Office vacancy rates increased sharply during 2020 as a result of the COVID-19 pandemic and new work-from-home dynamics (Flatland KC, NY Business Journal, Bloomberg). The outcome will be determined using the US office vacancy rate as reported in the Colliers Q4 2022 Office Market Outlook report, expected in February 2023 (Colliers). The rate for Q4 2019, before the pandemic, was 11.4%; the rate for Q2 2021, at question launch, was 14.7% (Colliers - Q4 2019, Colliers - Q2 2021).

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