As office building usage continues to drastically evolve, the conversations we are having around converting office buildings into different uses, such as Industrial, Multifamily, Labs, Retail, Schools, and Medical have gained significant traction. Over the next six weeks, I will explore each potential type of conversion, the pros & cons, what the challenges are for …
Office to Industrial? (Office Conversion Series – #1) Read More »
WeWork… I have been following and writing about this company for a long time (here & here)….and have been telling everyone that the model they created was just not sustainable. Turns out, I was right. They filed for bankruptcy this past Monday. WeWork was founded in NYC in 2010. It reached its prime in January 2019 when the …
The Third Quarter proved to be another reminder of how challenging these times are for the Metro Phoenix Office market. Net absorption went negative in a big way, at -355,027 SF over the past 90 days. This drags the year-to-date figure down to -540,940 SF and puts office users on track to vacate more space than they …
1-Minute Phoenix Metro Office Market Update: Q3 2023 Read More »
One of the biggest perks of working from home, besides the flexible hours and ability to wear sweatpants all the time, is the lack of a commute. But as businesses urge workers to return to the office, they are now tasked with giving their employees incentives to get back in the car and commute to …
As more and more companies around the country are returning to work, big corporations are trying to incentivize their employees to get them back into the office. Some are even bribing their employees with the promise of charity donations for each day that an employee comes to the office (The Carrot). Other companies are threatening …
We are THE office guys. We have dedicated almost 4 decades to simply leasing office space. Times are changing and we, along with our Tenants and Landlords, have to learn from the pandemic. We have to continually adapt to the market. On that note, check out this article and see below for my comments on this …
The illusion of work from home (WFH) proving more productive than being in the office together, is called out in this great article from The Economist. The argument against the myth is actually articulated really well. My simple takeaway is that it’s harder and costlier to collaborate virtually, making job skills suffer. See below …
Where are office users going? That is a trick question in today’s market. They are still here — they are just changing, and becoming more demanding. Due to hybrid work becoming more common over the past few years, companies have to entice workers to come out of their homes and back into the office. Office …
The Office market is in a crazy spot and we have been living it for over 3 years and counting. Now, we are starting to get glimpses of the future and, for a ton of office buildings, the future is not pretty. Class B and C office space in particular is getting hurt for a …
Aging Office Buildings Are Having a Midlife Crisis Read More »
We continue to talk about the return to the office in this narrative because it’s at the forefront of our clients’ minds. The below report from Leesman polled real estate leaders on the state of the workplace following the Covid-19 pandemic. Here are a few takeaways I found most interesting: –Almost 40% are planning major changes …
