#Commercial Space Available For Rent or Lease in San Francisco

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Decoding Coworking: Types, Trends, and Business Impact

Introduction of Coworking: Types, Trends, and Business Impact :

Whether you run a large corporation or a small business, whether you're a startup or an established company, there's a shared attraction in coworking that transcends these distinctions – flexibility. Coworking spaces, with their tailored setups, adaptable lease terms, and an array of enticing amenities, cater to diverse needs and occasions. However, the challenge lies in determining which type aligns best with your specific requirements and objectives.

To provide you with a clearer understanding of the available options, we will explore nine fundamental categories of coworking office spaces. While acknowledging the abundance of diverse choices in the market, organizing flexible spaces can be a challenging task. Nonetheless, for the sake of our discussion, we will classify coworking space types into eleven distinct environments.

1. Conventional/Open 2. High-End/Full-Service 3. Corporate/Professional 4. Private Workspaces 5. Minimal/Bare Bones 6. Shared Space/Subleased 7. Lifestyle 8. Industry-Specific/Specialized 9. Venture/Accelerated 10. Meeting Space 11. Virtual Offices

As we explore each environment, pay attention to the characteristics that align with your organization. Once you gain a clearer understanding of which type or types suit your needs best, use them as a guide to navigate your search for coworking space that aligns with your vision, team, and expectations.

What is Coworking?

Coworking emerged in 2005 in San Francisco's Mission District within a small collective that operated just two days a week. This initial group experienced exponential growth, laying the foundation for the current flourishing state of coworking.

In essence, coworking provides a cost-effective means of securing dedicated office space in expensive urban and exurban markets, presenting a stark contrast to traditional commercial real estate options. However, coworking extends beyond the provision of an additional desk and shared Wi-Fi. It can be tailored to individual or collaborative needs, accommodating full-time or part-time arrangements, and offering a nearly limitless range of space configurations.

Today, coworking spaces cater to a diverse array of businesses and professionals, providing amenities typically associated with sophisticated corporate headquarters. The available space types vary widely, encompassing private offices, communal workspaces, conference rooms, and expansive event venues.

Furthermore, some coworking spaces target specific interests and industries, facilitating opportunities for individuals to collaborate with potential mentors. These specialized spaces are designed for various groups, such as creative professionals, tech companies, women entrepreneurs, and more.

Should You Consider Renting a Coworking Space?

While the concept of coworking initially took root in San Francisco, it has transcended big cities and tech-focused companies. Indeed, this innovative approach has been adopted across a spectrum of professions and organizational structures, ranging from real estate brokerages to artist collectives.

Above all, coworking spaces aim to offer a secure and convenient operational hub, mitigating the challenges and distractions associated with working from home or a local coffee shop. They blend professional services and setups with unparalleled flexibility and accessibility, providing an optimal environment for diverse individuals and businesses.

Key Points on Types of Coworking Spaces:

Choosing the right coworking space involves considering various types tailored to different needs:

1. Conventional/Open:

Provides an open and collaborative environment. Characterized by a casual and well-lit atmosphere, fostering networking and cooperation. Attracts a broad spectrum of individuals and entities.

2. High-End/Full-Service:

Offers luxury amenities and additional membership benefits. Often has a vibrant and open atmosphere similar to popular examples like WeWork. Generally comes with higher price points, targeting those seeking a more upscale experience.

3. Corporate/Professional:

Geared towards a more corporate or professional clientele. Budget-friendly with a focus on a quiet, private, and highly professional atmosphere. Examples include Regus, catering to larger, established businesses.

4. Private Workspaces:

Tailored for companies or teams valuing privacy. Features lockable doors, private branding, and exclusive facilities. While more expensive, it provides flexibility and the privacy of a traditional office.

5. Minimal/Bare Bones:

Emphasizes affordability with minimal furniture and decor. Typically offers basic amenities like Wi-Fi and limited extras. Provides a quiet, casual environment with cost-effectiveness as a primary factor.

6. Shared Space/Subleased:

Involves using space chosen or designed by another entity. Budget-friendly, but the environment varies based on the property's characteristics.

7. Lifestyle:

Encompasses diverse environments like coffee shops, gyms, or apartments. Atmosphere is often well-lit, energetic, and casual. Privacy is limited, and pricing varies based on the underlying business.

8. Industry-Specific/Specialized:

Tailored to specific industries such as healthcare, law, or creative sectors. Offers more privacy and customization to meet the unique needs of particular professions.

9. Venture/Accelerated:

Attracts startups and accelerators seeking a collaborative and innovative environment. Generally budget-friendly with a more relaxed and energetic atmosphere.

10. Meeting Space:

Allows companies to rent space for meetings without committing to a daily office. Suitable for businesses adapting to post-pandemic work styles.

11. Virtual Offices:

Focuses on office management needs, providing a physical address and professional meeting space. Monthly costs vary, offering small companies and solo entrepreneurs a professional office without significant rental expenses.

In conclusion, the extensive variety in coworking spaces caters to diverse preferences and requirements. Individuals and teams can find the most suitable option by conducting thorough research, understanding their specific needs, and, if necessary, seeking advice from coworking advisors.

Advantages of Coworking Spaces:

1. Collaboration: 

Coworking spaces facilitate regular face time, promoting collaboration for increased efficiency and effective communication within teams or companies.

2. Cooperation: 

Shared work environments enable better task delegation, workflow monitoring, and enhanced oversight on long-term projects, contributing to operational efficiency.

3. Mentoring: 

Opportunities for advanced training, workshops, and collaboration with leaders in the field create avenues for networking, mentorship, and long-term professional connections.

4. Affordability: 

Small teams and businesses benefit from cost-effective, flexible arrangements, avoiding the challenges of acquiring and maintaining commercial real estate. Short-term rentals for various needs are available.

5. Flexibility: 

Coworking spaces offer diverse options, from open-concept spaces to dedicated offices, allowing companies to tailor their workspace to unique specifications and work in various ways.

6. Accountability: 

Informal community connections in coworking spaces provide support, helping members stay on track with their goals and fostering accountability.

7. Networking: 

The workspace connections contribute to exponential growth in professional networks, offering opportunities for referrals, interactions with industry leaders, and staying informed about market trends.

8. Support: 

Many coworking spaces provide support services such as administrative assistance, mail delivery, event planning, and tech support, typically associated with larger companies.

9. Amenities: 

Luxury amenities like fitness studios, shower rooms, and relaxation spaces are available in many coworking spaces. Onsite dining and social spaces enhance the overall work experience.

10. Location: 

Coworking spaces are not limited to big cities; they are also available in suburban and exurban areas, offering convenience, time savings, and reduced commutes.

Impact of Coworking on Business Growth:

1. Adaptation to Remote Work : Companies, including major ones like LexisNexis, Boeing, and REI, have embraced remote work, divesting from corporate campuses. Coworking spaces provide dedicated offices and collaboration areas for teams transitioning to remote work.

2. Resilience During Economic Challenges : Despite a temporary dip in Q2 2020, coworking spaces rebounded in the second half of the year, aligning with current trends in commercial real estate, remote work policies, and geographic shifts. The decline in traditional commercial real estate is being replaced by the growth of coworking spaces.

3. Population Shift and Geographic Distribution : The shift from urban to suburban living contributes to the growth of coworking spaces in newly in-demand residential areas, enhancing accessibility and convenience.

Future of Coworking:

1. Exponential Growth: Projections indicate significant growth in coworking, with estimates suggesting that 6% of all US business will be conducted in shared spaces by 2022. Global growth is expected to surpass that of North America.

2. Diverse Clientele: The rise of new enterprise and corporate clients, along with the popularity of private workspaces, signals substantial growth in the years ahead.

Considerations for Decision-Makers:

1. Office Purpose and Amenities: Decision-makers prioritize defining the purpose of office space and determining the necessary amenities for team members.

2. Company Culture and Collaboration: Coworking addresses the need for in-person collaborative workspaces, fostering company culture and teamwork.

3. Technical Infrastructure: Decision-makers consider the technical infrastructure and the need for ongoing upgrades in coworking environments.

4. Recruitment and Retention: Coworking spaces contribute to the recruitment and retention of employees, offering attractive workspaces.

5. Client Attraction and Retention: Coworking facilitates attracting and retaining clients through shared spaces and collaborative environments.

6. Return on Investment: Decision-makers evaluate the office return on investment and the visibility provided by coworking spaces.

7. Health and Safety: The private office environment in coworking spaces meets health and safety requirements, providing a secure workspace.

8. Cost and Space Flexibility: Coworking addresses the need for cost and space flexibility during periods of significant change or growth, offering scalable solutions.

Conclusion : 

In conclusion, ​coworking spaces emerge as key contributors to business growth, addressing various challenges faced by business owners and decision-makers in the evolving commercial landscape post-2020.

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What is Booth Rental in San Diego?

Booth rental in San Diego refers to a business arrangement where individuals or entrepreneurs rent booth spaces within established commercial properties, such as malls, markets, or retail centers, to showcase and sell their products or services. These booth spaces are typically smaller than traditional retail stores, offering a cost-effective way for businesses to reach their target audience without the overhead expenses associated with leasing a full store. Booth rentals in San Diego are commonly used for various purposes, from selling handmade crafts and artisan goods to providing beauty or wellness services. This flexible business model allows individuals to test their entrepreneurial skills and gain exposure in the bustling San Diego market, making it a popular choice for newcomers and established businesses alike.

How to Find Booth Rental Opportunities in San Diego

Finding booth rental opportunities in San Diego can be an exciting venture, as this city offers a diverse and vibrant marketplace. To get started, you can explore local markets, shopping centers, and craft fairs to identify potential venues that offer booth rental spaces. Another approach is to search online directories, social media groups, or websites that cater to booth rental listings. Networking with fellow entrepreneurs or artisans in the San Diego area can also lead to valuable recommendations and insights on available opportunities. When considering a booth rental, it's essential to examine the terms and conditions, costs, location, foot traffic, and any additional amenities provided. This way, you can make an informed decision that aligns with your business goals and budget.

What Are the Benefits of Booth Rental in San Francisco?

