ structures have upgraded their buildings in Chicago’s suburban office market. At the same time, occupiers are moving toward smaller footprints “while still providing a setting that gets people into the office,” he said. “I call it a ‘flight to practicality.’” Speaking of “well-located,” “you have mature buildings that possess dynamite locations and offer tremendous value for businesses,” Morse pointed out. He said employees also favor these buildings, which can mean a shorter office commute.
Co-Working Spaces
2025 Flexible Office Outlook (Cushman & Wakefield, Dec. 6, 2024)
“In 2024, the flexible office sector witnessed significant expansion, driven by evolving work preferences and technological advancements. This momentum is expected to persist into 2025, with emerging trends poised to redefine how businesses approach office space. As companies continue to seek adaptable solutions, the demand for flexible offices is set to rise. Here are some of the key trends Cushman & Wakefield is keeping an eye on in 2025 and beyond. “
Market Size of Shared Office Space Market in 2024, With a Forecast For 2029 (Statista, Nov. 8, 2024)
Hybrid and Remote Work
Real Estate Owners Saddled with Half-Empty Office Buildings as Hybrid Work Trend Continues (CBC News, Jan. 14, 2024)
Jon Wertheim: Your occupancy rates now are about 89%. You said ideally about 92% would be great. I could see people saying, "Oh, that's two, three points difference. What's the big deal?"
Marc Holliday: No, and when you have 30 million square feet like we do, every 1% is a big difference. You know, we pride ourselves in-- in keeping our occupancies, historically, at 95% and above.
Empty Office Buildings May Meet the Same Fate as Zombie Shopping Malls (CNN, Dec. 17, 2023)
The outlook for office buildings in 2024 isn’t very rosy. BRE, a commercial real estate services firm, said in estimates released Thursday that US office vacancy will likely increase further next year, reaching a 19.8% vacancy rate, up from 12.1% at the end of 2019.
The Future of Real Estate in a Hybrid World (McKinsey Insights, Oct. 19, 2023) E
What's clear to us is that hybrid is here to stay. There are three reasons for that confidence. First, the attendance rate we've seen has really stabilized, and it has stabilized for over a year now. Second, actual attendance aligns quite closely with what workers want and expect from their employers. Third, there's a substantial number of knowledge workers who would rather resign or accept a pay cut than come in more often, and many of those folks are the executives in charge of making those decisions.
Useful Websites
ccim.com — Commercial Investment Real Estate Institute
irem.org — Institute of Real Estate Management
sior.com — Society of Industrial and Office REALTORS®
boma.org — Building Owners and Managers Association
crewnetwork.org — CREW
naiop.org — National Association of Industrial and Office Properties
uli.org — Urban Land Institute
eBooks & Other Resources
eBooks.realtor.org
The following eBooks and digital audiobooks are available to NAR members:
Healthy Buildings (eBook)
How to Design and Build a Green Office Building (eBook)
The New Corner Office (Audiobook)
Office Building Safety and Health (eBook)
Office Markets and Public Policy (eBook)
Out of Office: Unlocking the Power and Potential of Hybrid Work (eBook)
Retrofitting Office Buildings to be Green and Energy Efficient (eBook)
Books, Videos, Research Reports & More
As a member benefit, the following resources and more are available for loan through the NAR Library. Items will be mailed directly to you or made available for pickup at the REALTOR® Building in Chicago.
Income/Expense Analysis: Office Buildings (Chicago, IL: Institute of Real Estate Management, 2018) HD 1394 In7i
The Energy Wise Workplace: Practical and Cost-Effective Ideas for a Sustainable and Green Workplace (Lanham, MD: Rowman & Littlefield, 2017) HD30.255 .D66 2017
The Valuation of Office Properties: A Contemporary Perspective (Chicago, IL: Appraisal Institute, 2009) HD1393.58.U6 S55 2009
Lease Guide: Guide to Writing a Commercial Real Estate Lease Including Green Lease Language (Washington, D.C.: BOMA International, 2008) HD 1384 T23
Office Building Management (Chicago, IL: Institute of Real Estate Management, 2002)
Mastering Office Leasing: A Practical Guide (Washington, D.C.: Society of Industrial and Office Realtors, 2000) HD 1384 So1m
Green Office Buildings: A Practical Guide to Development (Washington D.C.: Urban Land Institute, 2005) NA 6230 G74
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The inclusion of links on this page does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked in this page complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.
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