REBusinessOnline

Tenant-Focused Approaches Fuel Leasing Growth Within New Jersey’s Suburban Office Markets

By Mark Meisner, president and founder, The Birch GroupFor many years, corporations have been rethinking their office space utilization, both in terms of square footage per employee and various configurations that allow employees to collaborate and thrive within office settings. As we look ahead to the return to the office, we are already hearing that corporate culture, the sharing of ideas and training of new hires have become driving forces in getting people back into the workplace.At …

Industrial Companies Drive Boom in Milwaukee Office Growth

By Andrew Jensen Jr., Cushman & Wakefield | Boerke Milwaukee was once known as a city of industries and beer, the hometown of Allen-Bradley (now Rockwell Automation), Briggs & Stratton, Harley-Davidson, Johnson Controls, Master Lock, Rexnord and, of course, the Miller, Pabst and Schlitz brewing juggernauts. Today, Milwaukee’s economy is more diversified, and its industrial companies are quieter and not as flashy. But the area’s industrial firms are still central to its success and …

Solid Fundamentals Uphold Lincoln Real Estate Market

By Tom Graf, NAI FMA Realty Over the past decade, Lincoln has experienced sustained growth and earned a reputation as a place to be in the Midwest. Its low unemployment, stable economy, low cost of living, prospering tech scene as well as lifestyle and entertainment fitting of a big city with the feel of a small community has insulated Lincoln better than many cities of its size. Perhaps this is most compelling with the number of cranes spotted in the skies back in 2008 and again in 2020. …

Getting Ready To Return To The Office Increasingly Means Getting Scientific

By Rich Gottlieb, president and COO, Keystone Property GroupWhile executives have differing perspectives on the future of remote work in a post-COVID-19 environment, most (52 percent) are targeting a return to the office in the second half of 2021, according to a recent survey of Fortune 500 executives.Based on the responses of survey participants, vaccine availability (51 percent) and improved COVID-19 therapeutics and treatment (14 percent) are the clear determining factors in their …

Tenant Negotiating Power, Flexible Work Routines Prevail in Central/Northern New Jersey Office Market

By David Simon, SIOR, COO, NAI DiLeo-Bram Having recently surpassed the one-year mark since COVID-19 reached the United States, we can now better assess the pandemic’s impact on our local office market. Reviewing a year of data and market activity helps paint a more detailed picture of where things stand currently and may be headed. The overall direct vacancy rate for the combined counties of Essex, Middlesex, Morris, Somerset and Union New Jersey has risen 120 basis points since the start …

Tenants, Landlords Analyze Future of Chicago’s Fulton Market District

By Allen Rogoway, Cresa Chicago Over the past seven years, the Fulton Market office submarket has changed the landscape, and boundaries, of Chicago’s central business district (CBD) and what a “live-work” ecosystem can look like. Whereas the River North office submarket evolved over 30 years to become a low-cost alternative to the Loop for creative, boot-strapped companies requiring mostly small footprints, Fulton Market was developed for tech-centric, multinationals willing to pay …

The Future of Chicago’s CBD Is Slowly Coming into Focus

By Jeff Mulder, Colliers International Chicago By now, we all know that the COVID-19 pandemic has wreaked havoc across the world, affecting life as we knew it in the most unexpected ways. Our business, the business of office space, has been hit hard as companies almost instantly deferred or canceled real estate decisions and switched to work-from-home. The average occupancy of buildings in Chicago’s central business district (CBD) is currently 8.2 percent, according to the Building Owners …

Despite Current Pain, Long-Term Needs for Office Space Won’t Disappear in Houston

By Dustin Devine, vice president, Avison Young In 2020, COVID-19 further compounded the issues Houston’s office market was facing with depressed oil and gas prices. With many office users implementing work-from-home policies — although a shift back to the office is in progress — and minimal business travel, there was weak demand for office space in 2020. Houston’s office market is expecting a resurgence of sorts beginning in mid- to late-2021 due to increased vaccine rollouts and …

Metro Detroit’s Office Market Outlook Varies for Different Submarkets

By Steve Eisenshtadt, Friedman Real Estate 2020 was a challenging year for the office market. The pandemic caused record-high unemployment earlier in the year. Offices were forced to close, and employees quickly learned to work remotely since March. The office market in metropolitan Detroit ended 2020 with an 18.4 percent direct vacancy rate and 19.5 percent when adding in available sublease spaces, which increased to over 1 million square feet throughout the metropolitan area.[caption …

Will 2020 Be A Year to Remember or Forget for the New Jersey Office Market?

By Jonathan Glick, executive vice president, Sheldon Gross RealtyProjecting future trends is always challenging, particularly when you’re attempting to do it during a global pandemic.But to date, several promising signs suggest that New Jersey’s office market is moving in a positive direction —sluggishly and bumpily, perhaps — but in an encouraging direction nonetheless. Newly delivered projects can provide insight on where the Garden State’s office market is headed in terms …

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