It’s no secret that commercial real estate has been struggling the past few years. The sector is still reeling from the pandemic, which pushed more professionals to work from home and consumers to shop and dine at home. As a result, office vacancy rates reached a 30-year high around 18% in 2023, and companies both large and small majorly shed space to adjust to new remote- and hybrid-working norms. Some even terminated their leases early.
Now, commercial real estate bargain hunters are snagging space for steep discounts up to 70% off, according to several reports from commercial real estate information company CoStar.
