In 2015, people were heading out to buy new office furniture for their new office. That’s when there was a peak in office space tenants, but since the COVID-19 pandemic, everything has changed. Today, many office buildings remain empty with most employees working from home. Employers are also starting to realize that they don’t necessarily need an expensive office downtown when they can easily take care of everything with Zoom and other collaboration tools. Working from home also cuts out commuting time, making this just one more benefit to the current situation. But what about supplying employees with office equipment? A home office website that sells home office related products – such as smaller printers and work stations – is a good place to start. Employees who spend a lot of time sitting and working on a computer could order a black office desk chair after finding the best place to order office supplies. This cost can be reimbursed by the company to boost employee morale. To do so even more, have employees visit the best source office supply website you’ve chosen and let them pick out their own items within a budget.
The Wall Street Journal recently reported that U.S. office buildings are seeing an increase in tenants. An extra 8.2 million square feet of office space was rented in the second quarter, making it one of the strongest periods since the recession. These sales showed an office vacancy rate of 16.6%, down from the 2010 peak of 17.6%, with a 3.2% rise in average square foot price.
Finding office space is still a tricky task for most. The market growth is still dragging, and employers are occupying 36 million fewer square feet than they were in 2007. Analysts believe that one of the factors causing the gap is that employers are accessing more private offices, denser spaces, and offices with larger cubicles for more relaxed layouts. Reis economist Ryan Severino commented:
“I don’t think we’re in the clear yet, but we are definitely heading in the right direction,” said Reis economist Ryan Severino. “It has taken a little bit longer than usual to get back to where we’d like to be….For the next 12 to 18 months or so, it’s definitely going to be a little bit dicey there.”
With almost 28 million small businesses in the U.S., it’s possible that many businesses have been migrating towards home or digital offices. Higher market prices and increasing digital enterprise may not help with trying to clear that vacant space, but despite these factors, job growth is still increasing.