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More and more people are working from home because of the pandemic and that means fewer people are renting office space.
Real estate experts admit the future of the business is uncertain.
“The biggest problem in leasing office space right now is people’s inability to make a decision, because we just don’t know what the future looks like,” Neil Merin, Chairman NAI/Merin Hunter Codman.
Some in the industry say they see opportunities.
“I’d love to be a part of an office building that converted to medical,” Rebecca Giacobba, Team Leader Illustrated Properties, GIA Realty, said. “I’d love to be a part of a big group from New York that wants to get out of the city to invest in Palm Beach County.”
Giacobba said, nationally, rental rates are holding at about 88%.
Merin believes we will see people telecommuting and partially working in an office.
“Working from home has not been convenient for everybody, but right now one of the biggest problems with bringing the workforce back, forget about COVID, is kids,” Merin said. “Because kids are out of school.”