The Administration and Congress Continue to Urge Federal Agencies to Return to the Office

Although the Biden administration and Congress continue to urge federal agencies to end pandemic-era telework policies, officials acknowledge they have yet to reach their return-to-office objectives, with only about half of cabinet agencies having achieved the goal of workplace return by January. (Axios, Nov. 30)

Congressional and Administration Efforts

  • On Wednesday, a subcommittee of the House Committee on Oversight and Accountability held a hearing titled, “Oversight of Federal Agencies’ Post-Pandemic Telework Policies,” to discuss the current status of telework policies within various federal agencies.
  • White House Chief of Staff Jeff Zients has been privately urging cabinet secretaries to address the significant number of federal workers who continue to work remotely, encouraging a shift away from persistent work-from-home practices. (Axios, Nov. 30)
  • RER Chair John Fish (SUFFOLK) (above) was quoted in the Wall Street Journal, voicing the industry’s concern for stalled return to the workplace. “Other parts of the country with large federal workforces are also struggling to bring back workers. “Whether you’re talking about downtown Boston, or Denver or Northern Virginia, occupancy is down substantially,” said Fish. (WSJ, Nov. 28)
  • Unions representing federal workers strongly support work from home and have pushed back against the Biden administration’s workplace return goals. (BGov, Sept. 14; Federal Times, Aug. 7)
  • Since the pandemic, Congress has held multiple hearings and introduced legislation in both the House and Senate aimed at solidifying official government definitions of remote work and enhancing the accountability and transparency of federal telework policies. (Roundtable Weekly, Oct. 20)

Roundtable Advocacy

  • The Real Estate Roundtable has urged President Biden and national policymakers for months to end government policies that encourage remote working arrangements for federal employees. (RER letter to President Biden, Dec. 2022; RER letter to Senate, April 2023)
  • In August, the White House ordered cabinet officials to increase the return of federal employees to their offices. (Roundtable Weekly,Aug. 11)

Roundtable President and CEO Jeffrey DeBoer has repeatedly emphasized that remote working by federal employees is undermining the health of cities, local tax bases, and small businesses.

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Potential CRE Losses Cited as Major Economic Concern in Fed’s Financial Stability Report

Elevated commercial real estate valuations are increasingly viewed as a near-term risk that could stress the U.S. financial system, according the Federal Reserve’s October 2023 Financial Stability Report. The central bank’s semiannual report also cited inflationary pressures, interest rate increases, and global economic volatility as vulnerabilities—even though survey data was collected before the recent escalation of geopolitical tensions in the Middle East. (Fed’s Financial Stability Report, Oct. 2023)

CRE Risk Emphasized

  • Seventy-two percent of all participants in the Fed’s survey cited the potential for large losses on commercial real estate and residential real estate—along with persistent inflation and monetary tightening­—as major risks.
  • The CRE asset valuation problem noted in the Fed Report is influenced by an ongoing lack of price discovery, which creates significant refinancing challenges. GlobeSt reported Oct 24 on the report, noting that “With transactions down and many sellers holding off, waiting for improved pricing while a lot of buyers look for bargains in distress, it’s hard to tell how much properties should be worth.”

WorkPlace Return Pressure

  • The Fed report warns, “If the economy were to slow unexpectedly … investor risk appetite and asset prices might decline, and valuations in the office building sector appear particularly vulnerable given the ongoing uncertainty surrounding post-pandemic norms regarding return to work. A correction in office property valuations accompanied by even a mild recession could result in significant losses for a range of financial institutions with sizable exposures, including some regional and community banks and insurance companies.”

Additional risks that continued to feature prominently in the Fed survey were associated with the reemergence of banking-sector stress, market liquidity strains, and volatility.

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Senate Bill Introduced to Define Federal Remote Work Roles; GSA Inspector General to Investigate Agency Telework Policies

Sens. James Lankford (R-OK) and Kyrsten Sinema (I-AZ) recently introduced the Telework Reform Act to codify government definitions of remote work and improve the accountability and transparency of federal telework programs. Meanwhile, the Inspector General of the General Services Administration (GSA) confirmed an audit is underway that is focused on how the agency manages telework and remote positions for over one million federal workers. (Lankford news release, Oct. 12 | Senate bill S. 3015) | Washington Times, Oct. 18)

