We are halfway through our series and in today’s entry we’re talking about office to retail conversions. As retail vacancies continue to drop and office vacancies rise, owners are exploring the idea of converting unused office space into retail space. According to the Phoenix Business Journal, retail space has had a low vacancy rate of 5.1% … Continue reading Office Space Converting to Retail? (Office Conversion Series – #4)
Today we’ll look at office to lab conversions. The idea of turning office space into lab space has been tossed around in the media for years. Most people would think this is the easiest conversion, but there are some challenges that come with this type of conversion. Let’s take a quick look at why people … Continue reading Office to Labs? (Office Conversion Series – #3)
This is week two of our office conversion series and today we discuss office to multifamily conversions. Right off, we count over 20 prime office sites in Metro Phoenix that have been developed as multifamily in the last decade. This site stealing is not new. The relatively new thing is developers taking existing office buildings and retrofitting … Continue reading Office to Multifamily? (Office Conversion Series – #2)
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 … Continue reading Office to Industrial? (Office Conversion Series – #1)
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 … Continue reading WeWork – Bankrupt… Finally
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 … Continue reading 1-Minute Phoenix Metro Office Market Update: Q3 2023
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 … Continue reading Return on Commute
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 … Continue reading Stick or Carrot?
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 … Continue reading How Will YOU Use Office Space?
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 … Continue reading Why Companies are Migrating Back to the Office