Booth rental in San Francisco offers a range of advantages for both budding entrepreneurs and established businesses. One of the key benefits is affordability. San Francisco is known for its high cost of living and expensive commercial real estate, making traditional storefronts a significant financial commitment. Booth rental provides a more cost-effective option, allowing businesses to operate in prime locations without the hefty overhead expenses. Additionally, booth rentals are often situated in high-traffic areas like popular markets, shopping districts, or event venues, providing excellent visibility and exposure to potential customers. This can be especially valuable for businesses looking to test new products, services, or market niches.

Furthermore, booth rental in San Francisco promotes a sense of community and collaboration. Many rental spaces house multiple vendors or entrepreneurs under one roof, fostering a supportive environment where businesses can learn from each other, cross-promote, and create a unique shopping experience. This shared space can also be advantageous for startup ventures that may benefit from mentorship or guidance from more established entrepreneurs. In addition to the financial benefits and collaborative atmosphere, booth rental in San Francisco allows businesses to test the local market, build brand recognition, and adapt quickly to changing consumer trends, making it an appealing option for a variety of enterprises.

How to Choose the Right Booth Rental Space in San Francisco

Selecting the right booth rental space in San Francisco is crucial for the success of your business. Start by identifying your target audience and product or service niche to determine the best location. For example, if you're selling artisanal goods, consider renting space at a local craft fair or farmer's market. If you offer beauty or wellness services, you may want to explore popular shopping districts or busy commercial areas. Assess the foot traffic, demographics, and buying behavior of the area to ensure it aligns with your business goals.

When evaluating booth rental options, carefully review the terms and conditions of the rental agreement. Pay attention to factors like rent, lease duration, additional fees, and any restrictions that may affect your business operations. Prioritize spaces that offer amenities such as access to electricity, Wi-Fi, and storage, as these can enhance your customer experience and operational efficiency. Finally, reach out to current or former renters in the space to gather insights about their experiences and satisfaction with the location. Ultimately, choosing the right booth rental space in San Francisco requires a thoughtful analysis of your business needs, your target market, and the overall suitability of the rental space to help you achieve your business objectives.

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Important Points About Renting Apartment

An apartment, or apartment complex, is a unit which contains not just a living space for the residents, but sometimes also a detached dry cleaning/laundry facility, which might be a portion of its own building or attached to another building. There are several common names for these buildings, check out the Internet for a number of these. They may be called condos, lofts, townhouses, or apartments, and could possibly be used for any type of dwelling, not just residential. An apartment building can incorporate a resort, an industrial complex, a warehouse, a storage center, apartments, privately owned homes, or any mix thereof. One sort of apartment buildings is termed"condos," and there are lots of distinct types of condos, such as condos in New York City, condominiums in San Francisco, commercial lofts in Chicago, and so on. Here we'll go over the word"flat" next. A"flat," in this sense, is simply a residential dwelling unit. An apartment building which contains one-story apartments is called a"complicated," and those buildings may contain a couple of apartment homes, townhouses, or condos. The apartment building owner decides at what rent the renter of the apartment may pay, either for a fixed monthly amount, for a percentage of one month's lease, to get a pre-determined period of pay, etc.. The renter of the apartment pays rent each month to the landlord. The landlord then determines how much he wants to bill in the kind of rent. This manner it's similar to renting a home, where you make your payments as per a schedule of months to years. Rent prices vary from 1 area to another, based upon just how much the landlord wants to charge, and what type of neighborhood he expects to attract. Typically you can avoid paying exorbitant rent by picking a less expensive apartment building. This saves you from paying rent to a landlord who is only looking to gain from his investment. In the long run you are saving money on the apartment itself, as well as from top maintenance fees you'd have otherwise paid to your landlord. There are many other costs involved in leasing an apartment. You'll have to cover deposits, insurance, pet residue (if the apartment has a pet), sewer, water, electricity, etc.. 동대문op Additionally you have to pay your landlord for all necessary utilities, such as heating, air conditioning, etc.. Additionally, you have to take care of cleaning up after your tenant leaves, and otherwise the apartment will reduce its score, and you will be charged extra charges. Therefore, the general cost of leasing an apartment is figured from the landlord's profit, and any increase in profit signifies increased lease for you. Amenities are not cheap, but the landlord may provide them free using the flat. Many landlords give tenants one or two choices of common areas to hang out in. If they opt not to utilize the areas supplied, they cover the price themselves. Amenities may include anything from televisions, coffee makers, exercise gear, big televisions for watching sports matches, etc.. If the apartment you rent has such conveniences, your tenant is going to be pleased to have such things around. In addition to the amenities, you could also get points for extra things brought into the flat if they are needed, like a washer or dryer, trash can, etc.. Landlords must abide with their states' fair housing laws, that require them to ensure their apartment or commercial property is secure for all renters. Some landlords may add their construction to the local fair housing institution and might make their property available to handicapped individuals as well. These rules vary from state to state, therefore it's best to ask your landlord if he complies with the fair housing laws of your state. If you believe that he does not, then you need to think about looking for another rental house where he may comply. Finally, when you lease an apartment, you should be aware of your tenant's right to lease freehold. This means that if a new tenant moves in to your building, you are legally obligated to let them rent the flat for so long as they reside there. This is usually the case when you rent an apartment for over 1 year. But if you choose to break this principle, you could be sued for discrimination, therefore it's important to always consult your landlord concerning this problem beforehand.

[ericvick]

San Francisco tech companies sitting on record amounts of empty space

Marc Benioff, chairman and chief executive officer of Salesforce.com Inc., stands in front of a poster during a topping off ceremony for the Salesforce Tower in San Francisco, California, on Thursday, April 6, 2017.

Michael Short | Bloomberg | Getty Images

Cloudera exited its downtown San Francisco office early last year with plans to sublease the space and move its employees south to the software company’s Silicon Valley headquarters.

But the pandemic left the company with nobody to take over the office, forcing it to take a substantial real estate write-down.

At DoorDash’s nearby former headquarters, a tenant defaulted on rent a month into lockdown, resulting in lost income for the food delivery company, which was doubling as a landlord.

Airbnb said in its earnings report on Thursday that it took a $113 million impairment in the first quarter “related to office space in San Francisco that we deemed no longer necessary.”

Combined, those three companies have recorded nearly $200 million in real estate impairments in the past year after Covid-19 turned the Bay Area office market into a dead zone. That dollar figure swells to almost $1 billion when adding in lease-related write-downs from large tech employers Salesforce, Dropbox, Uber, PayPal and Zendesk.

While software and internet companies continued their stratospheric ascent in 2020, the plush offices they call home sat dormant, leaving San Francisco’s commercial real estate market with an unfamiliar supply glut. Much of the financial fallout was borne by the very tech companies that led a decade-plus bull market and expansion spree, snapping up massive amounts of space at record prices and often subleasing out full floors to start-ups and out-of-town businesses that were seeking a Bay Area outpost.

By the end of the first quarter of 2021, the amount of vacant sublease space in San Francisco had soared to 9.7 million square feet, up from about 3 million in late 2019, and accounted for 40% of all available commercial space in the city, according to commercial real estate firm Avison Young.

Mark Cote, co-founder of T3 Advisors, a tech-focused real estate firm that helps tenants with their growth plans, said that companies looking for an office in San Francisco have a rare opportunity over the next two to three quarters to get in at a discount. Unlike traditional landlords, which have been reluctant to drop lease prices, tech companies with excess space are sometimes willing to offer cut-rate rents and take the loss because they’ve already “faced the reckoning on the impairment,” Cote said.

“There’s a value window for tenants in San Francisco before the boomerang effect, where people and companies are going to come back,” said Cote, whose firm operates in Boston, New York and the Bay Area. “If you’re a sublandlord, you jump on an active tenant.”

Cote said companies paying $90 a square foot may offer subleases for $20 to $25 less and eat the difference. Robert Sammons, senior director of Northern California research at real estate firm Cushman & Wakefield, said that in addition to those discounts, companies are “layering on incentives such as free rent and additional tenant improvement allowances.”

Skyrocketing vacancies

Even with the discounts, it’s still not easy to find takers.

The Bay Area has been slow to reopen, and downtown San Francisco remains fairly hollow, even as vaccination rates in the city are among the highest in the country and Covid cases have plunged. Tech companies have stayed productive with employees working from home, alleviating the pressure to bring them back to the office and leading many to start planning for a hybrid future with less need for real estate.

The overall office vacancy rate in San Francisco climbed to 18.7% in the first quarter from 6% a year earlier, Cushman & Wakefield reported in its market overview for the period. That’s the highest since 2005, when the city was still recovering from the dot-com collapse. Numbers are similarly inflated in major markets such as New York and Chicago, but those cities are less reliant on tech, the industry that’s gravitating most aggressively to remote work.

Prior to the pandemic, analytics company Cloudera had planned to move several hundred employees from its San Francisco and Palo Alto, California, offices into its headquarters just south in Santa Clara. When the shutdowns began, the move was underway but the company hadn’t yet found any replacement tenants, leaving the space empty.

With nobody to pay the rent, Cloudera had to take an impairment charge last year of $35.8 million. Mick Hollison, Cloudera’s president, said in an interview that the Palo Alto office “would have been anybody’s envy just a few short years ago, and now it’s very difficult to sublease.”

Hollison said he expects about half of Cloudera’s employees to go back to the office in some capacity this year, but it’s likely that about 25% will be permanently remote and many others will only come in for part of the week.

“Our footprint will shrink over time,” he said.

Elsewhere in San Francisco, DoorDash took an $11 million impairment in the first three quarters of 2020. The app-based meal delivery company said in its IPO prospectus that a tenant’s business was disrupted by the coronavirus and that it told DoorDash in April “that it would not be making any future monthly rent payment.”

Airbnb’s $113 million charge in the first quarter of 2021 adds to $35.8 million in lease impairments last year. The room-sharing company laid off about 25% of its employees a year ago as the travel market cratered.

After Uber slashed about 20% of its workforce early in the pandemic, the ride-hailing company, which had been rapidly expanding in San Francisco, found itself with way too much real estate. Uber said in its 2020 annual report that it “exited, and made available for sublease, certain leased offices, primarily due to the City of San Francisco’s extended shelter-in-place orders and our restructuring activities.” The company recorded lease-related impairments for the year of $94 million.

Sign on facade at jobsite for construction of new headquarters of Uber Inc announcing work stoppage and delays during an outbreak of the COVID-19 coronavirus in San Francisco, California, March 19, 2020.

