![]() ![]() “Remember when movie theaters upgraded? They put in reclining seats, better food and drink service. Like other businesses that have been challenged they will learn to adapt to new conditions. When office buildings do start to welcome daily workers back, chances are they will look and feel differently than in the past, says Gabe Marans, executive managing director for Savills, a major real estate leasing company.Prologis PLD, which services the field, says a lot of its demand in the past decade has “been focused in major 24-hour cities.” With office space centrally located and adjacent to transportation these buildings could be attractive choices rather than warehouses away from major population areas, especially as same-day and even two-hour delivery becomes more common. Some office space will converted to alternative uses and while that might include the obvious choice of residential use, a less apparent reuse could be as distribution centers for e-commerce companies.Green Street, a real estate analytics company, estimates that flex leases will grow from their current share of 2% of the overall market to as much as 10% by the end of this decade. More use of flexible office space providers like WeWork as employers look for short-term solutions until more regular office work patterns return. ![]()
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