From Fortune:

Office vacancy rates across the United States have reached an all time high of 19.6%. Many companies are stuck with outdated office space from the 1980s and 1990s that isn’t being used. Texas cities such as Houston, Dallas and Austin have the highest vacancy rates.

Workers have been slow to return to the office, despite CEOs urging them to do so. Most companies are not offering incentives to bring employees back. Despite arguments that productivity would increase, evidence is instead showing that this isn’t the case.

The future of office real estate isn’t looking good. A Columbia Business School professor is pessimistic about the office market improving within the next few years. Many experts believe the office market is in a “trainwreck in slow motion.”



Read more: Office vacancies hit a 40-year high, Moody’s Analytics finds