Rising Office Vacancy Rates Have Big Impact on Broader Economy

The office real estate market might be in trouble, as vacancy rates in major cities remain across the country, even as COVID restrictions continue to fall away. Ryan Severino, the chief economist for real estate and investment management firm JLL, joined Cheddar's Opening Bell to discuss the latest office trends and why some may be concerning for the broader economy. "There are knock-on ramifications for a lot of the ancillary industries that support office workers," he said. "If you think about coffee shops, places that someone might go out to get lunch or a drink or dinner after work, those are obviously still feeling the brunt of people not being physically back in office spaces the way that they were before the pandemic."