Death of the office building11th January 2021
Side note, are these too morbid of blog titles? Perhaps
I have said something for years, ever since I joined my new EXP realty firm, international real estate company. I fully understood that virtual work would begin to grow, maybe exponentially grow.
Many of those who work in offices five days a week have a few confessions. With the right kind of business the employees could do what they do in less time, and many of the employees could do what they do working from home the majority of the year. AND would be happier NOT going into the office.
With the effect of the pandemic full-time stay at home workers went from 2% to 40%. Some businesses are seeing very little if no drop in business performance or efficiency. These businesses, many times, have brick and mortar offices to function. There are already structures in place where you could reduce the use of an office building to one or two days per month. Many businesses will see this as a successful way to run their operation and create significantly less demand for larger office work spaces only to be used within those time increments. These huge office complexes will then have to offer their space for less time but more businesses.
This will reduce the demand for a huge number of business spaces. Because of this tons of office spaces will begin to close and be repurposed for other necessary companies that don’t exist in as great numbers.
I am expecting a lot of these office complexes, because the way they’re built and the grounds, that they would be easily converted to age restricted living spaces and additional versions of retirement and assisted living communities.
Those communities will have additional medical on site like general practitioners and doctors who live within the community or at least work within close proximity. It seems like a perfect way to evolve away from one demand to another.
Who knows a massive developer?