A demographic shift from urban to suburban life was already occurring prior to the COVID-19 pandemic, as millennials in their late 20s and early 30s were beginning to start families and move to the suburbs. As a result, employer and investor interest in suburban office assets was rising.
The pandemic, however, has accelerated that trend, according to San Francisco-based Al Pontius, senior vice president, real estate investment services, at brokerage firm Marcus & Millichap.
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