Narrative

Office Space 2020- Workforce- Part 2 of 4

Today I want to look at the workforce for this coming decade. We are living AND working longer.  I wrote a previous narrative about how five generations of employees are now in the workplace.  Check it out here. What does that mean having five generations in your office?: – We are having to plan for, manage, … Continue reading Office Space 2020- Workforce- Part 2 of 4

Office Space 2020- A 4 Part Series (Part 1)

Welcome to 2020.  As we start the new decade, I have prepared a 4-part series of narratives on office space 2020.  For the next 4 weeks, I’ll be taking a look at what is going on in the workplace from a high level to set the tone for the decade. Part One: The Future Office. Below … Continue reading Office Space 2020- A 4 Part Series (Part 1)

Net Metro to Metro Migration Winners

Who is winning in Metro to Metro Migration across the country?  Phoenix.  1 in 7 out of state relocation’s come to Arizona and by far the majority move to Metro Phoenix. Check out this graph below to see other markets that are winners.  If you want to read the whole article, here you go.   If … Continue reading Net Metro to Metro Migration Winners

World’s Most Beautiful Offices of 2019

I love to write this narrative each year.  Annually, I get to comment on some of the coolest office spaces in the world and also highlight a couple clients we have completed transactions with in the past 12 months.  First is a very cool tenant lounge that Cypress Properties and Oaktree built at Renaissance One. Next, … Continue reading World’s Most Beautiful Offices of 2019

The Big-Data Deluge

Watching and learning outside our industry over the past decade, I have seen how Big Data is taking over.  Well, it’s finally coming to Commercial Real Estate.  How much? Below is a graphic from CB Insights showing the companies and areas they are working on for creating smart cities.    Here are some thoughts from … Continue reading The Big-Data Deluge

Phoenix Historical Office Statistics

The last time metro Phoenix office vacancy was 16.1% was in 2007. It took us 12 years to get back to the same vacancy. It was a long, tough road back, but we are finally there.  However, this time around, there are some big differences comparing 2007 and 2019: 1-Average rents (not Class A rents which … Continue reading Phoenix Historical Office Statistics

1-Minute Phoenix Metro Office Market Update: Q3 2019

After a quiet second quarter, the Greater Phoenix office market experienced a HUGE third quarter in terms of tenant activity.   Over 1 million SF of net absorption (think job growth) was recorded in just a 90-day period, making 2019’s year-to-date net absorption 2.64 million SF – almost matching space absorbed in all of 2018, and … Continue reading 1-Minute Phoenix Metro Office Market Update: Q3 2019

I Got One Right… and I am not happy about it

In 2015, I said this was not a good investment.   In 2018, I said, I couldn’t believe this was still going on.  In April this year, I reiterated this was going to crash….and it finally has.  But that doesn’t mean I’m happy I was right.    What was my prediction?  WeWork (now We Company) was not … Continue reading I Got One Right… and I am not happy about it

2019-20 Top Ten Issues Affecting Real Estate – My Annual Take

One of the best parts of being a Counselor of Real Estate (CRE) is the annual debate about what issues are driving real estate.  Boy have they changed over the last 5 years.  For 2019-2020, our organization has come up with a couple issues that you would have NEVER guessed would have been on the top … Continue reading 2019-20 Top Ten Issues Affecting Real Estate – My Annual Take

#1 Item for a Superior Customer Experience Strategy

McKinsey did a pretty interesting study on creating a superior customer experience strategy.  As you can imagine, it’s not just the actions of the front-line, customer-facing workers that adds the ‘customer first’ experience to a company, but the executives and strategy as well. The more a company invests in the interests of their employees, the … Continue reading #1 Item for a Superior Customer Experience Strategy

Ready for an office space deep dive?

Sometimes I geek out over office space.  Today’s narrative is one of those just for the interested.  Here is a link to a survey conducted by the National Association of Industrial and Office Professionals (NAIOP). This 50-page deep dive into the topic asks real estate owners and professionals their thoughts on Co-working vs. Building Collaborative … Continue reading Ready for an office space deep dive?

Gaining a Competitive Edge in Office Buildings

  Below is an interesting article from The New York Times about office landlords seeking a competitive edge in leasing space to tenants.  Our primary market is Phoenix, so when I travel or read, I am always watching out for trends and changes in what owners are doing and what tenants are leasing.  Here are … Continue reading Gaining a Competitive Edge in Office Buildings

1-Minute Phoenix Metro Office Market Update: Q2 2019

It’s July in Phoenix and it is hot — both in temperature and in the office market.  The office market remains hot but office net absorption (job growth) cooled off in the 2nd quarter, posting just 245,000 SF in Q2.  Mid-year net absorption stands at 1.5 million SF and will likely hit 3 million SF … Continue reading 1-Minute Phoenix Metro Office Market Update: Q2 2019

5 Generations in the Work Force

I saw the below graph and article and it hit me:  there are 5 generations now in the work force.  How is anybody managing that?  Then my commercial real estate mind immediately kicked in and thought:  how are we designing space to accommodate the various needs of each cohort? The truth is, I’m sure we are….at … Continue reading 5 Generations in the Work Force

The Shrinking Middle Class

  There has been a lot of talk about the middle class getting squeezed and the numbers below bear this out.  Take a look at the graphs.  What does this mean to the average worker?   Rent, medical costs and tuition have increased more than income, shrinking savings. The median hourly wage in the U.S. … Continue reading The Shrinking Middle Class