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Thread on office vacancy
The pandemic changed the way we live and work. No longer must we all be in the same physical location to collaborate. This radical shift (or, as we economists like to say, "exogenous shock") has fundamentally changed the way we use office space. 1/n
The pandemic changed the way we live and work. No longer must we all be in the same physical location to collaborate. This radical shift (or, as we economists like to say, "exogenous shock") has fundamentally changed the way we use office space. 1/n
The sharp drop in demand for office space has resulted in more underutilized office space across the country than is fully captured by traditional metrics such as vacancy or availability rates. 2/n
How best, then, to capture the extent of this emptiness? To help with this, First American's econ team developed a new metric, called "Underutilized Shadow Vacancy" (or U-Shadow vacancy) ... 3/n
