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Landlords are Rethinking Office Space

Commercial landlords are responding to tenant demand for more flexible office space. More companies are recognizing that a portion of their workforce do not want or need a dedicated office, much less all day every day. It appears that many offices are evolving into a place to come together in shared space for a defined time (e.g. meetings or strategy sessions), with less emphasis on "in office" time spent alone in a dedicated office.

I can see this gaining serious traction in professional services industries such as law and accounting. Firms that have the foresight to adopt this mindset will be well-positioned to attract and retain top talent seeking such arrangements. This is particularly true where the business can financially incent the workforce by sharing the cost savings from reduced overhead.

“Most people who are coming into the office are coming in for a meeting for one to two hours,” Wing said. "They don't want to have to go back to their office on the 15th floor to get that heads-down time that they had when they were at their home previously. So having those breakout spots is even going to become more crucial."

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english_joe, real estate, insights
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