The pandemic has dramatically reshaped the workplace landscape, with five years post-COVID showing varying conditions in the office market across regions. While office attendance has stabilized nationally with vacancy rates decreasing to nearly 19%, specific locales like downtown Albany see mixed results. Despite challenges, areas like Saratoga Springs thrive with a mere 6% vacancy rate. The shift towards remote work has led to a 'flight to quality,' where firms prioritize nicer office spaces to attract employees back to in-person work.
"So if you were to ask me, how is the office market doing, I would say, 'That depends. Where are you asking about?'" said Eric Simonds with CBRE Upstate NY.
"A lot of firms and companies have said, 'OK, I'm going to try to find ... nicer or the nicest space I can find, and relocate my company or firm there.'"
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