Smith Collection | Getty Images

Uber had 824,000 square feet of available sublease space across four locations in San Francisco at the end of the first quarter, according to Cushman & Wakefield, by far the most of any company. Dropbox was second with 418,000 square feet, after the collaboration software company announced plans to go remote-first. Dropbox’s impairment last year was just shy of $400 million, followed by an additional $17.3 million charge in the first quarter.

Salesforce, San Francisco’s largest private employer, has 287,000 square feet available. The company took $216 million in impairments last year due to “real estate leases in select locations we have decided to exit,” according to the company’s annual report.

‘Starting to see them reenter’

However, Sammons said, activity is picking up. Tenant demand is at the highest since before the pandemic began, indicating that more companies are shopping for space. Sammons said that a direct lease, through a landlord, of 200,000 square feet is about to be announced, which will be the largest since the pre-Covid days.

“Some had pulled out and put on pause any sort of expansions, and we’re starting to see them reenter the market,” Sammons said.

There’s also been recent movement in subleases. Design software company Figma just took over 100,000 square feet of downtown space from Credit Karma, which moved its headquarters to Oakland.

And Dropbox has been finding takers for large chunks of its vacant space.

BridgeBio, a drug developer, recently took close to 53,000 square feet from Dropbox, and Vir Biotechnology, another life sciences company, agreed late last year to sublease about 134,000 square feet of the complex.

Vir’s price per square foot starts at $47.77 this year and rises 3% annually to $68.11 in 2032, according to the lease agreement. When Dropbox signed its original 15-year lease in 2017, the company agreed to pay $62 per square foot in year one, which climbed to $93.78 in the final year. In leasing 736,000 square feet at that price, Dropbox was then reportedly signing the largest office deal ever in San Francisco.

While Dropbox may have to rely on discounts and other perks to lure potential tenants, the company is in a unique position to attract biotech firms. Its complex is in an area called Mission Bay that’s filled with medical centers and is zoned for life sciences companies.

Demand for space is so high in the booming biotech industry that earlier this year private equity firm KKR purchased the property for about $1.1 billion, with Dropbox still responsible for the remainder of its lease.

“Life sciences companies are now looking at the city because they see this opportunity,” Sammons said. The Dropbox building “has the floor plates and the floor plans, and everything is built and ready for life sciences companies.”

The sudden shift to what Dropbox is calling its “Virtual First” model has turned a cloud software company that was at the forefront of San Francisco’s emergence as a tech hub into one of the city’s biggest sublessors. At its slimmed-down headquarters and at other locations across the globe, Dropbox is maintaining some space for in-person collaboration and team-gathering sessions.

Dropbox said in its latest quarterly report that while it expects to generate additional sublease income and save some money by going remote, “there is no guarantee that we will realize any anticipated benefits to our business.”

Other San Francisco-based tech companies such as Twitter, Square and Okta have told employees they can work from anywhere now and into the future.

Still, T3’s Cote expects San Francisco to bounce back even if 20% or so of jobs are permanently remote. Tech employers will have to be more flexible and rational with their physical space, but they still want to be in the center of the action, he said.

“The main thing everyone has to remember is the talent of the labor force,” Cote said. “You can’t replicate that overnight.”

— CNBC’s Jordan Novet contributed to this report.

WATCH: Cushman & Wakefield’s CEO on why he’s confident office demand will return

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New Post has been published on All about business online

New Post has been published on http://yaroreviews.info/2021/03/jpmorgan-salesforce-join-growing-list-of-firms-dumping-office-space

JPMorgan, Salesforce Join Growing List of Firms Dumping Office Space

JPMorgan Chase & Co., Salesforce . com Inc. and PricewaterhouseCoopers are among the major firms looking to unload big blocks of office space, the latest sign that remote work is hurting demand for this pillar of commercial real estate.

Large companies typically sign office leases for a decade or longer, giving them few options for reducing their footprint beyond trying to sublease floors to other tenants. At the end of 2020, 137 million square feet of office space was available for sublease across the U.S., according to CBRE Group Inc. That is up 40% from a year earlier and the highest figure since 2003.

While sublet space increases during every recession as struggling businesses look to cut costs, firms typically add office space when the economy picks up again. But this time many of the companies ditching real estate are doing well financially; they say they need less space because they plan for more employees to work at least part time from home even after the pandemic is over.

That raises the prospect that demand for office space could be permanently lower at some companies, much like the rise of e-commerce has been driving down demand and rents for street-level retail.

This flurry of subleasing activity is already causing fresh headaches for landlords. Office rents for more expensive space, including concessions, fell around 17% over the past year in New York and San Francisco and 13% nationwide, according to real-estate firm JLL.

[orbemnews]

Remote Work Is Here to Stay. Manhattan May Never Be the Same. Spotify’s headquarters in the United States fills 16 floors of 4 World Trade Center, a towering office building in Lower Manhattan that was the first to rise on the site of the 2001 terror attacks. Its offices will probably never be full again: Spotify has told employees they can work anywhere, even in another state. A few floors down, MediaMath, an advertising tech company, is planning to abandon its space, a decision fueled by its new remote-work arrangements during the pandemic. In Midtown Manhattan, Salesforce, whose name adorns a 630-foot building overlooking Bryant Park, expects workers to be in the office just one to three days a week. A nearby law firm, Lowenstein Sandler, is weighing whether to renew its lease on its Avenue of the Americas office, where 140 lawyers used to work five days a week. “I could find few people, including myself, who think we are going to go back to the way it was,” said Joseph J. Palermo, the firm’s chief operating officer. A year after the coronavirus sparked an extraordinary exodus of workers from office buildings, what had seemed like a short-term inconvenience is now clearly becoming a permanent and tectonic shift in how and where people work. Employers and employees have both embraced the advantages of remote work, including lower office costs and greater flexibility for employees, especially those with families. Beyond New York, some of the country’s largest cities have yet to see a substantial return of employees, even where there have been less stringent government-imposed lockdowns, and some companies have announced that they are not going to have all workers come back all the time. In recent weeks, major corporations, including Ford in Michigan and Target in Minnesota, have said they are giving up significant office space because of their changing workplace practices, while Salesforce, whose headquarters occupies the tallest building in San Francisco, said only a small fraction of its employees will be in the office full time. But no city in the United States, and perhaps the world, must reckon with this transformation more than New York, and in particular Manhattan, an island whose economy has been sustained, from the corner hot dog vendor to Broadway theaters, by more than 1.6 million commuters every day. Commercial landlords in Manhattan entered 2020 with optimism, riding a steady demand for office space, record asking prices in some neighborhoods and the largest construction boom since the 1980s. But that collapsed overnight. Property owners suddenly found themselves chasing after unpaid rent, negotiating repayment plans with tenants and offering deep discounts to fill empty space. Mayor Bill de Blasio is requiring the city’s own roughly 80,000 municipal office employees to return in early May, in part as a signal to other employers that filling New York’s buildings is a key to its recovery. “This is an important step for the city, and it’s another important step on the way to the full recovery of New York City,” Mr. de Blasio said. Still, about 90 percent of Manhattan office workers are working remotely, a rate that has remained unchanged for months, according to a recent survey of major employers by the Partnership for New York City, an influential business group, which estimated that less than half of office workers would return by September. Across Midtown and Lower Manhattan, the country’s two largest central business districts, there has never been more office space — 16.4 percent — for lease, much higher than in past crises, including after the Sept. 11 terror attacks in 2001 and the Great Recession in 2008. As more companies push back dates for returning to offices and make at least some remote work a permanent policy, the consequences for New York could be far-reaching, not just for the city’s restaurants, coffee shops and other small businesses, but for municipal finances, which depend heavily on commercial real estate. Sarah Patellos, who is on Spotify’s music team, has been working from a dining room table in Truckee, Calif., a mountain town near Lake Tahoe where she has spent most of the past year after flying there for a weekend trip in March 2020 and getting stuck because of government-imposed lockdowns. “I love being in the city, but you think about your life, the life experiences you want or the different chapters you might want, it’s totally different now,” said Ms. Patellos, who had been living in Brooklyn. “It’s totally life-changing.” The towering office buildings that line Manhattan’s avenues have long made New York a global powerhouse and the capital of numerous industries, from advertising to finance. Now even some of the largest and most enduring companies, including JPMorgan Chase & Co., which has more than 20,000 office employees in the city, have told their work forces that the five-day office workweek is a relic. The bank, which declined to comment for this article, is considering a rotational work model, meaning employees would rotate between working remotely and in the office. “Going back to the office with 100 percent of the people 100 percent of the time, I think there is zero chance of that,” Daniel Pinto, JPMorgan’s co-president and chief operating officer, said in an interview in February on CNBC. “As for everyone working from home all the time, there is also zero chance of that.’’ Other large businesses, including the accounting firm PricewaterhouseCoopers, the marketing group Omnicom Group and the advertising giant WPP, have searched for subtenants to take over significant chunks of their Manhattan offices. The loss of workers has caused the market value of commercial properties that include office buildings to plunge nearly 16 percent during the pandemic, triggering a sharp decline in tax revenue that pays for essential city services, from schools to sanitation. Real estate and commercial buildings contribute almost half of the city’s property tax revenues. For the first time in more than two decades, New York expects property tax receipts to decline, by an estimated $2.5 billion in the next fiscal year. Still, New York is set to receive significant federal assistance from the $1.9 trillion federal stimulus package: $5.95 billion in direct aid and another $4 billion for schools, a City Hall spokeswoman said. While that addresses immediate needs, the city still faces an estimated $5 billion budget deficit next year and similar deficits in the following years, and a changing work culture could hobble New York’s recovery. The amount of office space in Manhattan on the market has risen in recent months to 101 million square feet, roughly 37 percent higher than a year ago and more than all the combined downtown office space in Los Angeles, Atlanta and Dallas. “This trend has shown little signs of slowing down,” said Victor Rodriguez, director of analytics at CoStar, a real estate company. At least one industry, however, is charging in the opposite direction. Led by some of the world’s largest companies, the technology sector has expanded its footprint in New York during the pandemic. Facebook has added 1 million square feet of Manhattan office space, and Apple added two floors in a Midtown Manhattan building. And the surge in available commercial real estate has actually been a boon for some new businesses that have been able to find spaces at rents that are lower than they were before the pandemic. “I’ve seen the obituary for New York City many times,” said Brian S. Waterman, the executive vice chairman of Newmark, a commercial real estate services firm. “The office reboarding will start to occur in May, June and July, and you are going to have a much fuller occupancy once we hit September.” But for now, few workers are at their desks. Only 15 percent of workers have returned to offices in New York City and the surrounding suburbs, up slightly from 10 percent last summer, according to Kastle Systems, a security company that analyzes employee access-card swipes in more than 2,500 office buildings nationwide. Only San Francisco has a lower rate. The lack of workers has pummeled some of the city’s biggest real estate companies. SL Green Realty and Vornado Realty Trust, two of New York’s largest owners of office space, and Empire State Realty Trust, which owns the Empire State Building, have lost a total of $6.5 billion in market value. The sharp declines have prompted developers to rally behind an idea that seemed unthinkable before the pandemic: converting distressed office buildings in Manhattan into low-income housing. The record vacancy rate has been driven by companies across almost all industries, from media to fashion, that have discovered the advantages of remote work. Beside the cost savings of operating a scaled-down office or no office at all, modern technology and communications have allowed workers to stay connected, collaborate from afar and be more productive without lengthy commutes. Parents are also clamoring for more flexibility to care for their children. “We believe that we’re on top of the next change, which is the Distributed Age, where people can be more valuable in how they work, which doesn’t really matter where you spend your time,” said Alexander Westerdahl, the vice president of human resources at Spotify, the Stockholm-based streaming music giant that has 6,500 employees worldwide. For now, Spotify does not plan to reduce its New York footprint, but as of February, the company told its United States employees — 2,100 of whom had worked at the Manhattan office — that they could work from pretty much anywhere. “The change is mainly driven by globalization and digitalization, and our tools are much, much better at allowing for people to work from anywhere,” Mr. Westerdahl said. Remote work, of course, is not without significant downsides. The blurry lines that already existed between work and personal life have been all but obliterated during the pandemic. Without the time spent commuting in the morning and at night, people are logging on to work earlier in the day and staying connected later into the night. And despite modern technology and video conferencing capabilities, companies are struggling to foster workplace cultures and make employees, especially new hires, feel welcome and part of a team. Those concerns have weighed heavily on executives at Kelley Drye, a law firm founded in 1836 in New York, which is moving from Park Avenue near Grand Central Terminal to 3 World Trade Center in Lower Manhattan. “Zoom and Teams are great,” said Andrea L. Calvaruso, a lawyer who is the chair of the firm’s trademark and copyright group, but she added that “there’s no substitute for sitting down in a beautiful new collaborative and working together without distractions.” But Ms. Patellos, despite being unprepared after being stuck in California — she had to buy a keyboard and monitor — soon found herself connecting with colleagues all over the world just as she had in her New York office. “I fell into a rhythm,” said Ms. Patellos, who is still deciding where to eventually move. “I maintained a bit of East Coast hours, starting my days a little earlier and ending a bit earlier. Before I knew it, it became the norm and a routine.” Source link Orbem News #Manhattan #Remote #Stay #Work

