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NAIOP Sees Office Absorption Turning Positive by Q4

NAIOP is projecting a return to positive absorption of office space in the fourth quarter of 2021. Quarterly net absorption in 2022 is expected to average 11.7 million square feet, in line with the 2015-2019 quarterly average of 11.6 million square feet.

 “The macro economic data are positive, and the mitigation of the pandemic through vaccinations and other measures are having a noticeable impact,” said Thomas J. Bisacquino, president and CEO of NAIOP. “While the lasting effects of the shift to working from home remain unknown, we do expect steady returns to the office for many companies, and as a result, positive economics for the office sector.”

NAIOP’s forecast assumes a continued rebound in real GDP for the remainder of 2021, 2022 and 2023. Real GDP is expected to expand by 7.7% in the next two years, with average unemployment of approximately 4.5%.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types as well as delving into broader subject matter. He produces 15-20 daily news stories per day and also works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.

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