A consensus is growing in the commercial real estate community that the world we’re looking at now is the world we’ll be living in for a while. The worst of the COVID-19 pandemic has long passed. We should no longer expect a sudden U-turn to the way things were in the pre-pandemic times. 

After three years of holding out hope, industry leaders have finally concluded that most of us really won’t be returning to the office nearly as often, and some not at all. The implications for our industry are profound, and not only for office owners, managers, and brokers. Collateral impacts will also be seen on downtowns and other property sectors that depend on a vibrant office market. Investors need to rethink long-held canons about how to construct portfolios. These are all topics we explore in the 2024 edition of Emerging Trends in Real Estate.® As the contours of a new era in real estate become increasingly clear, one overarching theme to emerge is one we’re calling “The Great Reset.” The past is no longer prologue; old assumptions – about market dynamics, pricing, and risks – must be visited.