I know many companies stuck with multi year leases on offices that they are no longer using anywhere close to the level as when they got those leases pre-covid.

I know many companies stuck with multi year leases on offices that they are no longer using anywhere close to the level as when they got those leases pre-covid. I'm expecting a lot of companies will cut back on their leasing cost by a lot as soon as they can. This is in Berlin btw. There are still new office buildings being built right now. I'd say, a lot of those projects are going to have some financial challenges. A lot of that construction was planned and financed before covid and the construction work just seems to go ahead here on automatic pilot. One of the bigger fiasco's in Berlin on this front is a new sky scraper on the Alexander Platz (near the famous big tv tower) that was supposed to become the tallest building in Berlin (except for that tv tower). They have been working on the foundations for this for some time. But since the financial backers of this were Russian, it is doubtful the project will ever be completed and there seems to be not a lot happening on that project recently. And even if it is built, there is already plenty of available office space in existing buildings. https://berlinspectator.com/2022/07/25/berlin-alexander-tower-high-rise-on-shaky-ground/ https://berlinspectator.com/2022/07/25/berlin-alexander-towe... There is of course a housing shortage. I'd say a lot of the empty offices are going to eventually be converted for housing. But not before there is a little real estate massacre for current building owners and investors. Office rents should be trending down at this point.