Daniel Shapiro Tenant Broker

This week, we feature a thought piece from Cresa about the lessons we’ve learned from the pandemic and its effect on workplace flexibility.  Kelly Colôn from our Boston office talks about how a survey from IBM indicated that 75% of respondents said they would like to continue to work from home in at least a partial capacity.  According to Harvard Business review, a whopping 96% of employees said they need flexibility with their workplace.   However, Kelly goes on to say that the workplace is not going away…it just needs to change.  It’s clear there is no one-size-fits-all approach to tackle the new ways of working. When done sufficiently, each organization will find an approach that's tailor-made to help their team members thrive. That’s where Cresa can help.   We have a team of qualified advisors and multiple tools and resources to help you develop your workplace strategy to consider these lessons we have learned over the past months.   Let’s start...

The Delta Variant of COVID-19 has thrown another challenge at businesses.  This has translated into further uncertainty in the commercial real estate market, but commercial property managers are taking these challenges in stride.  Here’s an interesting article by Patrick Sisson from Bisnow…he interviewed four commercial property managers on how they are navigating the current COVID-19 climate and how they are shifting their thinking.  Some highlights: ·          Envision Real Estate & Management Co. principal Jim Vocos - “A new normal has certainly taken shape for my industry,” said Vocos, who is based in Chicago, and is also the president of the local chapter of the Institute of Real Estate Management. “For instance, remote working is no longer the exception; it is part of the overall operation structure. I now employ help from out of state. This would not have been even a thought prior to the pandemic.” ·   ...

It’s become clear that many companies are reducing their office footprint as COVID challenges still remain in the Washington D.C. metro area. As a result, companies are rethinking their commercial office space requirements and are reallocating capital to adjust to the hybrid office environment. We feature this recent interesting article from www.digiday.com written by Tony Case. He asks three CEOs about how they view their office spaces and how this affects their investments in company culture initiatives and long-term plans. Some highlights: Oisin Hanrahan, CEO of Angi says that reinvesting capital into team and company culture initiatives is his only choice. With a hybrid workforce, he’s dedicated to investing in efforts that will rally his team around their new mission and values and help build and strengthen relationships across teams. Daniel Anstandig, cofounder and CEO of Futuri, an AI-powered audience-engagement platform that serves media companies like Nexstar and Cox Med...

At Cresa, we are seeing a rise in demand for office space over the summer.  As companies resume in-office operations, we expect this demand to continue to rise.  There is still the impact of remote working and hybrid offices, but we see more companies returning to “normal” regarding their commercial office space requirements.  Here’s a very recent article by Les Shaver from GlobeSt.com that has some hard-hitting statistics that rising office demand is being fueled by new jobs.  Highlights In general, demand for office jumped 43.3% in the second quarter of 2021 and is now only 14% below its 2018-2019 average, the most recent pre-pandemic benchmark. While demand for office space usually moderates in the summer, it actually rose 10.3% month-over-month in June, after taking a short pause in May. After jumping 43.3% in the second quarter of 2021, demand for office space is only 14% below its 2018-2019 average. If you need further information about the commercial offi...