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Decoding Coworking: Types, Trends, and Business Impact

 Introduction of Coworking: Types, Trends, and Business Impact :

Whether you run a large corporation or a small business, whether you're a startup or an established company, there's a shared attraction in coworking that transcends these distinctions – flexibility. Coworking spaces, with their tailored setups, adaptable lease terms, and an array of enticing amenities, cater to diverse needs and occasions. However, the challenge lies in determining which type aligns best with your specific requirements and objectives.

To provide you with a clearer understanding of the available options, we will explore nine fundamental categories of coworking office spaces. While acknowledging the abundance of diverse choices in the market, organizing flexible spaces can be a challenging task. Nonetheless, for the sake of our discussion, we will classify coworking space types into eleven distinct environments.

1. Conventional/Open 2. High-End/Full-Service 3. Corporate/Professional 4. Private Workspaces 5. Minimal/Bare Bones 6. Shared Space/Subleased 7. Lifestyle 8. Industry-Specific/Specialized 9. Venture/Accelerated 10. Meeting Space 11. Virtual Offices

As we explore each environment, pay attention to the characteristics that align with your organization. Once you gain a clearer understanding of which type or types suit your needs best, use them as a guide to navigate your search for coworking space that aligns with your vision, team, and expectations.

What is Coworking?

Coworking emerged in 2005 in San Francisco's Mission District within a small collective that operated just two days a week. This initial group experienced exponential growth, laying the foundation for the current flourishing state of coworking.

In essence, coworking provides a cost-effective means of securing dedicated office space in expensive urban and exurban markets, presenting a stark contrast to traditional commercial real estate options. However, coworking extends beyond the provision of an additional desk and shared Wi-Fi. It can be tailored to individual or collaborative needs, accommodating full-time or part-time arrangements, and offering a nearly limitless range of space configurations.

Today, coworking spaces cater to a diverse array of businesses and professionals, providing amenities typically associated with sophisticated corporate headquarters. The available space types vary widely, encompassing private offices, communal workspaces, conference rooms, and expansive event venues.

Furthermore, some coworking spaces target specific interests and industries, facilitating opportunities for individuals to collaborate with potential mentors. These specialized spaces are designed for various groups, such as creative professionals, tech companies, women entrepreneurs, and more.

Should You Consider Renting a Coworking Space?

While the concept of coworking initially took root in San Francisco, it has transcended big cities and tech-focused companies. Indeed, this innovative approach has been adopted across a spectrum of professions and organizational structures, ranging from real estate brokerages to artist collectives.

Above all, coworking spaces aim to offer a secure and convenient operational hub, mitigating the challenges and distractions associated with working from home or a local coffee shop. They blend professional services and setups with unparalleled flexibility and accessibility, providing an optimal environment for diverse individuals and businesses.

Key Points on Types of Coworking Spaces:

Choosing the right coworking space involves considering various types tailored to different needs:

1. Conventional/Open:

Provides an open and collaborative environment. Characterized by a casual and well-lit atmosphere, fostering networking and cooperation. Attracts a broad spectrum of individuals and entities.

2. High-End/Full-Service:

Offers luxury amenities and additional membership benefits. Often has a vibrant and open atmosphere similar to popular examples like WeWork. Generally comes with higher price points, targeting those seeking a more upscale experience.

3. Corporate/Professional:

Geared towards a more corporate or professional clientele. Budget-friendly with a focus on a quiet, private, and highly professional atmosphere. Examples include Regus, catering to larger, established businesses.

4. Private Workspaces:

Tailored for companies or teams valuing privacy. Features lockable doors, private branding, and exclusive facilities. While more expensive, it provides flexibility and the privacy of a traditional office.

5. Minimal/Bare Bones:

Emphasizes affordability with minimal furniture and decor. Typically offers basic amenities like Wi-Fi and limited extras. Provides a quiet, casual environment with cost-effectiveness as a primary factor.

6. Shared Space/Subleased:

Involves using space chosen or designed by another entity. Budget-friendly, but the environment varies based on the property's characteristics.

7. Lifestyle:

Encompasses diverse environments like coffee shops, gyms, or apartments. Atmosphere is often well-lit, energetic, and casual. Privacy is limited, and pricing varies based on the underlying business.

8. Industry-Specific/Specialized:

Tailored to specific industries such as healthcare, law, or creative sectors. Offers more privacy and customization to meet the unique needs of particular professions.

9. Venture/Accelerated:

Attracts startups and accelerators seeking a collaborative and innovative environment. Generally budget-friendly with a more relaxed and energetic atmosphere.

10. Meeting Space:

Allows companies to rent space for meetings without committing to a daily office. Suitable for businesses adapting to post-pandemic work styles.

11. Virtual Offices:

Focuses on office management needs, providing a physical address and professional meeting space. Monthly costs vary, offering small companies and solo entrepreneurs a professional office without significant rental expenses.

In conclusion, the extensive variety in coworking spaces caters to diverse preferences and requirements. Individuals and teams can find the most suitable option by conducting thorough research, understanding their specific needs, and, if necessary, seeking advice from coworking advisors.

Advantages of Coworking Spaces:

1. Collaboration: 

Coworking spaces facilitate regular face time, promoting collaboration for increased efficiency and effective communication within teams or companies.

2. Cooperation: 

Shared work environments enable better task delegation, workflow monitoring, and enhanced oversight on long-term projects, contributing to operational efficiency.

3. Mentoring: 

Opportunities for advanced training, workshops, and collaboration with leaders in the field create avenues for networking, mentorship, and long-term professional connections.

4. Affordability: 

Small teams and businesses benefit from cost-effective, flexible arrangements, avoiding the challenges of acquiring and maintaining commercial real estate. Short-term rentals for various needs are available.

5. Flexibility: 

Coworking spaces offer diverse options, from open-concept spaces to dedicated offices, allowing companies to tailor their workspace to unique specifications and work in various ways.

6. Accountability: 

Informal community connections in coworking spaces provide support, helping members stay on track with their goals and fostering accountability.

7. Networking: 

The workspace connections contribute to exponential growth in professional networks, offering opportunities for referrals, interactions with industry leaders, and staying informed about market trends.

8. Support: 

Many coworking spaces provide support services such as administrative assistance, mail delivery, event planning, and tech support, typically associated with larger companies.

9. Amenities: 

Luxury amenities like fitness studios, shower rooms, and relaxation spaces are available in many coworking spaces. Onsite dining and social spaces enhance the overall work experience.

10. Location: 

Coworking spaces are not limited to big cities; they are also available in suburban and exurban areas, offering convenience, time savings, and reduced commutes.

Impact of Coworking on Business Growth:

1. Adaptation to Remote Work : Companies, including major ones like LexisNexis, Boeing, and REI, have embraced remote work, divesting from corporate campuses. Coworking spaces provide dedicated offices and collaboration areas for teams transitioning to remote work.

2. Resilience During Economic Challenges : Despite a temporary dip in Q2 2020, coworking spaces rebounded in the second half of the year, aligning with current trends in commercial real estate, remote work policies, and geographic shifts. The decline in traditional commercial real estate is being replaced by the growth of coworking spaces.

3. Population Shift and Geographic Distribution : The shift from urban to suburban living contributes to the growth of coworking spaces in newly in-demand residential areas, enhancing accessibility and convenience.

