After a surge in remote work during the pandemic, companies like JPMorgan Chase and Amazon are calling employees back to the office full-time. This trend, coupled with the federal government's initiative to reduce its office footprint, is driving a rebound in the commercial property market. Office demand has increased significantly, but the full recovery faces uncertainties as the government's move could flood the market with older buildings.
For many companies — and possibly the federal government — the era of remote work is drawing to a close. Employees at major companies like JPMorgan Chase and Amazon are being called back into the office five days a week. Under President Donald Trump’s administration, thousands of federal employees have been told to return to in-person work full-time — or submit their resignations.
’s impact One sizable user of office space is the federal government: It currently leases almost 150 million square feet of office space across the US, paying more than $5 billion annually in rent, according to a recent report by Trepp. According to two sources familiar with the situation at the General Services Administration, the agency is expected to begin terminating about 3,000 “soft-term” leases .
has posted on X that it has already canceled dozens of leases in the last two weeks. If enough federal leases are terminated, it could mean even more office buildings sit empty. Darrell Crate, the CEO of Easterly Government Properties, a company that has leased 100 buildings to the federal government through the GSA, said that the federal government would likely first unload hundreds of square feet of older Class B and C buildings.
Real Estate REMOTE WORK OFFICE DEMAND COMMERCIAL REAL ESTATE FEDERAL GOVERNMENT LABOR MARKET
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