CHARLOTTE, N.C. — It's no secret people aren't working in-person in the office like they used to, with increased access to remote work.
It's causing big problems for workspaces in Charlotte and around the country.
The office market had a tough 2023, and it's not looking any better in the new year.
Let's connect the dots.
Hybrid work is here to stay it seems with 62% of U.S. businesses having said it allows employees to work from home. That's bad news for office buildings.
The owners of these buildings are getting hit with falling demand, and higher interest rates. The Wall Street Journal reports many landlords were able to extend their loans and stay afloat, but those extensions are now expiring. Now it's game time.
The vacancy rate of buildings is expected to get higher, because nearly half of the office leases signed before the pandemic haven't expired yet.
Now, it's forcing several developers to hold off on building more offices as work space frees up.
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