Future of Coworking:

1. Exponential Growth: Projections indicate significant growth in coworking, with estimates suggesting that 6% of all US business will be conducted in shared spaces by 2022. Global growth is expected to surpass that of North America.

2. Diverse Clientele: The rise of new enterprise and corporate clients, along with the popularity of private workspaces, signals substantial growth in the years ahead.

Considerations for Decision-Makers:

1. Office Purpose and Amenities: Decision-makers prioritize defining the purpose of office space and determining the necessary amenities for team members.

2. Company Culture and Collaboration: Coworking addresses the need for in-person collaborative workspaces, fostering company culture and teamwork.

3. Technical Infrastructure: Decision-makers consider the technical infrastructure and the need for ongoing upgrades in coworking environments.

4. Recruitment and Retention: Coworking spaces contribute to the recruitment and retention of employees, offering attractive workspaces.

5. Client Attraction and Retention: Coworking facilitates attracting and retaining clients through shared spaces and collaborative environments.

6. Return on Investment: Decision-makers evaluate the office return on investment and the visibility provided by coworking spaces.

7. Health and Safety: The private office environment in coworking spaces meets health and safety requirements, providing a secure workspace.

8. Cost and Space Flexibility: Coworking addresses the need for cost and space flexibility during periods of significant change or growth, offering scalable solutions.

Conclusion : 

In conclusion, ​coworking spaces emerge as key contributors to business growth, addressing various challenges faced by business owners and decision-makers in the evolving commercial landscape post-2020.

[torontotravelblog]

8 Things That Prove Toronto Is the Coolest City

"When did Toronto get so great?" That's the question BBC Travel presented lately, questioning when this Canadian city became the cultural center it suddenly seems to be. The fact is, Toronto has been cool for a long time. It's simply that Toronto never speaks about exactly how great Toronto is. Yet with its indie coffee shops and also artistic bars, with every street edge birthing some yummy morsel or micro-roasted coffee, and also with independent style labels, roof restaurants, and also a bar that serves brunch with a side of fatality steel, the truth is that Toronto has a little bit of every little thing.

Wish to prepare a see to this un-self-consciously amazing city? Below are 8 picks to obtain you began.

Kensington Market

Modern and also lively: These are the best words to define Kensington Market, a must-experience neighborhood in the heart of midtown. Formally a National Historic Website of Canada and also a safeguarded area, Kensington was as soon as an immigrant territory in the bustling city. Currently it's a center for the still-thriving counterculture of Toronto (think Haight-Ashbury, however much cooler than San Francisco). In the cramped but neat roads, you'll discover vintage shops, document stores, independent coffee shops, ethnic grocers, and head stores. Pedestrians mill on the sidewalks as well as in the streets throughout festivals, consisting of a vivid Kensington Karnival to supplant the winter solstice.

Some of my picks in this amazing neighborhood are Guts My Love (high-grade vintage clothing for all sexes), Moonbean Coffee Business (a mini roastery and hangout), Graffiti's (a small rock bar with a black-metal brunch), and Sanagan's Meat Storage locker (hipster butcher extraordinaire).

Canadian Cuisine

Toronto is indisputably diverse, and also its cooking scene reflects the impact of hundreds of immigrant teams who brought inexpensive, passionate, as well as tasty fare to the cool continent. Yet, like many various other places I've traveled to recently, Toronto seems to be in the midst of uncovering its domestic active ingredients and culinary roots-- past maple syrup and poutine, obviously. The city's cooks have actually required to local produce, fish, as well as game, checking out ancient methods like fermenting and also smoking while updating Canada's distinct heritage recipes.

The fine-dining scene is dominated by restaurants like Canoe, with sampling menus that concentrate on one particular regional food and attribute parts like Lake Manitoba trout, Saskatoon winter berries, and also Northern Woods mushrooms. Likewise, contemporary Marben, with its bespoke alcoholic drinks and also local components in a diverse around-the-world menu, is right on pattern. Both deserve a go to.

And if you wish to go means down-market, the Slide carousel Bakery at St. Lawrence Market is the only area to experience a real Toronto original: a peameal bacon sandwich. Get in line early, choose a mustard, and delight in.

Toronto Islands

In spite of the cold weather condition, Torontonians are an outdoorsy number, and they take to the Toronto Islands, a tiny chain just offshore, to experience a few of the most effective metropolitan eco-friendly spaces in North America. These public islands have amazing views of the shining city sky line on one side as well as the similarly glittery Lake Ontario on the various other. Centre Island, the largest, is just an affordable ferry ride away from downtown. From the dock, visitors can rent out bicycles to discover the island's several routes; in summer, canoes and also kayaks are available to lease for paddling the surrounding lake. On the island, you'll discover a small theme park, coastlines, picnic locations with fire pits, as well as cafes. (Note that Hanlan's Factor Coastline is clothing-optional!) If you're not feeling the outdoors, a little musicians' area at Gibraltar Point houses workshops for painters, carvers, and also other imaginative kinds; it creates an enjoyable social side trip.

Distillery District

This neighborhood of Victorian commercial stockrooms as well as charming street indicators looks flat-out Dickensian-- yet completely updated. Given that being called a National Historic Website in 1988, the Distillery District has actually ended up being a shopping-and-nightlife hub for hip locals. It's now home to Toronto's relaxing Xmas Market, at which customers can drink mulled white wine, surf artisans' stands, as well as gather around for carols. Year-round, a collection of stores and restaurants brings site visitors day and night (I suggest Block Street Bakeshop's sweet and also savory bread or Mill Street Mixture Pub's prize-winning beers and patio area). Gallery area and also performance movie theaters contribute to the artsy however un-self-conscious vibe. Bring your best skinny denims.

Chinatown( s).

Several cities assert a Chinatown, yet the higher Toronto location has seven. The district on Spadina Avenue around Dundas Road West, frequently referred to as Old Chinatown, is among the best locations worldwide to experience Thai, Vietnamese, and also plenty of Chinese regional foods all at once.

Insiders say the very best times to try out Chinatown are late at night, after the bars close as well as when your tummy is craving affordable as well as delicious eats, and also early weekend breaks for first-rate dark sum. Any time, Toronto's dumplings and soup buns (xiao lengthy bao, or XLBs) are legendary, with areas like Mom's Dumplings, Rol San, and Asian Legend serving up exemplary resilient buns full of hot brew. (Pro idea: Poke the leading with a chopstick to slurp out the soup.) Family member newbie Rosewood Chinese Food gets my pick for the adhering to magical words: all-day dim sum. Each dish sets you back just $2.20 CAD on weekdays, making this set of the best dining sell an expensive community.

Bloor-Yorkville.

This glam Toronto community continually ranks among the globe's best for shopping, so if you're seeking to blow your spending plan (or if you do not have one), Bloor-Yorkville is the place to go. Right here you'll discover premium resorts like the 4 Seasons, the city's best medical spas and hair salons, as well as stores from Chanel, Michael Kors, and also Louis Vuitton. You can go shopping Canadian tags like Holt Renfrew and Harry Rosen, take a look at neighborhood and also international art at snazzy galleries, or sip alcoholic drinks at a roof bar. I assume the most effective method to experience this swank area is complimentary: Just park it on a bench and also people-and-Maserati-watch at your leisure.

Queen West.

Both Style as well as Lonely Planet called Queen West Toronto's coolest community in 2014, and it's hard to argue that this one-mile stretch could be anything however. Neat rows of art galleries, studios, style houses, stores, dining establishments, and bakeshops line Queen West, a former industrial neighborhood that's taken well to its newly found fame. Street-art addicts will certainly love Graffiti Street, where spray-painted murals are totally lawful. The fashionable collection will enjoy the material shops, bead as well as button shops, and also indie-label stores. As well as everyone can appreciate the artistic resort The Drake, where a rooftop bar supplies some of the city's finest sights and also night life-- as well as where you may spot a star or 2.

Art Gallery of Ontario (AGO).

The engineer Frank Gehry is a Toronto native, so it only makes sense that when this city organization needed a refresh, Gehry pertained to the rescue. A $276 million remodelling later on, as well as AGO is now renowned not just for the art it has however, for its very own modern, airy design. Numerous professionals compete that its wide-open areas are among the globe's finest for watching imaginative work of arts, with a billowing glass outside as well as a sculptural wood staircase that Gehry really hoped would certainly inspire visitors to fall in love. The museum's collection absolutely motivates interest, from its irreversible Canadian jobs by the Team of 7 to turning exhibitions by Basquiat, Michelangelo, and so forth. If you visit, prepare a complete day and also build in a coffee break at the fifth-level Emporium Italia coffee bar (the sights of the city from the undulating wood-framed windows are magnificent).

The post “ 8 Things That Prove Toronto Is the Coolest City “ was originally seen on Smarter Travel by Dara Continenza

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[orbemnews]

