Manulife Financial Corp. is facing a divided global office market, with the value of its US office investments having plummeted by as much as 40% from a pre-pandemic peak, according to Chief Financial Officer Colin Simpson.
The North American market has been deeply impacted by the shift to remote work, with US office vacancy rates surging to a record 19.7% at the end of last year. This stands in contrast to Asia, where office buildings are relatively full, Simpson said in an interview.