The office market will continue a slow recovery in 2022
Slow and steady is the best way to describe the office recovery. The exit from the dislocation caused by the pandemic began last year when companies returned to the office and began to develop long-term work plans. In 2022, the office sector will behave much like last year, marked by a rhythmic recovery.
“We expect 2022 to look like last year, with the office sector continuously moving on a slow and steady recovery trajectory amid many businesses still navigating how they will use offices in the future – and taking strategic steps to ensure they are prepared,” Rob Solomon, director of development and chief legal officer at BLT Enterprises, told GlobeSt.com.
The pandemic is, of course, the biggest risk to a full office recovery. The omicron variant served to delay a widespread return to the desktop, and future variants may do the same. However, Solomon believes any delay is temporary. “While the highly contagious new variant may cause a brief pause for some, we are confident that the coming months will see a steady increase in the use of physical office space as more companies consolidate their policies. desktops and their potential. changes needed to sustain them,” he says.
Solomon is also encouraged by major office deals, such as Google’s recent acquisition of an office building in New York for $2.1 billion, which shows a strong appetite for high-quality office space in the dense urban markets. “High profile moves demonstrate continued confidence in the critical role of workplaces in the future, and we expect more deals like these to occur in 2022 as companies and investors think about long term,” says Solomon.
While Solomon is confident of a widespread return to the workplace, he notes several changes to improve safety and trust in the office. “Recognizing that the pandemic would have a lasting impact on how companies approach employee health and well-being, one of our first courses of action was to begin implementing COVID-sensitive equipment in our plans, including effective air filtering, touchless doors and dispensers, natural light, open space, and well-appointed outdoor areas where appropriate,” he says. “We find that these features have positioned the assets as highly competitive.”