Metro commercial real estate broker says local office market remains relatively soft

Image by Pexels
Image by Pexels

(Fargo, ND) -- A commercial real estate expert was asked if he sees any problem area currently in the metro commercial market.

"It would have to be the office market. We've climbed vacancy about two full percentage points from 2022 to the end of 2023 so we are sitting at about nine-and-a-half percent vacant at the end of 2023. That's about where we sit today so there hasn't been a huge change in the last six or seven weeks," said Andy Westby, President and Managing Broker for Goldmark Commercial.

Westby says relatively softer demand for office space can still be attributed to the work from home trend that emerged after the arrival of Covid-19. 

Westby appeared on The Flag's "What's on Your Mind".