Research summary

What return to work means (and doesn’t mean) for office space

December 30, 2021

How a hybrid work model could affect demand
Where U.S. office property values may be headed
Vanguard’s projections for office property values
Line chart shows Vanguard’s projections for percentage changes in central business district office property values in primary markets compared with the beginning of 2020. The line for the baseline scenario shows property values falling about 3% in 2022 but surpassing the initial level by 2024 and continue trending higher. The line for the downside scenario shows property values falling about 12% in 20223/2024 and then trending higher but not surpassing the initial level even by the end of the forecast period, which is 2030. The line for the upside scenario shows property values remaining flat in 2020 through 2021 and then rising across the remainder of the forecast period.
Investment opportunities in this evolving sector
The graphic show that that Vanguard’s active Fixed Income Group manages $336.9 billion in taxable bonds and $228.0 billion in municipal bonds. The active management team includes more than 30 portfolio managers, more than 30 traders, and more than 110 dedicated team members.
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