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What will become of commercial office space as the digital age strengthens
Posted on 8/10/20 at 5:11 pm
Posted on 8/10/20 at 5:11 pm
- Zoom meetings
- Fiber gigaspeed internet at home
- 5G cell capability
- paperless offices
The need for large commercial office space will inevitably go the way of many box retail stores, and we are going to see a huge paradigm shift in that world.
The question then becomes what to do with the vast amount of commercial office space no one will need/want.
My opinion: Many municipalities will buy unwanted commercial office space for pennies on the dollar to use as mental health facilities, halfway houses, rehab facilities, government assisted homes for elderly, co-op type living environments, etc...
The biggest non story of Covid is what it forced companies to recognize, that large corporate commercial office space was unnecessary for many industries. While certain businesses will no doubt still require that footprint, many will realize how many "day to day" essential employees are needed at a central location and many more can work fast and effectively from home.
This is yet another turning point in the digital revolution.
- Fiber gigaspeed internet at home
- 5G cell capability
- paperless offices
The need for large commercial office space will inevitably go the way of many box retail stores, and we are going to see a huge paradigm shift in that world.
The question then becomes what to do with the vast amount of commercial office space no one will need/want.
My opinion: Many municipalities will buy unwanted commercial office space for pennies on the dollar to use as mental health facilities, halfway houses, rehab facilities, government assisted homes for elderly, co-op type living environments, etc...
The biggest non story of Covid is what it forced companies to recognize, that large corporate commercial office space was unnecessary for many industries. While certain businesses will no doubt still require that footprint, many will realize how many "day to day" essential employees are needed at a central location and many more can work fast and effectively from home.
This is yet another turning point in the digital revolution.
26
Posted on 8/10/20 at 5:13 pm to ItNeverRains
Still plenty of hard headed managers out there who will force people into an office 5 days/8 hours.
Some kind of hybrid would be a nice future. Some days in office, some days mobile/work at home.
Some kind of hybrid would be a nice future. Some days in office, some days mobile/work at home.
Posted on 8/10/20 at 5:13 pm to ItNeverRains
Porn studios
Posted on 8/10/20 at 5:14 pm to ItNeverRains
Amazon warehouses
Posted on 8/10/20 at 5:14 pm to ItNeverRains
Urban downtown offices will be ghost towns very soon.
Posted on 8/10/20 at 5:16 pm to ItNeverRains
Good question. I've spoken to a few companies the past couple of months who have significantly reduced their office square footage. I don't see a reason for most companies to ever increase their office space to pre-Covid sizes.
Maybe there will be a run on night clubs.
Maybe there will be a run on night clubs.
Posted on 8/10/20 at 5:16 pm to yaboidarrell
quote:
What will become of commercial office space as the digital age strengthens
Amazon warehouses
This is my guess. They will just use them as warehouses and storage.
Posted on 8/10/20 at 5:17 pm to ItNeverRains
Condo space for high capacity government housing
Posted on 8/10/20 at 5:19 pm to ItNeverRains
quote:
What will become of commercial office space as the digital age strengthens by
Ask China. I thought those bastards owned everything now...
Posted on 8/10/20 at 5:20 pm to ItNeverRains
I fear this will lead to a quicker degrade of the downtown "office areas" of mid to larger size cities. Many organizations will eventually realize that although some workers are less productive at home, the savings on space, utilities, security, etc., offset the loss of productivity.
Downtown Jackson, MS already has several vacant buildings and pedestrian traffic has steadily decreased over the past 25 years. Jackson's downtown, one of the few decent areas left in the city, will hit the skids even faster.
Downtown Jackson, MS already has several vacant buildings and pedestrian traffic has steadily decreased over the past 25 years. Jackson's downtown, one of the few decent areas left in the city, will hit the skids even faster.
This post was edited on 8/10/20 at 5:21 pm
Posted on 8/10/20 at 5:21 pm to Breesus
quote:
Condo space for high capacity government housing
Posted on 8/10/20 at 5:22 pm to OWLFAN86
quote:
Condo space for high capacity government housing
Posted on 8/10/20 at 5:23 pm to ItNeverRains
Prisons for Antifa.
Posted on 8/10/20 at 5:23 pm to ItNeverRains
Read an analysis in a commercial appraisal recently that actually noted that the impact to office space may not be as drastic as some are anticipating. In summary, we may see a move away from the European style cubicle farms and back to more dedicated, separate office space as a result of this situation. This would result in a need for a larger footprint per worker, partially offsetting a reduced on-site workforce.
Personally, I’ve been working from home since March and can’t wait to get back into my office - even if it is a cubicle farm. I’m not cut out to work from home 7 days a week.
Personally, I’ve been working from home since March and can’t wait to get back into my office - even if it is a cubicle farm. I’m not cut out to work from home 7 days a week.
This post was edited on 8/10/20 at 5:28 pm
Posted on 8/10/20 at 5:24 pm to Breesus
quote:quote:
Condo space for high capacity government housing
Posted on 8/10/20 at 5:26 pm to ItNeverRains
If I were selling real estate I'd go work where there are good schools and quality internet infrastructure. Those are the only things left to worry about.
Posted on 8/10/20 at 5:28 pm to ItNeverRains
Many businesses and employees are finding working from home is not that great. Many of my friends who have been working from home are ready to get back in the office.
Posted on 8/10/20 at 5:28 pm to ItNeverRains
I feel like this has already happened in many cities. Downtowns became vacant in many cities decades ago. Look at the Rust Belt.
I think it’s a cycle, and different cities are in different parts of the cycle. You’ve seen revitalized downtowns in places like Pittsburgh, and Detroit on a much lesser scale. I’m going to guess that the growth in downtown Detroit is not your average office building that will suffer from Covid. Locally owned businesses may not survive, but will be replaced with more locally owned businesses. Hotels will survive, as will banks.
I think the impact will be felt more in a place like SF, Austin, Seattle, etc. Those cities might experience a downward trend in urban occupancy. Unless there’s a quick plan to turn things over, you can foresee a major issue with squatters and crime.
I think it’s a cycle, and different cities are in different parts of the cycle. You’ve seen revitalized downtowns in places like Pittsburgh, and Detroit on a much lesser scale. I’m going to guess that the growth in downtown Detroit is not your average office building that will suffer from Covid. Locally owned businesses may not survive, but will be replaced with more locally owned businesses. Hotels will survive, as will banks.
I think the impact will be felt more in a place like SF, Austin, Seattle, etc. Those cities might experience a downward trend in urban occupancy. Unless there’s a quick plan to turn things over, you can foresee a major issue with squatters and crime.
Posted on 8/10/20 at 5:29 pm to Zappas Stache
quote:
Many businesses and employees are finding working from home is not that great. Many of my friends who have been working from home are ready to get back in the office.
This too. There’s many distractions with working from home. Lots of people want a break from their home life.
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