Office vacancies, driven by the shift to remote work and over building, are at their highest point in decades, reports The Wall Street Journal. 

"A staggering 19.6% of office space in major U.S. cities wasn’t leased as of the fourth quarter, according to Moody’s Analytics, up from 18.8% a year earlier. That is slightly above the previous records of 19.3% set in 1986 and 1991 and the highest number since at least 1979, which is as far back as Moody’s data go.The new record shows how remote work has upended the office market. But that is only part of the story. Much of the market’s current malaise traces its roots to the office-market downturn of the ’80s and ’90s.”

"That glut weighs on the office market to this day and helps explain why vacancies are far higher in the U.S. than in Europe or Asia. Many office parks built in the 1980s and earlier struggle to find tenants as companies cut back on space or leave for more modern buildings.,” the article said. 

According to CNN, there is at least one bright spot:

"The newest and most modern buildings in the best locations with lots of amenities, a category known as Class A, remain of interest.This type of building is attractive to tenants because it offers “flexible or smaller configurations [that] are particularly attractive to tenants who decided to keep the physical office footprint for branding, purposeful gathering, training, and collaboration purposes,” according to a report cited in the article.