By Joseph Woodbury, co-founder, CEO, Neighbor Over the past two years, millions of Americans have drastically altered their work styles and consumption behaviors, which has resulted in commercial landlords, property owners and real estate portfolio managers adjusting their operating strategies. Many businesses of many sizes are capitalizing on hybrid or remote work models by reducing their office footprints and reevaluating real estate needs moving forward. During the first quarter of 2021, U.S. office vacancy exceeded the amount of space that was leased by 34.8 million square feet, according to analysis from The Wall Street Journal. The residential side of the real estate industry has demonstrated that people’s relationship with space is changing. Whether they can’t find a home large enough to fit all of their belongings or they need room for a home office, people are running out of space. Likewise, retailers are continuing to respond to market shifts by growing their omnichannel sales platforms. While this typically involves investing more heavily in digital marketing and sales programs, some retailers that started exclusively as e-commerce brands, like Wayfair and Amazon, are also opening brick-and-mortar stores. As demand for commercial and office space is decreasing and the consumer desire for “flexible space” is …
