Office occupancy across the nation has stalled at around half of pre-pandemic levels, with Los Angeles, San Jose, and San Francisco experiencing even worse occupancy rates. Potential tenants are hesitant to sign long-term leases, especially in uncertain urban areas. Major corporate landlords require three to five year leases, but many tenants are unsure about the future of these areas. However, demand for small and medium-sized office spaces remains strong. There is a disconnect between major office landlords and the market for the spaces they offer.
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