Companies are also looking for office spaces on the ground floor - to avoid having to use an elevator. "Having these satellite offices is starting to make more sense," Ritman said.Īs Ritman gives tours to prospective clients around Connecticut, he said companies are looking for ample parking space, as opposed to being near a train stop, which had been a top perk up until the pandemic.
Another is with a business that signed a short-term deal on an office space for workers that live nearby, to see how it pans out, he said.
One is with a company that had an office lease expiring in New York City, he said, that had not been contemplating getting a space in Connecticut prior to the Covid-19 crisis. Ritman said he has already done two so-called coronavirus office deals in the suburbs of Connecticut. "I think the big thing is, people who have commuted in the past are saying, 'I can be a lot more productive if I can work closer to home.'" "It's not working from home that people want to do forever," said James Ritman, executive vice president and managing director at commercial real estate service firm Newmark Knight Frank's Connecticut office.
Still, experts agree that a permanent work-from-home setup is not ideal for many. That particular guideline does not bode well for towering office buildings such as those found at Related Cos.' Hudson Yards development in Manhattan, which is still not fully leased but has already signed on office tenants including Facebook and Amazon. The CDC is also recommending elevator use be limited.
COUNTRY BROOKS LEASING OFFICETIME WINDOWS
Meantime, new recommendations from the Centers for Disease Control and Prevention on safe ways for employers to reopen their offices say, among a number of measures: Workers should commute alone (no subways) desks should be positioned 6 feet apart communal coffee pots and snack machines should be replaced with single-serve options and windows should be opened to try to help regulate air flow. Many are looking to the suburbs and rural towns, it said. But an even greater 43% of millennials, within that group, are considering a move, the survey found. are considering moving homes because of the Covid-19 crisis, according to a survey by the International Council of Shopping Centers, which surveyed 1,004 people over a 3-day period from May 22 to May 24. Twenty-seven percent of adults in the U.S. "Is office space going the way of retail in five years? That's what investors are really trying to understand," said James Farrar, CEO of real estate investment trust City Office REIT, which owns 66 office buildings in several major cities including Dallas, Denver and Seattle.Īnd millennials, which are the generation born between 19, might end up driving this trend - again. What was once a land grab for downtown real estate could pivot to be rush to the suburbs, where space is plentiful and social distancing is much easier to enforce. Recently, Jack Dorsey's Twitter and Square tech companies both said employees can work from home "forever." Google and Facebook, meantime, have told employees they can work from home until the end of this year. Zoom video calls are replacing what would typically have been meetings in conference rooms filled with colleagues breaking bread. Many of these offices are sitting empty, if only to be frequented by janitorial staff and a skeleton crew of essential workers. And reliable public transit systems could seamlessly transport workers back and forth each week.īut that was before the coronavirus pandemic hit.įor weeks now, companies across the country have been adjusting to entire workforces working remotely. Some companies, including GE, found tax breaks from municipalities when they positioned their offices downtown. And with each of these moves, there were perks: Millennial talent was more plentiful in these bustling districts such as the Loop in Chicago, where the nightlife and bar scene were also strong.
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