We are redefining the Office, everyday.
What is an office? What does an office represent, and will offices survive in the future?
From one aging perspective, the office represents the epitome of modern work. It’s a place that houses engines driving processes and directs the flow of money. Despite the decentralization of “the office,” there still is room for growth.
In fact, the United States Commercial Real Estate market is estimated to grow at a 3.5% CAGR with a value of more than $1 trillion USD between 2018 and 2027 (2021 is the base year), according to a report from Mordor Intelligence.
Some in the industry see smaller, local offices, like ‘branch offices’ becoming normal for mid to enterprise-level companies, shifting a controlled workspace closer to ‘remotes ‘in the form of comfortable satellite locations. Indeed, could we see coffee houses owned by Ford Motor Company or Price Waterhouse in small-town America?
But with a rapid shift towards remote and hybrid environments over the past few years, 50% of company workers could be remote and outside the geographic reach of the home office.
Despite projected growth figures, lease renewals will remain a looming disturbance over the next couple of years, especially as the industry braces for a slew of non-renewals and acres of unleased, unoccupied floor space. Anyone selling into office environments has a vested interest in the commercial real estate industry because a downturn in occupancy equates to fewer computers, printers, and copiers in the field.
What should you be doing?
- Remember the satellite office – bundle products and services specifically for ‘Work From Anywhere’
- Provide unique to-the-office technology – faster internet, bigger monitors, livestream studios, talk about interactive wall displays, and digital assets not found in a household
- Embrace the Digital Nomad Culture – it’s here to stay, so continue to model and share your remote work policy and drive implementation