A Tale of Two Office Recessions

For anyone who lived through them, the events are seared in memory. First, a “Black Swan” event triggered an economic crisis. In response, the Federal Reserve cut interest rates to near-zero, while a divided Congress raced to pass emergency legislation to stabilize the economy—all in the middle of a presidential election campaign. Meanwhile, millions of people lost their jobs. In the office sector, absorption turned sharply negative while the industry braced for a “new normal.”