How the pandemic is changing Philadelphia’s commercial real estate

Source: Axios Philadelphia — 

Commercial real estate brokers are scrambling to make office spaces more enticing after the pandemic led many companies to overhaul how and where we work.

What’s happening: As hybrid work environments become the norm, some commercial real estate companies, like CBRE, believe flexible office leases will continue to rise in popularity.

• Meanwhile, some brokers are focusing on attracting office buildings that offer more lenient contracts in general.

By the numbers: Between midyear 2020 and midyear 2021, flex office space fell by 9.2% across the country after growing for nearly a decade, but it’s slowly making a modest recovery on a national level.