Congressional Efforts

  • The Senate legislation would require teleworking federal employees to return to their offices at least twice per two-week pay period. The bill also includes measures that would enforce annual reviews of telework agreements, mandate training for managers, and improve performance management, data accuracy, and cyber-security. (Government Executive, Oct. 13 and Federal News Network, Oct. 17)
  • Separately, Sen. Joni Ernst (R-IA) is seeking to add an amendment to federal spending bills that would force agencies to provide details on the cost of telework. “There’s no better way to start paying off our nation’s over $33 trillion debt than a clearance sale on unused office space.” (Washington Times, Oct. 18 | BGov, Sept. 14)

  • A recent letter from the GSA’s Inspector General to Sen. Ernst confirmed the IG’s oversight investigation into the agency’s telework policies. (Washington Times, Oct. 18)
  • As the largest landlord in the United States, GSA’s Public Buildings Service (PBS) owns and leases more than 8,800 assets and maintains an inventory of more than 370 million square feet of rentable workspace. (GSA Strategic Plan Fiscal Years 2022-2026)
  • The Senate actions come as a House subcommittee announced it will hold a second hearing on federal agencies’ post-pandemic telework policies. (See Roundtable Weekly, Sept. 15 for coverage of the first hearing).
  • Language similar to the SHOW UP Act is included in House-passed appropriations legislation. (Roundtable Weekly, Sept. 15)

Roundtable Advocacy

  • The Real Estate Roundtable has urged President Biden and national policymakers for months to end government policies that encourage remote working arrangements for federal employees. (RER letter to President Biden, Dec. 2022; RER letter to Senate, April 2023)
  • In April, the White House Office of Personnel Management announced it was ending its “maximum telework” directive to federal agencies (Roundtable Weekly, April 21)
  • In August, the White House ordered Cabinet officials to increase the return of federal employees to their offices. (Roundtable Weekly, Aug. 11)

Real Estate Roundtable President and CEO Jeffrey DeBoer, repeatedly has emphasized that remote working by federal employees is undermining the health of cities, local tax bases, and small businesses. (Commercial Observer and The Hill, April 14) 

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Congress Seeks to Include Legislative Language in Spending Bills Addressing Federal Workers’ Return to Offices

House and Senate lawmakers are looking to change current federal workforce telework policies by including language in annual spending bills under consideration by Congress. Yesterday, a House Oversight and Accountability Subcommittee held a hearing on “Oversight of Federal Agencies’ Post-Pandemic Telework Policies” and efforts to mandate federal workers return to their offices. (BGov, Sept. 14)

Federal Telework

  • The Real Estate Roundtable has urged President Biden and national policymakers for months to end government policies that encourage remote working arrangements for federal employees. (RER letter to President Biden, Dec. 12, 2022)
  • The White House directed Cabinet officials on Aug. 4 to increase the return of federal employees to their offices this fall as a “critical” part of fulfilling the mission of government agencies. (Government Executive, Aug. 7 | Axios, Aug. 4
  • In the House, Republicans inserted language into the Financial Services-General Government spending bill (H.R. 4664) that would defund any agency that does not return to 2019 telework practices.
  • The House bill states, “Within 30 days of enactment of this Act, the Committee requires Federal agencies to reinstate and apply their pre-pandemic telework policies, practices, and levels in effect as of December 31, 2019, or they cannot obligate or expend funding for fiscal year 2024.”
  • The Senate’s Appropriations bill for FY 2024 (S. 2309) is far more flexible, requiring agencies to only “examine how policies for in-person work, telework, and remote work impact agency productivity and performance as well as how effectively and efficiently agencies are able to carry out their missions and serve the public.” (Government Executive, Sept. 5 and FedWeek, July 18)
  • Sen. Joni Ernst (R-IA) is seeking to add an amendment to federal spending bills that would force agencies to provide details on the cost of telework. “You have bureaucrats that are doing bubble baths during their conference calls for work. So you federal employees that are out there, we’re coming after you,” Ernst said recently. (BGov, Sept. 14)

Roundtable Calls for Workplace Return

  • Today Real Estate Roundtable Chairman Emeritus Bill Rudin (Co-Chairman and CEO, Rudin Management Co.) discussed the return-to-office trend in New York City, the challenge of property conversions, the need to increase the housing supply, and other issues facing CRE on CNBC’s Squawk on the Street.