Remote Work Is Here to Stay. Manhattan May Never Be the Same. Spotify’s headquarters in the United States fills 16 floors of 4 World Trade Center, a towering office building in Lower Manhattan that was the first to rise on the site of the 2001 terror attacks. Its offices will probably never be full again: Spotify has told employees they can work anywhere, even in another state. A few floors down, MediaMath, an advertising tech company, is planning to abandon its space, a decision fueled by its new remote-work arrangements during the pandemic. In Midtown Manhattan, Salesforce, whose name adorns a 630-foot building overlooking Bryant Park, expects workers to be in the office just one to three days a week. A nearby law firm, Lowenstein Sandler, is weighing whether to renew its lease on its Avenue of the Americas office, where 140 lawyers used to work five days a week. “I could find few people, including myself, who think we are going to go back to the way it was,” said Joseph J. Palermo, the firm’s chief operating officer. A year after the coronavirus sparked an extraordinary exodus of workers from office buildings, what had seemed like a short-term inconvenience is now clearly becoming a permanent and tectonic shift in how and where people work. Employers and employees have both embraced the advantages of remote work, including lower office costs and greater flexibility for employees, especially those with families. Beyond New York, some of the country’s largest cities have yet to see a substantial return of employees, even where there have been less stringent government-imposed lockdowns, and some companies have announced that they are not going to have all workers come back all the time. In recent weeks, major corporations, including Ford in Michigan and Target in Minnesota, have said they are giving up significant office space because of their changing workplace practices, while Salesforce, whose headquarters occupies the tallest building in San Francisco, said only a small fraction of its employees will be in the office full time. But no city in the United States, and perhaps the world, must reckon with this transformation more than New York, and in particular Manhattan, an island whose economy has been sustained, from the corner hot dog vendor to Broadway theaters, by more than 1.6 million commuters every day. Commercial landlords in Manhattan entered 2020 with optimism, riding a steady demand for office space, record asking prices in some neighborhoods and the largest construction boom since the 1980s. But that collapsed overnight. Property owners suddenly found themselves chasing after unpaid rent, negotiating repayment plans with tenants and offering deep discounts to fill empty space. Mayor Bill de Blasio is requiring the city’s own roughly 80,000 municipal office employees to return in early May, in part as a signal to other employers that filling New York’s buildings is a key to its recovery. “This is an important step for the city, and it’s another important step on the way to the full recovery of New York City,” Mr. de Blasio said. Still, about 90 percent of Manhattan office workers are working remotely, a rate that has remained unchanged for months, according to a recent survey of major employers by the Partnership for New York City, an influential business group, which estimated that less than half of office workers would return by September. Across Midtown and Lower Manhattan, the country’s two largest central business districts, there has never been more office space — 16.4 percent — for lease, much higher than in past crises, including after the Sept. 11 terror attacks in 2001 and the Great Recession in 2008. As more companies push back dates for returning to offices and make at least some remote work a permanent policy, the consequences for New York could be far-reaching, not just for the city’s restaurants, coffee shops and other small businesses, but for municipal finances, which depend heavily on commercial real estate. Sarah Patellos, who is on Spotify’s music team, has been working from a dining room table in Truckee, Calif., a mountain town near Lake Tahoe where she has spent most of the past year after flying there for a weekend trip in March 2020 and getting stuck because of government-imposed lockdowns. “I love being in the city, but you think about your life, the life experiences you want or the different chapters you might want, it’s totally different now,” said Ms. Patellos, who had been living in Brooklyn. “It’s totally life-changing.” The towering office buildings that line Manhattan’s avenues have long made New York a global powerhouse and the capital of numerous industries, from advertising to finance. Now even some of the largest and most enduring companies, including JPMorgan Chase & Co., which has more than 20,000 office employees in the city, have told their work forces that the five-day office workweek is a relic. The bank, which declined to comment for this article, is considering a rotational work model, meaning employees would rotate between working remotely and in the office. “Going back to the office with 100 percent of the people 100 percent of the time, I think there is zero chance of that,” Daniel Pinto, JPMorgan’s co-president and chief operating officer, said in an interview in February on CNBC. “As for everyone working from home all the time, there is also zero chance of that.’’ Other large businesses, including the accounting firm PricewaterhouseCoopers, the marketing group Omnicom Group and the advertising giant WPP, have searched for subtenants to take over significant chunks of their Manhattan offices. The loss of workers has caused the market value of commercial properties that include office buildings to plunge nearly 16 percent during the pandemic, triggering a sharp decline in tax revenue that pays for essential city services, from schools to sanitation. Real estate and commercial buildings contribute almost half of the city’s property tax revenues. For the first time in more than two decades, New York expects property tax receipts to decline, by an estimated $2.5 billion in the next fiscal year. Still, New York is set to receive significant federal assistance from the $1.9 trillion federal stimulus package: $5.95 billion in direct aid and another $4 billion for schools, a City Hall spokeswoman said. While that addresses immediate needs, the city still faces an estimated $5 billion budget deficit next year and similar deficits in the following years, and a changing work culture could hobble New York’s recovery. The amount of office space in Manhattan on the market has risen in recent months to 101 million square feet, roughly 37 percent higher than a year ago and more than all the combined downtown office space in Los Angeles, Atlanta and Dallas. “This trend has shown little signs of slowing down,” said Victor Rodriguez, director of analytics at CoStar, a real estate company. At least one industry, however, is charging in the opposite direction. Led by some of the world’s largest companies, the technology sector has expanded its footprint in New York during the pandemic. Facebook has added 1 million square feet of Manhattan office space, and Apple added two floors in a Midtown Manhattan building. And the surge in available commercial real estate has actually been a boon for some new businesses that have been able to find spaces at rents that are lower than they were before the pandemic. “I’ve seen the obituary for New York City many times,” said Brian S. Waterman, the executive vice chairman of Newmark, a commercial real estate services firm. “The office reboarding will start to occur in May, June and July, and you are going to have a much fuller occupancy once we hit September.” But for now, few workers are at their desks. Only 15 percent of workers have returned to offices in New York City and the surrounding suburbs, up slightly from 10 percent last summer, according to Kastle Systems, a security company that analyzes employee access-card swipes in more than 2,500 office buildings nationwide. Only San Francisco has a lower rate. The lack of workers has pummeled some of the city’s biggest real estate companies. SL Green Realty and Vornado Realty Trust, two of New York’s largest owners of office space, and Empire State Realty Trust, which owns the Empire State Building, have lost a total of $6.5 billion in market value. The sharp declines have prompted developers to rally behind an idea that seemed unthinkable before the pandemic: converting distressed office buildings in Manhattan into low-income housing. The record vacancy rate has been driven by companies across almost all industries, from media to fashion, that have discovered the advantages of remote work. Beside the cost savings of operating a scaled-down office or no office at all, modern technology and communications have allowed workers to stay connected, collaborate from afar and be more productive without lengthy commutes. Parents are also clamoring for more flexibility to care for their children. “We believe that we’re on top of the next change, which is the Distributed Age, where people can be more valuable in how they work, which doesn’t really matter where you spend your time,” said Alexander Westerdahl, the vice president of human resources at Spotify, the Stockholm-based streaming music giant that has 6,500 employees worldwide. For now, Spotify does not plan to reduce its New York footprint, but as of February, the company told its United States employees — 2,100 of whom had worked at the Manhattan office — that they could work from pretty much anywhere. “The change is mainly driven by globalization and digitalization, and our tools are much, much better at allowing for people to work from anywhere,” Mr. Westerdahl said. Remote work, of course, is not without significant downsides. The blurry lines that already existed between work and personal life have been all but obliterated during the pandemic. Without the time spent commuting in the morning and at night, people are logging on to work earlier in the day and staying connected later into the night. And despite modern technology and video conferencing capabilities, companies are struggling to foster workplace cultures and make employees, especially new hires, feel welcome and part of a team. Those concerns have weighed heavily on executives at Kelley Drye, a law firm founded in 1836 in New York, which is moving from Park Avenue near Grand Central Terminal to 3 World Trade Center in Lower Manhattan. “Zoom and Teams are great,” said Andrea L. Calvaruso, a lawyer who is the chair of the firm’s trademark and copyright group, but she added that “there’s no substitute for sitting down in a beautiful new collaborative and working together without distractions.” But Ms. Patellos, despite being unprepared after being stuck in California — she had to buy a keyboard and monitor — soon found herself connecting with colleagues all over the world just as she had in her New York office. “I fell into a rhythm,” said Ms. Patellos, who is still deciding where to eventually move. “I maintained a bit of East Coast hours, starting my days a little earlier and ending a bit earlier. Before I knew it, it became the norm and a routine.” Source link Orbem News #Manhattan #Remote #Stay #Work

[falconridgegrp-blog]

Avison Young releases 2019 North America, Europe and Asia commercial real estate forecast

TORONTO, Jan. 15, 2019 /CNW/ – Set against the backdrop of a rapidly increasing world population, global GDP growth, relatively strong economies and heightened job creation, real estate markets are thriving. Fundamentals continue to show great strength amidst restrained building activity, strong demand and accordant rising rents. Despite political headwinds such as trade disputes, Brexit, currency fluctuations and interest-rate hikes, quality real estate continues to be occupied and in demand.

These are some of the key trends noted in Avison Young's 2019 North America, Europe and Asia Commercial Real Estate Forecast, released today.

The annual report covers the office, retail, industrial and investment sectors in 68 markets within seven countries on three continents: Calgary, Edmonton, Halifax, Lethbridge, Montreal, Ottawa, Regina, Toronto, Vancouver, Waterloo Region, Winnipeg, Atlanta, Austin, Boston, Charleston, Charlotte, Chicago, Cleveland, Columbus, OH; Dallas, Denver, Detroit, Fairfield County, Fort Lauderdale, Greenville, Hartford, Houston, Indianapolis, Jacksonville, Las Vegas, Long Island, Los Angeles, Memphis, Miami, Minneapolis, Nashville, New Jersey, New York, Oakland, Orange County, Orlando, Philadelphia, Phoenix, Pittsburgh, Raleigh-Durham, Reno, Sacramento, San Antonio, San Diego, San Francisco, San Jose/Silicon Valley, San Mateo, St. Louis, Tampa, Washington, DC; West Palm Beach, Westchester County, Mexico City, Coventry, London, U.K.; Manchester, Berlin, Duesseldorf, Frankfurt, Hamburg, Munich, Bucharest and Seoul.

“While the last few weeks have certainly been a rollercoaster ride for the world's equity markets, the headline is: we continue to feel very positive about opportunities in the real estate environment for the year ahead,” comments Mark E. Rose, Chair and CEO of Avison Young. “At Avison Young, we believe that more capital is available to move into real estate debt and equity than at any other time. The next wave of investment is not a matter of if or when – it's just a matter of price.”

Rose continues: “Understanding demand is the key to navigating the current market. While workplace changes can be confusing – driven by technology, generational trends and the new economy – they largely represent positive developments for our industry. As co-working and flexible-office providers take down a significant amount of space, what we are seeing is a change in tenancy – not a slowdown in occupancy. Leasing is stable – and longer-term in nature – and most businesses retain their office footprint throughout economic cycles.”

An office experience is taking the place of the static workplace of prior generations, states the report. Energy, light, collaboration, purpose, sustainability, and health and wellness are as much drivers of the work experience as the underlying businesses.

Industrial is today's property class of choice and will probably regress to the mean, but will still be a driving force as methods of production and distribution continue to evolve. Distribution to the home and the last mile are top of mind among industrial owners and occupiers; accordingly, same-day delivery is the goal of retailers and consumers as the world's population continues to increase.

