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Home News

Class A Assets Continue To Outperform In The Office Sector

Aayat AlibyAayat Ali
October 5, 2021
in News
Reading Time: 2 mins read
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Class A Assets Continue To Outperform In The Office Sector

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Despite slowing demand, a new report from Cushman & Wakefield shows that occupiers are still seeking out newer Class A assets when deciding where to build out a new office.

“The physical office will continue to have some role to play in the future of work,” said Rebecca Rockey, an economist at Cushman & Wakefield. “And although there are a myriad of occupiers with vastly different needs, we know that newer, better quality office product, which usually outperforms, did so to a greater degree during the pandemic. And that trend is expected to stick.”

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Class A offices have historically performed the best within the office sector, whether it is during expansions or recessions. According to Rockey, prior expansions saw Class A offices account for a “disproportionate amount” of absorption compared to other products.

However, when demand is in the negatives, Class A accounts for a lower amount of net absorption. For instance, during the last three recessions, Class A made up an average of 38.5% of negative absorption.

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Even after the pandemic swept through the industry, Rockey says that “the same demand trends that existed pre-COVID-19 remain true.” In fact, Class A products did not see the impact that other product types did and accounted for 50% of negative absorption this year.

“Given the unique aspects of COVID-19, while the timing of a pick-up in absorption is less certain than usual, it is clear that Class A will outpace the overall market as it has in early stages of prior expansions,” Rockey wrote in the report.

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Aayat Ali

Aayat Ali

Aayat is an editor for the Daily Digest based in Lexington, Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces.

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