Office buildings are emptying around the U.S

Office vacancies hit a record high in the fourth quarter of last year, surpassing previous peaks last reached in 1991 and 1986, according to data from Moody’s Analytics out Monday.

Why it matters: Office buildings are emptying around the U.S., as companies continue to adapt to the new norms of remote and hybrid work by shrinking their physical footprints.

  • The transition marks an enormous societal shift as Americans adjust to a whole new way of working and living — big changes are underfoot in cities and suburbs around the country.
  • Yet it’s happening so slowly and in such a predictable fashion, that the impact on the overall economy so far has been minimal.