Marcus & Millichap President and CEO, Hessam Nadji and former Chairman and CEO of Goldman Sachs, Lloyd Blankfein, will lead the live webcast discussion on the economic factors, including Federal Reserve policy, impacting the commercial real estate market. DeBoer, Tom McGee, President and CEO of ICSC and Sharon Wilson GĂ©no, President of NMHC will join the conversation as CRE industry leaders. (Register here)

White House Directs Agencies to Increase Return of Employees to Federal Offices

White House Chief of Staff Jeff Zients

White House Chief of Staff Jeff Zients, above, directed Cabinet officials on Aug. 4 to increase the return of federal employees to their offices this fall as a “critical” part of fulfilling the mission of government agencies. The Real Estate Roundtable has urged President Biden and national policymakers for months to end government policies that encourage remote working arrangements for federal employees. (Government Executive, Aug. 7 | Axios, Aug. 4 | RER letter to President Biden, Dec. 12, 2022)

Back-to-Office Fed Policies

  • Zients informed administration officials, “As we look towards the fall, your agencies will be implementing increases in the amount of in-person work for your team. This is a priority of the president â€” and I am looking to each of you to aggressively execute this shift in September and October.” (Reuters, Aug 5 and The Washington Post, Aug. 4)
  • Empty federal offices have depressed local economies, according to a July 18 Federal News Network (FNN) broadcast. (Listen or read transcript from Federal Drive with Tom Temin)
  • An updated list of agencies’ return-to-office policies is available online through the Federal News Network. Meanwhile, Republican leaders on the House Oversight and Accountability Committee have also urged agency officials to encourage a return-to-office, threatening this week to “resort to compulsory measures” in their probe of federal agencies’ telework polices.

Roundtable Weighs In Real Estate Roundtable President and CEO Jeffrey DeBoer

  • In an April letter to all U.S. Senators, Real Estate Roundtable President and CEO Jeffrey DeBoer, above, emphasized, “The executive branch’s current policies are undermining the health of cities, local tax bases, and small businesses. Federal agencies should return to their pre-pandemic workplace practices.” (RER letter to the Senate, April 12).

In a similar letter to President Biden in December, DeBoer noted that federal telework policies were ignoring “the negative impacts of remote work on cities and communities, labor productivity, and U.S. economic competitiveness, as well as the quality of government services.” (Commercial Observer, April 14 and RER letter to President Biden, Dec. 12)

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Work-From-Home Arrangements Linger, Most Federal Agencies Using Less Than 25% of Office Space

Empty office space

Overall workplace occupancy registered 49.1% last week, according to Kastle’s 10-city Back to Work Barometer, which showed return to office rates vary significantly over the course of the week. Additionally, a recent Department of Labor American Time Use Survey showed that nearly 35% of Americans worked from home on an average day in 2022, down from nearly 40% in 2021. (Axios, June 23)

Public Sector

  • In the public sector, federal government offices remain largely unoccupied, according to a new report issued by the Government Accountability Office (GAO) that revealed most agencies are using their headquarters less than a quarter of the time.
  • The GAO report shows that 17 of 24 agencies’ buildings were at 25% capacity or less after an analysis of 21.5 million square feet (SF) of usable federal office space during three weeks of Q1.
  • The empty federal offices have depressed local economies, according to a July 18 Federal News Network (FNN) broadcast. (Listen or read transcript of Federal Drive with Tom Temin)
  • The House Subcommittee on Economic Development, Public Buildings, and Emergency Management addressed the GSA report in a July 13 hearing called “When the Lights Are On but No One’s Home: An Examination of Federal Office Space Utilization”)

Roundtable Response

RER President and CEO Jeffrey DeBoer

  • In April, The Real Estate Roundtable wrote to members of the Senate about the need the federal government to end its “active encouragement of remote working for federal employees” and for federal agencies to return to their pre-pandemic workplace practices. (RER letter to the Senate, April 12)
  • Roundtable President and CEO Jeffrey DeBoer, above, sent a similar request to President Biden last December, noting that federal telework polices were ignoring “the negative impacts of remote work on cities and communities, labor productivity, and U.S. economic competitiveness, as well as the quality of government services.” (Commercial Observer, April 14 and RER letter to President Biden, Dec. 12, 2022).

