Post-pandemic downtown office glut (2020-2024)
COVID-19 emptied urban offices, remote work took hold, and commercial vacancy rates climbed to record highs in cities across the United States. Downtown property values dropped as landlords competed for fewer tenants.
Some governments and investors bought buildings at reduced prices. Others waited for values to fall further.
Lower commercial values made ownership more attractive to public agencies that had long leased space.
Explains why Kent County may be getting a relatively inexpensive downtown property, and why owning can look better than leasing in a soft market.
