Now the messy part with hybrid work begins. Below is an article outlining the conversations we are having 5 times a day right now with our clients. How do we come back to work and what are the rules, office space layouts and long-term consequences of allowing everyone to partially work from home? Here is … Continue reading Hybrid Work Messiness
Even before the pandemic, jobs in Metro Phoenix were on the rise, drawing large numbers of employees away from bigger cities like San Francisco, LA, and New York, to the area. That trend accelerated during the pandemic, with an influx of new remote workers moving to the city. What is really cool is the diversification … Continue reading Which Cities are America’s new boomtowns? Try Salt Lake City and Indianapolis
I recently read a fantastic article from the Wall Street Journal on some of the greater effects of remote work. Being an office broker, I of course am focused daily on the office sector, but this article explores much more as this trend spreads throughout urban geography across the US. Some of my thoughts are below: The … Continue reading Zoom Towns
Office subleases continue to prove a hot topic this year. Tenants in the market are eyeing subleases for their great prices, or are using them as leverage to bargain against traditional options. In the Metro Phoenix market, with 100 million SF of office space, we are now showing over 4.5 million SF of sublease now … Continue reading The Hottest Office Topic in the Valley
You may have noticed that I’ve spent more time than usual passing along information as it pops up. My job is to make sure you and our clients are on the cutting edge of where office space is going and how it is changing. Due to the pandemic, there is a lot of confusing data … Continue reading Reducing Office Space? 74% of Fortune 500 CEO`s Say It`s Likely
This narrative has been talking about changes in office space design, layout, and work flow for the last year. During COIVD-19, I decided to put together a summary presentation of the 10 changes office space users are making as we come out of the pandemic. I have given this presentation live (well, over Zoom) over … Continue reading COVID 19 Office Space Changes
The Metro Phoenix Office Market remains in disarray at the midpoint of 2021. Companies (small and medium-sized) are coming back to work, signing new leases and getting back to a new normal. Other companies (often large ones) continue to kick the can with short-term renewals, downsizing as leases roll, or trying the sublease market. The … Continue reading 1-Minute Phoenix Metro Office Market Update: Q2 2021
I found the below article a nice start to a conversation all of our clients will have over the next year or two. Who will go remote and why should we still have office space? First, as you will recall from last week’s narrative, as few as 34% of jobs can even be considered remote. … Continue reading Office Space to Compete with Remote Working
Conflicting views on the future of the office continue to volley back and forth in the media. Below is the NAIOP research division’s latest forecast for office space demand, which they feel will stabilize by the middle of 2022. NAIOP is the largest commercial real estate trade organization in the United States, carrying a relevant … Continue reading Office Still in Disarray
Over the last year, we have all had to adjust our thinking. Personally, I’ve spent quite a bit of time thinking about how I could better insulate me, my family, my team at Coppola Cheney and my companies from the scary times created by the pandemic. I settled on the below thoughts and created the … Continue reading SPT for Scary Times
Readers of this narrative know that my team and I represent tenants and landlords primarily in the Metro Phoenix area. Every year we see more and more investors coming to us from outside Arizona, and even outside the U.S. Interest in commercial real estate investing is on the rise in the international community, which is … Continue reading CRE International Investors Coming to the US and AZ
“Messy” is right. Below is an article outlining the conversations we are having 5 times a day right now with our clients. How do we come back to work and what are the rules, office space layouts, and long-term consequences of allowing everyone to partially work from home? Here is what we are telling our clients: … Continue reading Hybrid Works Get Messy
The United States and Arizona both continue to recover from the pandemic. Below are two graphs from Elliott D. Pollack & Company showing the percent of jobs recovered and jobs left to recover from the pre-pandemic days here in Arizona. –The good news is that jobs are coming back. –However, we still have a ways … Continue reading Arizona Job Recovery
Over the past year, I have been asked the same question over and over: What will happen to office space users? Will they all just work from home from now on? Will offices ever come back? 2020 showed us that many office jobs can be performed at home, and though I’ve written before about some of the drawbacks of being … Continue reading Jobs That Can Be Done Remotely?