A study released in May by New York University and Columbia University researchers shows how the disruption from remote work could impact municipalities. “The fiscal hole left by declining office and retail property tax revenues would need to be plugged by raising tax rates or cutting government spending. Both would affect the attractiveness of the city as a place of residence and work.” (Work From Home and the Office Real Estate Apocalypse, May 15 and Roundtable Weekly, May 26)

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New Research Shows Severe Impact of Remote Work on Office Sector

empty office remote work

An updated study released this month by New York University and Columbia University researchers concludes “remote work is shaping up to massively disrupt the value of commercial office real estate in the short and medium term.” (Work From Home and the Office Real Estate Apocalypse, May 15) 

Municipal Finances and Financial Stability 

  • The researchers—Arpit Gupta, Vrinda Mittal, and Stijn Van Nieuwerburgh—find a $506.3 billion value destruction for the U.S. office market between 2019 and 2022. Post-pandemic hybrid work arrangements have led to large drops in lease revenue, occupancy, lease renewal rates, and market rents in the commercial office sector, according to the updated research, affecting CRE cash flow at a time when the Federal Reserve has aggressively raised interest rates. (Fortune, May 25)
  • The report notes, “Higher quality buildings were buffered against these trends due to a flight to quality, while lower quality office is at risk of becoming a stranded asset. These valuation changes have repercussions for local public finances and financial stability.”
  • The report also concludes that the fiscal hole left by declining office and retail property tax revenues may lead municipalities to increase taxes or cuts in spending—negatively affecting the attractiveness of cities as places to live and work, which may risk the activation of an “urban doom loop.” The authors note, “Future research should explore these implications and study the role for local and federal policy.” 

Moody’s Outlook 

Moody's Chief Economist Mark Zandi

  • Moody’s Analytics Chief Economist Mark Zandi, above, noted in a series of tweets this week that CRE prices fell in the first quarter of 2023 for the first time in more than a decade, led by drops in multifamily residences and office buildings, according to Moody’s Repeat Sales Index. (Zandi will be a guest speaker at The Roundtable’s all-member Annual Meeting on June 13 in Washington, DC.)
  • “Lots more price declines are coming with prices expected to be off 10% peak-to-trough by mid-decade. Demand for space is weak due to remote work and online retailing. Lots of multifamily units are being built. And credit to refinance and purchase properties is tough to get,” Zandi tweeted.
  • Bloomberg reported on May 17 that Zandi noted if the US economy slips into a recession, the price declines could get worse. “We’re on a razor’s edge here,” Zandi said. 

Roundtable Request for Flexibility 

Roundtable Chair John Fish

  • The Real Estate Roundtable continues to emphasize the need for federal regulators to allow more flexibility for lenders and borrowers to restructure commercial real estate loans facing potential default—as the Federal Reserve reported recently that CRE poses a potential risk to financial stability. (Fed’s Financial Stability Report, May 2023)
  • Real Estate Roundtable Chair John Fish, above, (Chairman and CEO, SUFFOLK) summarized the industry’s views in a May 9 MarketWatch article, noting that the Fed and regulatory agencies should grant more flexibility for borrowers, including corporate real estate developers, to restructure CRE loans. 

In addition to Mark Zandi and House Ways and Means Committee Chairman Jason Smith (R-MO), The Roundtable’s Annual Meeting next month will also include Sen. Kyrsten Sinema (I-AZ), Sen. Bill Hagerty (R-TN), and other policymakers. 

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OPM Ends “Maximum Telework” Status for Federal Government

U.S. Office of Personnel Management logo

On Tuesday, the White House Office of Personnel Management (OPM) announced that it is ending its “maximum telework” directive to federal agencies. 

Federal Workforce and Telework

  • At the outset of the pandemic, OPM issued a government-wide announcement that federal agencies should “operate as ‘open with maximum telework flexibilities to all current telework eligible employees…'” The April 18 memo from OPM Director Kiran Ahuja states that OPM will withdraw its maximum telework directive effective May 15, 2023. (Gov’t. Executive, Apr 19)

  • “COVID-19 is not driving decisions regarding how Federal agencies work and serve the public as it was at the outset of the pandemic,” wrote Director Ahuja in his memo to the chief human capital officers of federal agencies.
  • The announcement by OPM comes on the heels of guidance released last week from the White House Office of Management and Budget (OMB) informing federal agencies that they have 30 days to develop plans to “substantially increase” their employees in-person work at headquarters.

Roundtable Letters Jeff DeBoer RER Meeting

  • Both the OMB and OPM actions followed appeals from The Real Estate Roundtable for the federal government to end its “active encouragement of remote working for federal employees.” (RER letter to the Senate).
  • “The executive branch’s current policies are undermining the health of cities, local tax bases, and small businesses. Federal agencies should return to their pre-pandemic workplace practices,” wrote Real Estate Roundtable President and CEO Jeffrey DeBoer, above, in an April 12 letter to all U.S. Senators. 

