Are Office Buildings Obsolete? by Megan Murphy

The move toward remote work has been one of the most significant changes of the past three years.

While researching the surprising statistics surrounding this shift and contemplating whether traditional office workers can outperform virtual workers, I began to wonder, “What’s next?”

Have office buildings become obsolete in the United States?

This Bloomberg article has the scoop. 

As hybrid work takes center stage, the US has seen a 15% decrease on average in the sale of office spaces, and a 20% dip in spaces deemed not “environmentally friendly” enough. And, in Houston, the vacancy rate of buildings hit 28% in March. That’s an all-time high in loan defaults according to Bloomberg’s sources. 

What can be done?

In an effort to bring some workers back to the office, companies have begun including new amenities and renovating old spaces. Gyms, dining facilities, and open-air spaces are among the list of improvements meant to entice hybrid workers to spend more time at the office. 

However, despite a rush to improve older commercial spaces, experts say that there will still be a “substantial decline over the next 4 years.” Other experts assume these bulky buildings will be turned into anything from e-commerce warehouses to apartments.

In EVA’s opinion, one of the best parts of working with virtual staffing is not having to worry about a physical space to rent or clean up after! 

But, what do you think? Would you go back to working in the office if there were improvements made to the building or amenities added for staff? Comment below.

Ready to get started with a virtual team? Give us a call!