Economist: Offices Hurting, But Don’t Count Them Out
By KIMBERLEY HAAS
As the commercial real estate market continues to change, office space is down, but not out, according to an economist who says a majority of companies are still committed to having a place where the “secret sauce” of their business is created.
Richard Barkham, global chief economist for CBRE in Dallas, said it may take up to nine years for the office market to fully recover but it is important to remember that not all of that sector has been badly hit by drops in value.
Barkham said that a large portion of the vacancies are in a minority of the stock, with 80% of the rise in vacancies in 10% of office buildings.
The office buildings…
