Commercial Real Estate in a Post-Pandemic World: Five Years Later
Cushman & Wakefield releases report examining current trends and behavioral changes

Cities are "cool" again
“The pandemic forced a dramatic reevaluation of how we use and value the built environment and commercial spaces,” said David Smith, Head of Americas Insights. “While some changes have reverted to pre-2020 norms, others have become permanent fixtures in how we live, work and play.”
Key Trends Shaping the Future
Cities Are Rebounding
After an initial exodus, cities are experiencing a resurgence, particularly among younger demographics. Multifamily occupancy rates returned to and even exceeded pre-pandemic levels by late 2021.
The Commute Remains a Challenge
Remote and hybrid work models continue to impact office attendance, with proximity playing a major role in workplace participation. Employees living within a mile of their workplace are returning to the office at over
Consumer Behavior is Normalizing
Many pandemic-driven changes in consumer habits—such as the surge in e-commerce and the decline in restaurant and travel spending—have stabilized. While online shopping spiked by
A Slowdown in New Construction
Higher interest rates, material inflation, and labor costs have curbed new development across all sectors. Industrial and multifamily construction pipelines have dropped below Q1 2020 levels by
The Experience Economy is Expanding
A key takeaway from the report is the increasing importance of experiential spaces in urban environments. Two-thirds of foot traffic in walkable urban centers now comes from visitors rather than residents or employees. However, only 12–
Looking Ahead: Reimagining Cities for the Future
The findings emphasize the need for cities and real estate developers to create more balanced portfolios that integrate living, working and experiential spaces. Mixed-use developments that prioritize convenience, social engagement and entertainment will be key to urban success moving forward.
“As cities continue to evolve, the commercial real estate sector must adapt by designing spaces that foster community and experience,” added Smith. “Investors and developers who embrace these changes will be best positioned for long-term success.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of
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Media Contact:
Mike Boonshoft
212-841-7505
michael.boonshoft@cushwake.com
Source: Cushman & Wakefield