We’ve gradually seen more people return to the office since the remote-work norm of the pandemic, and now the winning and losing cities are becoming clearer.
Capital Economics tackled the issue of commercial real estate in its U.S. Office Metros Outlook and found that 2025 will bring further pain for office values across all major metros, but a sharp regional divide is set to emerge from 2026 onward. Southern cities—led by Miami—are poised to remain the clear winners, while many western and northern metros still face a tough road ahead.