  • In a similar letter to President Biden in December, DeBoer wrote that federal telework polices were ignoring “the negative impacts of remote work on cities and communities, labor productivity, and U.S. economic competitiveness, as well as the quality of government services.”  (Commercial Observer, April 14 and RER letter to President Biden).

  • “This week’s OPM announcement is another important step forward for our communities, small businesses, and local tax bases that depend on vibrant city centers,” said DeBoer. (Roundtable Weekly, April 14)

Low Office Occupancy Persists Empty office

  • Kastle reported on Monday that office occupancy rates for 10 U.S. cities fell to an average of 46%, a weekly dip of 2.2 points that reflects consistent rates of under 50% since last month. (Kastle’s Back to Work Barometer, April 17)
  • Real estate investor Sam Zell commented this week on the state of the office market and remote work, predicting a reversal in telework trends. (GlobeSt, April 20)
  • “We’re all reading about layoffs in the newspapers. It will be interesting to see what percentage of those who lost their jobs worked from home and what percentage of them are people who came into the office,” said Zell. “The office situation will change. People need to be together to develop their skills.”

The impact of return-to-the office on the industry, communities, and the economy will be a focus of discussion during The Roundtable’s April 24-25 Spring Meeting in Washington, DC. (Roundtable-level members only). 

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White House Shifts Policy, Directs Agencies to Focus on Returning Federal Employees to the Workplace

The White HouseThe White House informed federal agencies yesterday that they have 30 days to develop plans to “substantially increase” their employees in-person work at headquarters. The new guidance is an important step forward that is supported by The Real Estate Roundtable, which sent letters to President Joe Biden in December and the Senate this week about the need to get more federal workers back to the workplace. (Commercial Observer and The Hill, April 14 | Roundtable Weekly and Letter to President Biden, Dec. 2022) 

Remote Work & Agency Policies  

  • Office of Management and Budget (OMB) Deputy Director Jason Miller commented, “The guidance we are releasing today directs agencies to refresh their Work Environment plans and policies—with the general expectation that agency headquarters will continue to substantially increase in-person presence in the office—while also conducting regular assessments to determine what is working well, what is not, and what can be improved,” Miller wrote. (OMB blog post, April 13)
     
  • The OMB guidance also informs federal agencies that the impact on local communities should be considered when determining future physical space requirements. The memo’s examples for measuring community needs includes the “location and use of agency-occupied office space and other real estate.” (Page 19, OMB guidance, April 13)
     
  • The OMB memo to federal agencies comes after President Biden signed a bipartisan congressional resolution on April 10 that immediately ended the three-year Covid-19 national emergency declaration. Many of the two million civilian federal employees began working remotely after the original March 2020 declaration. (Reuters, April 13)
     
  • A White House official told CNN, “To be clear, ending the National Emergency will not impact the planned wind-down of the Public Health Emergency on May 11.”

Impact on Communities & Real Estate 

Jeffrey DeBoer, Real Estate Roundtable President and CEO

  • Roundtable President and CEO Jeffrey DeBoer, above, stated, “The OMB remote work guidance is a welcome step toward increasing in-person work by Federal Agency employees. Widespread Federal agency remote work was appropriate during the COVID-19 national emergency. With that emergency now officially behind us it is very appropriate that the Federal Government now asks its Agencies to refresh their remote work policies with an eye toward less remote work.”
     
  • Roundtable Senior Vice President Ryan McCormick added, “However, welcome as this new guidance is, more concrete action may be required for the new guidance to have meaningful, positive impact on communities, small businesses, and the overall health of our nation’s cities. We look forward to understanding the true impact of the new guidance, and we will continue to offer positive insights into why strong workplace attendance is so important.” 
  • In December, DeBoer and Real Estate Roundtable Chair John Fish (SUFFOLK Chairman & CEO) urged President Biden “to direct federal agencies to enhance their consideration of the impact of agency employee remote working on communities, surrounding small employers, transit systems, local tax bases and other important considerations.” (Roundtable letter, Dec. 12, 2022) 
  • In January, DC Mayor Muriel Bowser reiterated The Roundtable’s views about the need to get more federal workers back to the workplace and convert underutilized commercial real estate spaces into affordable housing. (Roundtable Weekly, Jan. 6) 

