America's office market will plunge another 20% in value next year and will take decades to climb back to its peak

• America's office market is bound for another 20% decline in value next year, Capital Economics estimated.
• That's largely due to waning demand for offices as work-from-home remains popular.
• Analysts said it will likely take two decades or more before values regain their early-2020 peak.

America's office market is still in the midst of a major correction, and office buildings still have another 20% price plunge ahead, according to Capital Economics.

"Persistent weak growth and elevated (albeit soon-to-be-falling) interest rates continue to spell trouble for real estate values," the research firm said in a note on Friday. "Offices still face a substantial value adjustment, with another 20% fall to come in our view."