Whether investing in new commercial property or leasing out office space, it is important for building owners to understand fact versus fiction with regard to current market trends. There are a lot of ideas out there that are simply not true. Before being led astray by myths about the current market, professional office space services offer the following tips to debunk some of the more common and less correct ideas.
Myth - Demand for Office Space is Dying
Of all the myths, this is probably the most incorrect. While it is true that the need for office space in different areas has continually fluctuated with the increasing popularity of remote work, companies still need and continue to seek brick and mortar locations. Virtual connectivity gives companies and their employees greater flexibility in today's world; however, very few companies can go to mobile-only. Personal interaction is still an essential part of most jobs and as long as it is, the need for actual work spaces will remain.
Myth - Co-Working is Taking Over
Co-working, which is the renting of smaller and fully-equipped office space services inside larger buildings, has definitely become popular these days, especially among startups and self-employed freelancers. These types of spaces do offer many benefits and fill an office space niche; however, they are not by any means taking over the leasing market. Most of these lease arrangements are short-term and in actuality, they are not as efficient for building owners or lessees who tend to move on to something more permanent and efficient as the startup grows.
Myth - Nobody Wants Suburban Space
Urban locations have always been very desirable, especially to certain employment groups like today’s millennials; yet these are not the only people or companies out there. While some companies are looking to attract more millennials where an urban location is more important, other more established companies still prefer having locations just outside the city. Urban markets may be growing, but commercial office space services find that most suburban markets just beyond these areas are also thriving.
Myth - Everyone Wants an Open Office
The open office design took the commercial market by storm a few years back; however, the truth is that these layouts do not work for everyone or all companies. Employees still need privacy and places where they can work with minimal distractions. Even with an emphasis on providing more collaboration space and reducing cubicle numbers, very few businesses that try the open layout idea stick with it for very long. Instead, companies are focusing on improvements that offer the most efficient use of space based on the way their employees work. Today this often includes both private and collaboration space.
It is important that those who own or invest in office space learn what is really happening in their local commercial market before making any financial moves. There is a lot of hype today about things like open floor plans and co-working solutions; however, this hype represents only one side of the leasing story. Learn the facts from professional office space services who are knowledgeable in their market and can help owners and investors make the most sound real estate decisions!