The Financial Post reports in its Thursday edition that it is poised to be another challenging year for office real estate investment trusts. A Canadian Press dispatch to the Post reports that Purpose Investments' Michael McNabb says, "We are in a 'darkest before dawn' scenario heading into 2024 for office REITs -- there is no denying they are cheap, but there are numerous headwinds that office landlords face." He adds, "The office isn't dead, but I do believe it has changed." The COVID-induced work-from-home shift has ravaged the office market as many employers re-evaluated their office footprint. Companies have also looked at reducing their real estate holdings as a way to rein in expenses to help cope with the current weaker economy. A September report from Colliers Canada showed the national office vacancy rate rose to 14.1 per cent in the third quarter last year, up from 13 per cent in the third quarter of 2022. Office vacancy rates have been rising for three and a half years and will likely continue to climb in the short term with remote working still prevalent, according to Colliers's report. Colliers expects a "slow uptick" in office space absorption by the end of 2024, but no "radical turnaround."