Originally published on September 9, 2022, by the Mortgage Banker's Association.
The ongoing tug of war between employers and employees about returning to the office will accelerate as pandemic-related impacts fade, according to a new Mortgage Bankers Association white paper.
The white paper, A Framework for Considering Office Demand in a Post-Pandemic World, said labor market conditions will also play a significant role in how much office space may be needed and how it will be used.
“Thanks to a very tight labor market and technological advances, hybrid work reigns two and a half years since the onset of the COVID-19 pandemic, with employees at many companies coming into the office a few days a week,” said Mike Fratantoni, MBA Senior Vice President and Chief Economist. “The extent to which this trend will continue–and what it means for the office market–will greatly depend on employees’ and employers’ costs and benefits of being in the office versus remote, and whether a transition to a looser labor market tilts the bargaining table to employers and their preference for more in-person collaboration.”