A global real estate firm is expecting an office market that will heavily favor tenants within the upcoming three to five years due to excess space brought by the previous landlord driven market and the coronavirus pandemic.
Vestian, a full-service real estate firm focused on occupiers, said in this new era, there will need to be a focus on the total work plan that is outside the traditional office space market. Right now, businesses have around 30% to 50% more space than they need.
Before the coronavirus, brokers did not take into account that many businesses were practicing remote work. Instead, brokers formed space solutions for clients that had expensive, long-term and inflexible leases in cool trendy workplaces, according to Vestian.
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Michael A. Mora
Michael was born and raised in South Florida. He went to undergrad at Florida Atlantic University and earned his master's degree from the Columbia University Graduate School of Journalism. He is the crypto litigation reporter for Law.com, as well as an editor for ALM Global. You can email him at [email protected].
