Jeremiah Gracia was interviewed for this article in Governing.
Nearly 1 in 5 commercial offices were empty at the end of last year. It was the highest rate of office vacancy in more than 40 years, according to Moody’s Analytics — the culmination of a trend that was supercharged by the COVID-19 pandemic and a broad shift to remote work in many fields. The growing vacancy problem has been especially worrisome in urban downtowns, where whole economies have been built around the presence of daily commuters.
But it’s also a concern in suburban areas, where office space tends to be more cloistered than it is in cities but can still generate a substantial portion of tax revenues.