Office transactions totalled roughly $37 billion through July. While investment activity is still low compared to pre-pandemic levels – CommercialEdge expects sales closed throughout 2021 to exceed the 2020 record of $62 billion.
“Across the country in the Bay Area, LinkedIn paid $323.0 million to purchase its headquarters in Sunnyvale,” the report stated. “Surprisingly, weeks after this purchase was completed, LinkedIn announced that employees will be able to work fully remote permanently. While this may seem paradoxical on the surface, it is emblematic of a growing consensus among many large companies. Even if employees are allowed to work wherever they choose, firms believe the physical office will continue to be part of the work equation.”
Due to the pandemic delaying most return-to-office plans, several companies have adjusted their return-to-work policies. Many large firms (including United Airlines, Facebook, Alphabet, Northwestern Mutual, Walmart and Tyson Foods) are also mandating vaccination for employees going back to the office.