The long history of real estate ownership has always involved risk management. But now -- with the onset of the COVID-19 pandemic -- there’s a need to re-examine the critical importance of risk management as it relates to commercial real estate.
The economic disruption caused by COVID-19 will require many companies to revise their short- and long-term business plans, which is likely to impact current and future real estate needs. For some occupiers, market trends could lead to a temporary or permanent expansion; for others, a reduction or consolidation of space may be warranted.
The “new office” is coming. In the post-COVID-19world corporate offices will likely be cleaner, roomier, quieter and potentially more desirable due to the reconfiguration and innovation of available space. Commercial offices paired with new tools and concepts will lead us to a more efficient and productive marketplace, one that will be better for the environment and the communities we serve.
The office landscape and workforce has seen a dramatic transformation in the last decade: open layouts replaced large cubicle footprints; daily work schedules are less "scheduled" and more digital and flexible; and in-person assemblies are now virtual gatherings. Leading this charge is technology.
While fears of economic decline kept some industry insiders on a cautious path throughout 2019, the U.S. economy is showing signs of maintaining relative stability throughout 2020 — with the commercial real estate market appearing to follow suit. Rod Richerson, regional president, Western United States of KBS, reflects back on 2019 and explores the possibilities for the year ahead.
A lot of buzz is being generated these days around the importance of sustainability. So much so, that headline-grabbing efforts, including the rise of environmental activism and the surge in climate-change advocacy, have inspired builders and tenants to strive for greater energy efficiency. It’s a trend that continues to gain crucial momentum.
Today, the thought of commercial real estate elicits visions of concrete-and-steel-laden structures. While the use of traditional materials continues to play the largest role in construction, timber, brick and other renewable natural materials have captured the imaginations of eco-conscious architects and tenants looking to break free of the conventional office space.
An office building’s amenity package can be a market game-changer—separating the ordinary from the extraordinary—the difference between robust occupancies and discounted rents to lure tenants. It’s a competitive factor that cannot be neglected.
The technology and digital sphere is a hyper-connected game in which we are all active players. How many times today did you use your smartphone or tablet to send a message, browse the web or simply take a picture?