Abstract
The COVID-19 pandemic accelerated the adoption of remote and hybrid work. This shift raised critical questions about the future of office space in commercial real estate. This paper examines how remote work reshaped office demand, firm decision-making, and supplier behavior. Economic models of firm profit maximization, worker utility, and supplier responses demonstrate that hybrid arrangements cut space requirements and drive property owners to introduce flexible leases. The study reviews recent literature on remote work patterns, office design, and market reactions to COVID-19. Using panel data from 2018-2023, from office leasing records and a difference-in-differences framework with fixed effects, the analysis reveals that office rent prices change overall in the post-COVID period. Although, the increase was not statistically significant for treated properties once fixed effects and macroeconomic controls were included. Remote work changed how firms use office space without triggering an immediate collapse in rent prices, indicating that firms aren’t affected by the remote work system in the short run, based on the study period.
Advisor
Liu, Jancy
Department
Business Economics
Recommended Citation
Jourde, Austin James, "How Remote Work Has Changed Office Spaces in the Commercial Real Estate Market: An Analysis of COVID-19 Impacts on Leasing Office Spaces" (2026). Senior Independent Study Theses. Paper 13405.
https://openworks.wooster.edu/independentstudy/13405
Publication Date
2026
Degree Granted
Bachelor of Arts
Document Type
Senior Independent Study Thesis
© Copyright 2026 Austin James Jourde