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A “Flight to Quality”? Not So Fast.

August 16, 2025

Research: Karen Chapple and Byeonghwa JeongGraphics: Scott McCallum, Byeonghwa Jeong, Jeff Allen As the COVID-19 pandemic waned, economists began writing about a “flight to quality,” the phenomenon whereby new commercial office buildings with more amenities are able to maintain net effective rents even as rents decline on new leases in older buildings. These green, energy-efficient buildings typically include not only…

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