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The death of the office market was greatly exaggerated

Data: JLL Research; Chart: Will Chase/Axios

The demise of the officewas predicted in the early days of pandemic lockdowns. But the prospect of downtown business districts turning into modern ghost towns is now looking much less likely.

Why it matters: The U.S. office building market is over $2 trillion in size, and vacancies have ticked up, while rents have gone down, over the last year. But many companies are now planning their returns to the office, likely with a hybrid model that allows for more social distancing — a trend that will help offset declining demand for office space.

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