April 1, 2020
February was the last month of the record-long economic recovery before U.S. office workers were largely asked to work from home. The switch is likely to have long-term implications for the national office market, Yardi Matrix says in a new report.
With the economy now shifting into contraction mode, “This is a rapidly-changing situation with no clear timeframe or conclusion, and as of now it’s unclear how long the shelter-in-place orders, social distancing and moratoriums on public gatherings will last or how deep the economic contraction may become,” states the report.
Yardi Matrix adds that the mandatory work-from-home restrictions may have long-term implications for offices. “While many workers will be anxious to return to their office once the crisis has passed, a massive national experiment is underway that could change attitudes about working from home in the years to come.”
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