Where some people see problems, others see opportunities. So, let’s talk about the untold tens of thousands of square feet of unoccupied office space companies have been sitting on since the pandemic changed where and how much of the world works.

A recent update from the commercial real estate firm, Avison Young, sets the stage:

“The U.S. economy became more distressed in November and December, marked by more than 60,000 tech layoffs and a sudden 58.8% drop in office job postings from November to December—predictive indicators of office demand. Tepid leasing activity in Q4, [down] 46.2% vs. the historical quarterly average, embodied how occupiers are navigating mounting economic distress and evolving workplace strategies as return-to-work levels are just 42.1% relative to the same period before the pandemic.”