Rose adds: “On the investment side, as pundits have noted, we are at a pricing top and have been there for a few years. Rising interest rates should be pushing cap rates up and prices down, but demand for real estate and longer-term views on a potential global recession are working to keep pricing within a narrow band. The real estate industry has matured: buyers hold more equity and are generally not chasing deals. This situation has created a tug-of-war between the bid and the ask, and sets up a modest – but healthy – pricing correction even as economic growth takes hold and interest rates rise globally.”

On the North American front, though trade was discussed ad nauseam, property markets in the U.S., Mexico and Canada performed well in 2018. The Mexican economy has continued to exhibit resilience in a complex environment despite the volatility and uncertainty surrounding the federal-government-transition process in Mexico and other international factors.

Across the Atlantic, despite a healthy property sector, the U.K. market remains susceptible to political risk – namely Brexit. German markets are exhibiting healthy leasing and investment demand, while a lack of product hinders stronger growth. Significant construction, industrial expansion and sustained prices are forecasted to have positive impacts in Bucharest, Romania.

Meanwhile, co-working office providers have become core occupiers in Seoul, South Korea – the location of Avison Young's first office in Asia.

CANADA

The 10-year bull market in the Canadian commercial real estate sector continued in 2018, supported by the lowest unemployment rate in at least four decades. For several months, the lack of an amicable trade deal with the U.S. was a destabilizing factor on many fronts, but the prospective United States–Mexico–Canada (USMCA) agreement removes some of the doubt. Meanwhile, new federal and provincial measures appear to have stabilized the housing market.

“Strong performances in 2017 and 2018 have led to supply constraints amid a maturing commercial real estate cycle in Canada,” says Bill Argeropoulos, Principal, Practice Leader, Research (Canada) for Avison Young. “Activity is expected to remain stable in 2019 with a general supply constraint being the primary brake on property market growth. Meanwhile, occupiers and owners will have to adjust to rapid technological advances during a period of moderating economic growth.”

According to the report, Canada's office sector remained sound in 2018, though softness persisted in Alberta. Competition for office space, especially in downtown markets, continues to underpin the sector's fundamentals nationwide. Office vacancy declined in almost every market, lowering the Canadian average to 11% near year-end 2018. A similar story is expected in 2019 although vacancy will rise modestly to 11.3% by year-end after construction nearly doubled in 2018.

Argeropoulos notes: “Toronto and Vancouver reaffirmed their presence among North America's top-performing office markets as Canadian markets captured five of the continent's 10 lowest vacancy rates.”

The report states that low single-digit vacancy characterized Canada's industrial markets. Overall industrial vacancy continued to decline, falling to a new record-low of 2.9% near the end of 2018 – and is expected to edge lower in 2019. Toronto (1.3%) and Vancouver (1.5%) posted North America's lowest vacancy rates in 2018 and are projected to rank among the tightest three markets in 2019.

Argeropoulos adds: “Canada's industrial market outperformed many observers' expectations in 2018 – and is set to do so again in 2019. Competition from the emerging recreational-cannabis industry will add to the already robust e-commerce demand this year as owners and occupiers continue to grapple with rising land costs and the eroding supply of developable land – most evident in Vancouver and Toronto.”

Retail properties remain the most unpredictable commercial real estate assets in Canada. Retail vacancy remains in flux as a lingering result of the failures of some prominent chains, while big-box chains closed underperforming locations amid the ongoing e-commerce revolution.

“The focus on creating memorable consumer experiences will endure across the Canadian retail landscape in 2019. Significant investment in technology to track millennial behaviour is being made by retailers developing and enhancing their physical locations and online market shares while seeking the correct balance in the symbiotic relationship between bricks and clicks,” says Argeropoulos.

With the final tally yet to come, 2018 was another record year of investment, exceeding the previous high of $36 billionset in 2017. Capital is abundant and, in search of higher yields, investors are looking to take advantage of landlord-favouring markets and sectors offering significant rental-rate growth.

He concludes: “Supported by relatively sound leasing fundamentals in almost every market, debt reduction and asset and geographic diversification will continue in 2019, while asset values are expected to remain elevated and cap rates low for prime assets.”

U.S.

“The U.S. market continued to provide fairly predictable returns to investors in 2018 despite some turbulence, both economically and geopolitically. The strong correlation between job growth and real estate value was again demonstrated in 2018 as the U.S. added more than 2 million jobs which, in turn, bolstered occupancy levels as well as consumer confidence,” comments Earl Webb, President, U.S. Operations for Avison Young. “Vacancy rates across all property types remain low when compared with historically similar market cycles. Capital flows into commercial property in 2018 remained roughly equivalent to those of the prior year, and foreign investors continued to be significant investors across all U.S. property types, especially office and industrial.”

Webb adds: “The property markets continued to perform well in 2018, demonstrating resilience in the face of substantial development, and total sales were on track to outpace the 2017 total volume after declining for two years from a peak in 2015.

According to the report, Avison Young is tracking 46 U.S. office markets totalling 5 billion square feet (bsf) of inventory. As year-end 2018 approached, overall national vacancy was 12.1%, down 20 bps compared with year-end 2017. San Francisco (3.5%), Charleston (7.1%), Nashville (7.1%) and Columbus (7.7%) recorded the lowest vacancy rates.

“Co-working operators are dominating U.S. office markets as tenants pay up for term flexibility, amenities and the ability to shift long-term lease obligations off their books,” says Margaret Donkerbrook, Principal, Practice Leader, Research (U.S.) for Avison Young. “Landlords are feeling pressure to renovate older properties to compete; as a result, plug-and-play speculative suites and tenant amenities, such as conference centres and lounge areas, are becoming ubiquitous. Ultimately, there will be some shake-out in the category; however, co-working will remain part of the real estate lexicon.”

The report goes on to say that retail continues to be the asset type most impacted by change even though consumer spending increased in 2018 – and experiential and service retail outlets are blossoming. E-commerce sales grew by 14.5% year-over-year. Looking forward, online grocery sales and related home-delivery services represent a nascent opportunity for both e-commerce and industrial logistics.

The 10.7-bsf industrial market inventory increased by 2% after almost 200 msf was delivered in 2018, but strong leasing demand held vacancy flat at 5%. Distribution-logistics and e-commerce demand led to upticks in construction and speculative development in many key U.S. markets, including Atlanta, Chicago and Dallas – with each having more than 18 msf underway. Overall, the U.S. construction pipeline near the end of 2018 was 19% larger than at year-end 2017, and projects underway were 32% preleased.

Beyond distribution, core data centre markets are expanding to prepare for the arrival of 5G networks; increased cloud usage by consumers and Big Data suppliers; and higher blockchain and AI adoption levels in such markets as Northern Virginia, Phoenix, Chicago, Reno and Dallas. Construction starts are cooling in some metros that are critically land-constrained such as San Jose and West Palm Beach, but most markets feature burgeoning industrial-property-development pipelines. Industrial vacancy is expected to rise slightly by year-end 2019.

Investors remained steadfast in their support of the U.S. commercial real estate market in 2018. Sales were led by the multi-family and office sectors and foreign capital continued to flow into the U.S. Canada was again the top source of foreign capital, accounting for more than $40 billion of transactions and doubling its investment in comparison with 2017. France ($8.7 billion), Singapore ($6.3 billion), China ($5.6 billion) and Germany ($4.9 billion) rounded out the top five sources of foreign investment in 2018. Foreign and private capital will continue to sustain the U.S. investment market in 2019.

“Even though year-over-year volumes were fairly consistent in the U.S., activity was uncharacteristically weighted towards the early part of 2018,” notes John Kevill, Principal and Managing Director of U.S. Capital Markets for Avison Young. “This situation was largely a product of the broader economic volatility, and we anticipate that early 2019 will bring an uptick in transactional activity, particularly with fresh lender allocations and the availability of transitional debt. Expect to see institutional investors buy smaller properties than they typically have been investing in, thereby putting pressure on the private investors who have been dominating the under-$30-million market segment.”

Webb concludes: “Our outlook for 2019 remains consistent with that for the prior year. Modest interest-rate increases by the Federal Reserve are expected, but at a much decreased pace. The U.S. economy is strong overall; and with continued job-growth-related occupancy levels healthy, that strength should be maintained. However, the supply of labour, especially skilled labour, will have an impact on operating costs as well as the cost of new construction. Technological innovation – in procurement, occupancy optimization, workplace strategy, supply-chain management and many other areas – will continue to keep our industry in an evolutionary mode.” https://constructionlinks.ca/news/avison-young-releases-2019-north-america-europe-asia-commercial-real-estate-forecast/ Established in 2003, Construction Links Network is a peer-to-peer network sharing platform for the construction, building and design community. This one-of-a-kind platform provides the tools necessary to source and distribute the latest news, videos, events and innovative products / services the industry has to offer which helps our members plan, design and build great projects around the world. #construction #building #architecture #engineer #safety #realestate #environment

[directoffices]

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[nightmare-afton-cosplay]

Developers Tell Condo Buyers: You Don’t Need to Bring Your Car

ReachNow

At Lumina, a 42-story condo building in San Francisco, homeowners pay anywhere from $900,000 to $15 million for a luxury residence with a one-car limit per unit. Alternatively, homeowners can ditch the car, get a credit of $10,000 and rent one of the building’s eight luxury cars when the need arises.

The developer, Tishman Speyer, partnered with Audi on a pilot program called Audi at Home, in which residents can use an app to rent one of the building’s eight luxury vehicles parked near the valet area. Rates run from $12 to $22 per hour, and the fleet gets about 100 rentals per month.

The program encourages occasional drivers to forego ownership and eases some traffic within the garage, says Carl Shannon, senior managing director at Tishman Speyer. “It has made it less imperative [for buyers] to have their own private automobile, says Mr. Shannon of the 656-unit building.

Luxury developers are increasingly offering car-rental and car-sharing services, as well as creative parking solutions to their residents. Touted as an amenity to upscale buyers, these services benefit developers, too, since they reduce the size of parking garages and lower building costs.

“For developers, it’s a drain on economics” to build parking garages, says Todd Runkle, an Austin-based principal at global design firm Gensler, which specializes in commercial development. “We are in a transitory period to see how much we can reduce parking.”

Gensler is also designing some parking structures with level floor slabs that can more easily to convert to office space or residential living spaces once parking ramps are removed, he adds.

