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Senior Vice President at CBRE | President of Villanova University Alumni Association | Villanova Soccer | NJBiz 40 under 40 in 2018 | Husband | Dad X 3

The office market is nuanced, presenting a tale of two cities. In commodity office space, we observe record high vacancy rates and declining rental rates. However, Trophy Class A space is thriving with low vacancy rates and increasing rental rates. For instance, in Morristown, New Jersey, the trophy market boasts an 8.6% vacancy rate with a 51.6% increase in rental rates since the pandemic's onset. Despite media attention on Kastle Systems’ Back to Work Barometer data, it does not fully capture the market's complexity. From June 1 to June 30, the Kastle's barometer data reported average occupancy at 52.1%. However, when Kastle excluded commodity office spaces, the average occupancy rate surged to 74.2%. Understanding the nuances of the office market is crucial for informed decision-making. Researching thoroughly enables a comprehensive grasp of the dynamics at play. #office #backtotheoffice #hybrid #remote #workplacestrategy #cbre

Kevin Brunnock

I help sellers get the highest prices possible, buyers find their ideal properties, and I provide the best service in the real estate industry.

2mo

We cannot paint all properties with one broad brush; excellent insight here.

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