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Sustained job creation, more consumer spending, and the continuing return of the workforce to the office underpinned the commercial real estate market's recovery across all property sectors in the first half of 2021.
Barring a major resurgence of coronavirus cases arising from the Delta variant that could lead to another economic shutdown, NAR Research anticipates that sales and commercial leasing will continue to expand in 2021 and more strongly in 2022. However, given the large loss in office occupancy and the office construction in the pipeline, the office vacancy rate will likely continue to remain elevated at the current level throughout 2022.
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