Understanding office in 2024: Normal office market cycles encounters the paperless and digital workplace era

Understanding office in 2024: Normal office market cycles encounters the paperless and digital workplace era UNDERSTANDING OFFICE IN 2024: AN OFFICE MARKET CYCLE ENCOUNTERS THE PAPERLESS AND DIGITAL WORKPLACE ERA AUGUST 2024 Office vacancy rates post-covid have increased because of both cyclical and structural factors. [...] The normalcy of office cycles Because of building size, development timelines and capital costs, the office asset class experiences more pronounced cycles and greater fluctuations in vacancy than other asset types. [...] This chart illustrates the cyclical nature of office markets The Digital Impact – structural downward shift in office requirements per worker The biggest difference between pre- and post-covid office work Although COVID-19 accelerated the trends, reducing paper and is the final embrace of being fully digital. [...] As the last long- accommodate a wide variety of tenants from tech companies term leases that allocated for vast amounts of paper end, to financial firms or a variety of professional service entities; any the impact will be fully absorbed within the office markets. [...] underway across the GWLRA office portfolio and are attracting GWLRA is confident in the office asset class long-term and is new tenants.