There’s no doubt that the pandemic has had far-reaching consequences for industries worldwide. In my business, the pandemic created several great markets (residential development and industrial); a sandstorm in our area of office space leasing (no one knows where we are going yet) and has devastated other segments (retail and hospitality). One other segment that was … Continue reading Commercial Sales Volume in a Pandemic
I am still closely watching the work-from-home (WFH) trend that began a long time ago but really accelerated last year when the Covid pandemic first hit. Many businesses are now returning to the office, with optional WFH schedules or reimagined spaces. Every business is handling the return to their office differently, and some have found … Continue reading Who is Going Back to the Office?
The pandemic certainly took its toll on the Metro Phoenix Office Market in Q1. The numbers tell us it was the worst quarter since the Great Recession (2008): Net absorption (new office space taken by job growth) went negative for the third quarter in a row, at -550,000 SF; sublease space increased at the highest … Continue reading 1-Minute Phoenix Metro Office Market Update: Q1 2021
Below is an older article (9/2016), that discusses the evolution of office space. Why am I sending this now, right after the economy shut down and the COVID-19 pandemic? Because the points made below can and will show you a couple of key topics that are still relevant when discussing commercial office design and investment: … Continue reading The Evolution of Office Space Utilization in the U.S.
The Wall Street Journal article below is a very good summary of what we are hearing a ton these days: How can I make my office more dynamic and experiential? As we go back to our offices, simply returning to the old, pre-COVID layout with the same furniture and work methods, is not going to cut it when it comes to competing for new … Continue reading Your Workplace is Changing
It seems like forever ago that the entire work force was sent home from their offices to hunker down and try to be productive while waiting out the pandemic. While telecommuting is not a new word, companies have always considered it an experiment and been very slow to embrace it. For years, telecommuting or working … Continue reading What Will Replace the Desk?
I recently found a great website with some very cool information and graphs on money flow trends and wanted to share it with you. Where has America’s money flowed over the last 5 years? People take their money where they think they will live their best life.Turns out that: –Money is flowing out of California at an … Continue reading America’s Money Flow
I believe (as does Industrious’ Jamie Hodari below) that companies are going to be moving back into the office eventually for a number of reasons I have discussed in this narrative previously. As we continue to get our heads and arms around the pandemic, we still need to work. Here are a few takeaways from … Continue reading Returning to Work
We now believe the national office market will likely have negative absorption for 2020 and, depending on how long the pandemic lasts, into 2021. Globe Street has a nice overview in the article below my comments. Here are some of my thoughts on the office sector looking forward into the next year. Why negative absorption … Continue reading Negative Office Absorption in Our Future
We are spending a fair amount of time in this narrative looking at the issues of office space in a post-COVID-19 world. As I write this, we are still in a COVID-19 “sandstorm” without any real clear direction. However, we can look at the various options that are being thrown out as alternatives. One of … Continue reading The Counter Argument to WFH
The C.D.C. sent out some “suggested” changes for office space users as we head back into the office. I wanted to take these suggestions and roll them into what we are seeing our clients do on a practical basis. Additionally, the Wall Street Journal has a nice article on what we know about getting infected. … Continue reading C.D.C. Recommends Changes to Office Space
Over the past few months of quarantine, the most asked question my team and I have received has been, “Will there even be a need for office space in the future?” Short answer: Yes. Below is a great article from the Wall Street Journal that summarizes some of the critical issues facing companies as we … Continue reading Remote Work Isn’t So Great After All
I know, we have been sending quite a bit of contradictory information about office space post-pandemic. The situation is extremely fluid and changing rapidly. Below is an article from National Geographic on this very topic. The CDC is also sending out new office guidelines (here is another article from the NYT). IF, and this … Continue reading Goodbye to open office spaces?
The trend of being able to work from home is now here for all of us. The COVID-19 quarantine has forced the issue. And according to a detailed study by Nicholas Bloom of Stanford, it’s good business. Bloom did a two-year study on the effectiveness of working from home. Below is a nice summary from a … Continue reading Working From Home
When you get a survey result with 50% results, you pay attention. When you see 99% you better stop and make a change. Below is a 2019 report by Buffer on the State of Remote Work. The most important takeaway is that EVERYONE wants to spend some time working remotely — and by everyone, I mean 99%. … Continue reading EVERYONE Wants Time to Work Remotely