Is Remote Work the “Netflix” for office buildings?

Jim Kramer on CNBC Squawk Box recently rhetorically asked: will this mandated “work from home” be the Netfix for office buildings as Netflix was for movie theatres?  I don’t think the analogy fits.  Pre-COVID 19, tenants were laser-focused on collaborative spaces, amenity rich buildings all to foster company culture.  I don’t see how technology can replace the human experience.  Instead, I think we’ll see more of an evolution (versus revolution) of the workspace, including work from home as part of the strategy.

As Bisnow recently reported, CoreNet Global’s April 28, 2020 survey of corporate real estate professionals found that 69% of companies are planning to reduce their office foot print after the recent forced work from home experiment. By contrast, former Google CEO Eric Schmidt on a recent “Face the Nation” interview predicts that office space will be in greater demand due to social distancing and more smaller offices in a “hub and spoke” format.  I question, will the appeal of remote work still be attractive to employees after this pandemic passes and they have a choice?  While the jury is out on the long-term implication of remote work, in this post, I address the Pro’s and Con’s and what policies companies should consider implementing to have an effective work-from-home (“WFH”) strategy.

Subtenant’s Guide to a Great Deal

Looking for a great deal on office space?  A sublease may be the answer.  Subleases are often attractive to businesses as they offer a low cost, flexible, turnkey solution.  Start-up companies and established companies can find subleases to be a great opportunity.  They are, however, not without challenges and risks.  In this post, I discuss the advantages and disadvantages of subleasing and how businesses can navigate the sublease process to get a great office space that will help propel their business.

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