Takeaways | Class A & B
As the fight against COVID-19 rages on, Long Island’s office market continues to try to find its footing. While the U.S. GDP has recorded record growth in the third quarter of 33.4%, after falling by a record amount of 31.4% in the second quarter, uncertainty persists over how upcoming quarters will look. News of a vaccine has certainly boosted the macroeconomic outlook, as well as the outlook for the office market in general, but questions remain about how the pandemic will alter office demand in the near and long term. Companies within certain industries, such as tech, will likely be early adapters in flexible workspace, which will ultimately weaken demand for office space, while other industries will likely be eager to normalize their operations, though where and how much office space they will need is still being worked through for many office occupiers.