Expert: Troublesome Excess Office Space on the Horizon

Commercial real estate brokerage giant Cushman & Wakefield’s global chief economist, Kevin Thorpe, has warned that an oversupply of office space is likely and that such a glut could become scary for a market that has only recently begun to recover from the economic downturn of nearly a decade ago. As the world’s economies rebound, developers have embarked on a construction spree that will create a large amount of office space—700 million square feet is currently under construction worldwide—and experts are concerned about an oversupply.