As office-occupying companies vacillate between edicts of returning to the office and work-from-home models, organizations are taking a measured approach. While overall lease rates have remained flat, concessions and robust TI packages are lowering the nominal rent. The market will likely begin to soften further as more pre-pandemic signed leases begin to roll. Many occupiers are hesitant to sign long-term leases, pausing to better understand the economic landscape and long-term employee working strategies.