Newmark’s Winning Office report looks at the U.S. office market in a way that is fundamentally different from many other explanations. It nods to the pandemic wave of work-from-home and hybrid work (by mid-2024, 80% of U.S. companies offered some form of remote work), cuts total space while moving to premier quality, and the bifurcation of offices into Class A and A+ that were doing well and B and C doing … worse.
The interesting approach here is to look at submarkets and break them down into three life cycle blocks. Up-and-Coming (the childhood stage) gains attention for retail amenities, growing residential, and the possible status as the subsequent spillover for office development. The current office inventory is low at best.
Emerging-Maturing (adolescence to early adulthood) has grown in office inventory and occupancy over the last ten years. This is the stage at which Fortune-ranked companies are moving in, and neighborhoods “tend to be safe and/or affluent.” This is the most volatile category. To move to the next stage, attracting and retaining high-profile companies is required.
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