Roundtable Calls for Senate Action 

US Capitol Building

  • The Roundtable on Wednesday also called upon all U.S. Senators to suspend current federal telework rules and return agencies to their pre-pandemic workplace practices. (ConnectCRE, April 13 and Roundtable letter to the Senate)
  • The April 12 letter explained how remote work is undermining the health of cities, local tax bases, and small businesses. The letter also notes that the vast majority of state and local governments, congressional offices, and private sector employers are instituting return-to-workplace policies.
  • The House of Representatives recently passed legislation—the Stopping Home Office Work’s Unproductive Problems (SHOW UP) Act (H.R. 139)—that would require all federal agencies to revert to pre-pandemic telework office arrangements and allow employees 30 days to return to their offices. (GovExec, Feb. 1 and The Hill, Feb. 2)
  • Last week, The Roundtable’s DeBoer commented on federal remote work and potential Senate action. “We’re trying to get Congress to pass a rule that will require the agencies to go back to pre-pandemic rules. Now, if they’re at home and they’re not downtown, the small businesses suffer, the transportation suffers, safety issues suffer, and the tax base suffers. And so we’re focused on getting people back to the office as much as possible.” (Walker Webcast, 32:58) 

The impact of return-to-the office on the industry, communities, and the economy will be a focus of discussion during The Roundtable’s April 24-25 Spring Meeting in Washington, DC. (Roundtable-level members only). 

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Trepp Shows Influence of Government Remote Work Policies on Office Markets and CMBS Exposure

Federal Office BuildingThe wide-ranging impact of remote government work policies on office occupancy rates and CMBS exposure is the focus of a March 31 Trepp report that analyzed 20 metropolitan statistical areas (MSAs) with federal, state, and municipal governments as tenants. (TreppTalk, Seeking Office Answers? Look to the Largest Office Tenant… Government

Remote Government Workforces 

  • The federal government is the largest tenant of office spaces throughout the U.S. and its General Services Administration (GSA) leases over 43 million square feet, which equals one-third of the overall market. (Trepp, March 31 and Commercial Observer, Feb. 27)
  • Trepp notes, “The strategy the government deploys to get its workers back to the office will have a cascading effect on the rest of the CRE market.”
  • A recent Washington, DC financial forecast projected tax revenue will plunge nearly a half-billion dollars from 2024-2026 due to remote work’s influence, reduced office transactions, and dropping asset values. (BisNow and DCist, March 1)  

Occupancy Rate Comparison by Geography

Trepp occupancy chart

  • The Trepp table above shows the 20 MSAs with the largest outstanding loan balances for properties that have federal, state, and municipal governments as tenants. (Table data points in Excel here
  • The analysis included 1,365 government-occupied properties across 837 loans, with a total outstanding loan balance of $25.9 billion. The majority of these loans with exposure to one or more government tenants are backed by office or mixed-use properties.
  • Prolonged uncertainty about return-to-office policies for GSA entities may eventually reduce current office space allocations. If government tenants vacate some of their offices, net operating income (NOI) could fall, adding more pressure on the loans that back these properties. 

SHOW UP Act

Empty office

  • The House of Representatives recently passed legislation—the Stopping Home Office Work’s Unproductive Problems (SHOW UP) Act (H.R. 139)—that would require all federal agencies to revert to pre-pandemic telework office arrangements and allow employees 30 days to return to their offices. (GovExec, Feb. 1 and The Hill, Feb. 2)
  • The Real Estate Roundtable wrote to President Joe Biden last December about the need for federal employees to return to their workplaces—and encouraged the administration to support legislation that could incentivize the conversion of underutilized buildings to more productive use such as housing. (Roundtable Weekly, Feb. 3 | GlobeSt and CoStar, Dec. 15, 2022)
  • Roundtable President and CEO Jeffrey DeBoer discussed the remote work issue this week on the Walker Webcast, hosted by Roundtable Member Willy Walker (Chairman & CEO, Walker & Dunlop).
  • DeBoer commented on the impact of employees working from home. “If they’re not downtown, the small businesses suffer. The parking garages suffer. Transportation suffers, safety issues suffer, and the tax base suffers,” he said. “This is why we’re focused on getting people back to the office as much as possible.” (Connect CRE, April 5) 

Trends in remote work, its ongoing impact on commercial real estate markets, and the SHOW UP Act will be topics for discussion during The Roundtable’s Spring Meeting on April 24-25 in Washington, DC (Roundtable-level members only). 

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