We asked a Research Foundation Governor and Visionary: “The uncertain future of the office post-COVID has been discussed at length. What do you see as a bright spot for office development right now?"
“There will always be a place for the office, but what the office looks like has evolved as employees place more value in flexibility and companies continue to engage in a flight to quality. In CBRE’s Global Live-Work-Shop worldwide survey, 40% of respondents said they consider when and where work can take place when evaluating new job opportunities. In order to address this focus, developers and landlords have begun to invest in their properties so they have a story to tell and give tenants more than just a place to get work done. People crave creativity, connection and camaraderie, and the post-pandemic office is adapting to meet those needs in very exciting ways.”
“A bright spot is that we are seeing great interest in our new developments that are strategically located in areas with lots of amenities. Great companies who are trying to recruit employees are willing to pay the prices a new development requires. Of course, there will be winners and losers in the new world of how folks view the office. It may take a few more years, but we will return to where the office is critical to create and build companies with great cultures. There surely will be more flexibility in terms of how often we need to be in the office, but these offices will still be necessary.”