COVID-19 pandemic slows West Michigan office market significantly
Many companies continued to keep workers at home in Q3, which maintained the significant slowdown for the West Michigan office market throughout the COVID-19 pandemic.
After a sharp spike in unemployment at the beginning of the pandemic, the number of unemployment claims has lessened in Q3. Because working in an office still poses health risks to workers, many employers have decided to work remotely through the end of the year or the foreseeable future. This means office activity is quiet, with employers and investors operating with wait-and-see mentalities until concrete talks begin about how offices will look once employees can safely return to work.