Vacant to Value

How to turn your vacant office into a place that supports your workplace strategy.

FLIGHT TO QUALITY

Cities all over the US are evaluating the state of the real estate market amidst the pandemic. According to the Q1 Office Insight research report, Pittsburgh was found to have a record high in office building vacancy at 21.8%.

It was reported that one of the biggest trends driving this increased vacancy rate is "flight to quality." The term connotes a pandemic trend where most office deals feature a company seeking higher-quality office spaces with less overall square footage.

With reduced workforces and hybrid work strategies more prevalent, companies understand that they do not need the same amount of square footage as they did in 2014. They are opting for less office space to be more efficient and to foster an intentional work culture that prioritizes efficiency, collaboration, and flexibility. - Forecasting the Future of Pittsburgh's Commercial Real Estate.

WORK+LIVE+PLAY

Another component of flight to quality is the prioritization of amenity-rich office buildings. Such amenities can include proximity to major transportation hubs, parking spaces, state-of-the-art fitness centers, popular retail hospitality options within or near the building, access to running or biking trails, outdoor patio space, ample natural lighting, and so on. Less office square footage with more work-live-play options for workers is the predominant trend for companies seeking new office space.

On May 5, the World Health Organization announced that the COVID-19 pandemic was officially over, offering a clear signal to companies and workplaces to settle on a long-term workplace strategy. Recent worker population data shows a return-to-office trend emerging, and we can expect the flight-to-quality trend in amenity-rich, high-quality office buildings to continue. - Forecasting the Future of Pittsburgh's Commercial Real Estate.

LET'S GET STARTED!

So how and where do you start? Reaching out to us is one way! Our services include working with real estate brokers to help find the right space for your company and your employees. We work through test-fits to determine the amount of square footage you need and then evolve those test-fits into floor plans that illustrate how you fit in the space. We consider the workplace strategy to determine if less square footage is needed considering shared spaces and hybrid work schedules (read more about this here!)

Contact us today to start the discussion of how we can help turn your vacant office into a place that supports your workplace strategy!