We encourage that companies share a preoccupancy survey with employees to gain a better understanding of needs, pain points, and wish list items. Between generational shifts-bringing new preferences on how an office should look and feel-and technology advances-allowing folks to literally work from anywhere-companies are challenged more than ever to create a space that draws employees in, nurtures a sense of community, and supports collaboration.īefore taking on any office design change, it’s important to assess current work conditions, employee workplace practices, and areas for improvement to best inform programming for the new space. The open plan of the future now looks beyond the personal footprint to make sure individual work areas are married seamlessly with the surrounding spaces and overall environment to create an authentic sense of community and culture that embraces different types of work styles. This shift follows the initial pushback of the open-plan craze that rolled in quickly, pulling offices and larger workstations out and dropping bench seating in its place. There’s a new wave of office design emerging that is better tailored for individual work styles and collaboration needs. ![]() The regulators and the banks, they’re going to require more capital to even bail people out.Despite recent headlines debating the benefits or disadvantages of the open-plan office, collaborative workplace designs-with open-plan layouts, minimal to no individual office space, and, in some cases, unassigned seating-will continue to be the design choice of the future, with some well-informed adjustments. So we are going to need to come in and get some more creative investors, different strategies of who’s going to come in, and basically fill the need for the capital that has to be put in to bail those offices out of where they are. And it might be a much smaller per square foot, as a valuation, but the banks are no longer willing partners in purchasing this. And so when you look at valuation of the loans that are coming due to see who’s either going to take those out, and who’s going to say that that’s still a good investment, we were speaking to a client in San Francisco, and it’s figuring out who’s going to take out those loans and become the market maker. Knee: We know when the loans are coming due, but we don’t know when the leasing within those spaces is coming due. If those loans cannot be repaid in full, what does that do to the financial system? Can the financial system handle that? commercial real estate loans are coming due this year and next year, according to the Mortgage Bankers Association. And we know that office loan credit is deteriorating.īen-Achour: Some $1.5 trillion in U.S. ![]() The vacancies are definitely climbing in most markets. Lisa Knee: So, sublet space across the country is up about 250 million square feet. We hear these anecdotes, but do we have a sense of how widespread this is? How bad is it? How bad will it be? ![]() We know that sometimes, here and there, they’ve broken their leases, just gotten out of them. Sabri Ben-Achour: We know that some companies are not renewing leases for office space. But how likely is that outcome and where do things currently stand?įor more on this, “Marketplace Morning Report” host Sabri Ben-Achour spoke with Lisa Knee, managing partner and national leader of the real estate practice EisnerAmper. The fears are that too much empty office space in cities across the country and world could trickle down into loan defaults and ultimately send a shock through our financial system. We’ve been keeping our finger on the pulse when it comes to developments in the commercial real estate sector.
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