Fueling the trend are municipalities—including New York, Miami and Chicago—that have eased minimum parking requirements when developers offer alternative transportation options. The goal is to reduce traffic congestion and free up street parking.

San Diego’s Pacific Gate plans to offer residents a fleet of four luxury vehicles and a boat.

Bosa Development

At 1000M, a luxury 74-story tower scheduled to begin construction next year in Chicago, developer JK Equities will provide an average 1.3 parking spots per unit, says Jordan Karlik, principal at the New York-based developer. To encourage car sharing and ease traffic in the garage, the building will provide a luxury SUV and driver to transport homeowners to places within a three-mile radius.

Scheduled for completion in 2021, 1000M will have 323 condo units that range from $557,000 to $8.5 million, based on preliminary pricing.

The SUV service will be available on a first-come, first-served basis. Anticipating that demand for the car service will be strong, the company plans to lease leftover parking spots in the garage to car-sharing services, Mr. Karlik says. Still, the units are more marketable with the in-building parking option, he adds. “People are still attached to their cars.”

Likewise, Pacific Gate in San Diego still offers two parking spaces to buyers of two- and three-bedroom units, even as it offers a fleet of four luxury vehicles and a boat. The transportation amenity is offered to draw in buyers rather than reduce parking spots, says Bemi Jauhal, director at San Francisco-based Bosa Development. Buyers “want their cars, but don’t realize they won’t use their cars,” she says.

When Lisa Haile moves into her three-bedroom condo at Pacific Gate in March, she’ll bring her Maserati but sell her luxury SUV. Owning two cars “won’t make sense anymore,” says Ms. Haile, an attorney who is relocating from a single-family home in San Diego.

Ms. Haile declined to disclose the price of her condo, but similar units in the building are listed for $2.8 million. While use of the shared vehicles is free, roughly $106 of residents’ monthly fees will go toward the transportation amenity, according to San Francisco-based Bosa Development.

At 50 West, a condo building in New York’s financial district, Birgit Gregori uses DropCar, an app-based valet service, for running errands with her husband and two teenage sons. Here, Ms. Gregori relaxes in her apartment with sons Max and Ben.

Kelly Marshall for The Wall Street Journal

Luxury rental units are offering similar perks. In Manhattan, residents at the Solaire can use ReachNow, a BMW-owned car-sharing service. The service, launched in 2015, has allowed Angeli Gianchandani to get rid of her car and a nearby parking spot that cost $700 per month. Ms. Gianchandani says the car-sharing amenity is just one of the environmentally friendly offerings of the 293-unit building, which already uses solar energy and green cleaning products. “It really played into all of the values of the building,” says Ms. Gianchandani, a marketing executive who pays about $90 per day for the service.

After moving into 50 West, a condo building in New York’s Financial District, Birgit Gregori was hesitant to part with her car, which she wanted to use for weekend trips with her husband and two teenage sons. So she uses DropCar, an app-based valet service that will park residents’ cars within 4½ miles of their building and deliver it to the front entrance at a scheduled time. The building’s developer, Time Equities, contracted with the valet startup to offer the service to residents at a reduced rate. For Ms. Gregori, DropCar is far cheaper than paying $700 a month for her to park her car in a nearby garage. In addition to valet service, DropCar offers a $15 per hour driver-waiting service. Ms. Gregori uses it when she needs a driver wait with her car when she’s hopping in and out of her vehicle for errands. “This gives me flexibility,” she says.

Birgit Gregori picks up her car from DropCar.

Kelly Marshall for The Wall Street Journal

Some developers of buildings that offer transit amenities are already seeing a downturn in parking interest from residents, says Greg West, president of Zom, an Orlando-based luxury-apartment developer. Currently, 23% of residents opt to rent at the developer’s 2,000 or so downtown Miami-based apartments without parking—a number that grows annually, he says. Zom’s parking garages are now at least 30% smaller than those in the developer’s previous buildings. Front entrances offer larger driveways to accommodate car sharing, he adds.

At one of its buildings, the developer recently turned part of an underutilized parking garage into a dog run. “We really have to think about our buildings with people arriving more often on their feet or in someone else’s car,” he says.

Some developers are getting more creative about how parking spots are used. At Centro in Miami, developer Harvey Hernandez worked with the city to allow residents to use about 300 parking spots at a nearby office building that sit empty on weeknights and weekends—exactly when the building’s residents need it most. In hurricane-prone Miami, underground garages can be especially costly to construct, he said; by avoiding the expense, he was able to keep sales prices lower for units in the building.

Mr. Hernandez spent six months negotiating with the city to demonstrate that the modification would not be a drain on nearby parking availability. It worked. Because of the competitive pricing, units “basically flew off the shelves,” says Mr. Hernandez. Centro’s 352 units, which range from $190,000 to $500,000 were all sold pre construction for nearly 20% less than comparable units in buildings with on-site parking.

The post Developers Tell Condo Buyers: You Don’t Need to Bring Your Car appeared first on Real Estate News & Insights | realtor.com®.

from https://www.realtor.com/news/trends/developers-tell-condo-buyers-dont-need-bring-car/

[charlesccastill]

CBRE Report: Tech Talent, Office Space and Top Markets

LOS ANGELES–Strong demand for skills, such as software development, hardware engineering and information security, coupled with a tight labor supply, is driving companies to locate in markets with the largest concentrations of high-quality talent, according to CBRE’s fifth annual Scoring Tech Talent Report.

While value is a key driver when it comes to choosing an office location, companies are increasingly willing to pay a premium to access the highest quality tech talent.

Overall cost variances from market to market are striking: Taking both talent and real estate costs into consideration, the “typical” U.S.-based, 500-person tech company needing 75,000 sq. ft. of office space can expect its total annual cost to range from US$24 million in Vancouver, the least expensive of the 50 markets included in the CBRE report, to US$57 million in the San Francisco Bay Area, the most expensive market.

According to CBRE’s analysis, which can be viewed in detail through the interactive Tech Talent Analyzer, the best-value markets with the highest quality of talent are Toronto and Vancouver (due in part to the strong U.S. dollar) followed by Indianapolis, Pittsburgh and Detroit.

Colin Yasukochi

“Since the cost of talent is the largest expense for most firms, the quality of that tech talent is becoming one of their most important considerations. The skills of the available labor pool do not appear to align with available jobs, causing a structural impediment to growth for companies across North America,” said Colin Yasukochi, director of research and analysis for CBRE in the San Francisco Bay Area.

Tech Talent Scorecard

Atlanta and Toronto are the big stories on this year’s Tech Talent Scorecard. Atlanta entered the top five for the first time along with traditional stalwarts like San Francisco Bay Area, Seattle, New York and Washington, D.C. Atlanta bumped Austin out of the top five, which fell back to number 8. Atlanta is one of the few large markets that maintained its fast pace of tech talent growth and has an accelerated forecast for future tech job creation, which elevated its position in the rankings.

Meanwhile, Toronto jumped a full six spots to number 6, from last year’s number 12. The elevated ranking was due to its talent employment base growing by the highest number of workers.

The rankings for the Tech Talent Scorecard are determined based on 13 unique metrics including tech talent supply, growth, concentration, cost, completed tech degrees, industry outlook for job growth, and market outlook for both office and apartment rent cost growth.

Top Momentum Markets

Tech job growth gained momentum in 28 of the 50 markets. This means job creation grew faster in the past two years (2015-2016) compared with the prior two-year period (2013-2014). The number of markets experiencing faster growth almost tripled from 10 markets in last year’s Scoring Tech Talent report.

The top 10 momentum markets included Madison, WI; Ft. Lauderdale, FL; Salt Lake City, UT; Miami, FL; Kansas City, MO; Omaha, NE; Columbus OH; Pittsburgh, PA; Orange County, CA and Sacramento, CA.

Commercial Real Estate Market Impact

The high-tech industry’s share of major leasing activity nationwide increased to 19 percent in 2017 from 11 percent in 2011—the largest single share of any industry. Accordingly, office rents are up in almost every market in the top 50 and vacancy has declined, with the biggest impact in the most tech-concentrated sub-markets.

Rent growth is most prominent in the large tech markets, with office rents in the San Francisco Bay Area two-thirds higher than five years ago. But the decrease in vacancy rates is present across both large and small tech markets. Vacancy rates in the San Francisco Bay Area and New York are the lowest of the top 50 tech talent markets, and some small markets like Madison and Nashville are not far behind.

  from Boston Real Estate http://bostonrealestatetimes.com/cbre-report-tech-talent-office-space-and-top-markets/

[mcfamrealty]

Affordable Preselling Condominium for Sale in Mandaluyong - Pioneer Heights by Cityland

Pioneer Heights is a 24-storey office, commercial, residential condominium in Mandaluyong City. It is strategically located near the on-going construction of the Bonifacio Global City - Ortigas Center link road project which aims to reduce the travel time to cities of Pasig, Makati, and Mandaluyong.

Contact: Michael Canino 09327173600 09179373514 09293785308

» Amenities include: -» Jogging Path and Children's Playground -» Administration Room -» Garden -» Swimming Pool -» Multi-Purpose Function/Event Area -» Residential/Information Area -» Residential Lobby -» 5 Elevators with CCTV -» AFSS, Fire Alarm System -» Smoke Detector -» Emergency Power Backup System -» Four Fire Exits -» Overhead and Underground Water Tank System -» Central Garbage Storage -» 24-Hour Association Security -» CCTV at the Lobby

» Available Units -» Office Commercial Space (21.31sqm) -» Studio (22.37sqm) -» Studio Deluxe (26.99sqm) -» 1 Bedroom de luxe (48.04sqm) -» 3 Bedroom (54.11sqm)

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==================================== Buying, Selling or Leasing your Properties? Need Real Estate Appraisal Services? Need Property Management Services? We can Help!!! Contact: Michael Canino, REB, REA Licensed Real Estate Broker and Appraiser PRC Real Estate Broker License No. 21484 PRC Real Estate Appraiser License No. 7252 Sun: 09327173600 Globe: 09179373514 Smart: 09293785308 Email: mcrealestateph@gmail.com Website: www.propertyguidepinas.com www.mcrealestateph.weebly.com Facebook: www.facebook.com/propguidepinas Twitter: www.twitter.com/propguidepinas Instagram: www.instagram.com/propertyguidepinas Pinterest: www.pinterest.com/propertyguidepinas ===================================

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