Shifting tastes and preferences about where we work
Now, if you’ve never hired a commercial real estate broker in Atlanta to represent you do not fear. Here at The Office Advisors, we were able to navigate the uncertain times and tasting preferences of consumers and office users. Whether you are a startup or a well-established organization one thing is certain. You need a place to conduct business. Whether that is from your home office or a traditional location. People need a space where they can work from. And if you were going to be signing the lease is important to have a market professional on your side. Many companies have chosen correctly to work with The Office Advisors. We are not a traditional commercial real estate broker in Atlanta. Things are different and the way we operate is all about your needs. Visit our website to learn more and get in contact with us. www.theofficeadvisors.com
Furthermore, paste and Trends change. As well as the market rates of what you are paying. Having a commercial real estate broker in Atlanta on your side can save you thousands. If not Millions over the long term of your lease. When it comes to negotiations The Office Advisors has your back. With sharp negotiating skills and Industry knowledge we are able to navigate the complexities of a lease. Many times real estate professionals do not do everything they are able to. As well as not living up to the promises or expectations of their clients. Therefore it is important to have someone on your side who can represent you.
History of the Suburban office
In the early 2000s, we saw a new trend in the office. Many developers, as well as businesses, started moving their locations and employees to the Suburban Office Market. When traditionally these locations were small single-tenant or multi-tenant buildings under 10,000 square feet. In the early 2000’s we saw the rise of Class A office Towers being built in the Suburban markets. This was its reaction to crime in cities as well as the trend of most employees moving to these areas. Workforce retention is a topic that companies wanted to focus on. They started listening to their employees.
Moreover, the complaint that many of the employees had was the long commute to work. With the majority of them do not live close to the office due to a myriad of reasons. Traffic was a major concern. Studies coming out showing how much time is wasted and money lost on the work day. Traffic was a major concern so the commute was shortened. This is why the rise of the Suburban office saw a pop in the Early-2000s.
However, with the crash of 2008, the crash of the Suburban Office Market happened as well. Cities started seeing a boom in Millennial populations moving up as well. Therefore the shift happened back to the major office markets and Commercial Business districts of large cities. The large influx of millennial Workforce and high-tech companies seem to be driving this Factor. Cities pounced on it and allowed more construction of strictly Office Buildings end of their markets. With tech companies being large users of square footage as well. Some of these buildings became single tenants. so you saw the decline of the Suburban office and many of these buildings began to be demolished or repurposed. Some of them have sat vacant for years. Now the tide seems to be slowly trending back in its favor.
Current market landscape
With the pandemic, office leasing came to a screeching halt for the most part. Especially in major cities where population densities were high. However, with the majority of the workforce being at home are starting to work from home things started shifting again. Even though many workers said they would rather work from home traditional office space is still required. A large number of Corporations have declared they are going to a hybrid work model. Meaning that some of their employees will be working from home during the week and then required to be at the office for a certain number of days.
Furthermore, the hybrid type work model is showing a massive aversion to major cities. with traffic still a major concern and long commutes for the employees. The corporations are choosing to go back to the Suburban office model. Especially in some class A suburban Office Buildings. In order to keep workforce retention High and loss of time in traffic down. having a commercial real estate broker in Atlanta that can navigate you and your company to the correct office space is imperative. Especially when you are trying to weigh your workforce’s needs and the ability to work. Having a traditional office is key to success for many types of companies.
who is bullish on this?
Workspace Property Trust and the Singapore Sovereign fun have teamed up to purchase over 53 Class A suburban Office Buildings. They have done this on a portfolio that is valued at 1.13 billion dollars. They’re betting on the increased hybrid work and the number of young adults leaving cell cities. Many of these adults who flocked to the cities as college graduates have since married and started families. Therefore, they are moving back out to the suburbs and surrounding areas.
With this acquisition of workspaces, the footprint expands to roughly 18 million square feet. They now own and operate Suburban Office Buildings in 14 metropolitan areas. This, of course, includes Atlanta Dallas Florida Phoenix Houston Portland Oregon Seattle Minneapolis Chicago Philadelphia, And St Louis. is important to note that many of these location side boom in population growth due to the pandemic.
According to one of the firm’s Representatives, they have seen a 7% increase from the first quarter of 2020 in Suburban office rents. This is why they are betting so much on this and see it as a smart investment move. If a firm who is sophisticated as this hired a broker to represent them. Doesn’t it make good just business sense to have a commercial real estate broker in Atlanta for you?
Now, we make it as simple as possible for you to reach us. Don’t work with just any commercial real estate broker in Atlanta work with the best. The Office Advisors focus on you and your long-term approach. Therefore, we are able to assist companies of all shapes and sizes. Don’t hesitate to begin a real estate attorney today.
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