Office
Read the latest real estate industry news with a focus on traditional office space leases, office property sale transactions, new office project construction and adaptive reuse repositioning programs, and more.
Q3 2022 CommercialEdge Office Report: Demand for Coworking Continues to Drive Growth
CommercialEdge released its national office report for October, shining a spotlight once again on the reemergence of coworking spaces as a magnet for tenants, developers and investors alike. As a recent survey conducted by BOMA confirmed, office-using businesses are signaling their preference for shorter lease terms and more flexible workspace arrangements, which will allow them to quickly adjust their footprints according to their needs.
BOMA Releases New COVID-19 Tenant Impact Survey
The highlights presented in the final study relied on a series of fielded responses from more than 1,267 office decision-makers, including company owners, CEOs and other members of the C-Suite. The goal of the survey was to better understand the future financial and operational implications for commercial real estate owners and operators.
Related Secures Construction Loan for West Palm Office
Since 2020, Related has become dominant in the West Palm Beach office market, both as a developer and an owner. In terms of owned assets, the company’s portfolio includes Phillips Point, CityPlace Tower and Reflections office properties, as well as a 50% stake in Esperanté Corporate Center. Meanwhile, Related recently added a 20-story property located at 360 Rosemary to its name, in addition to announcing plans for another office construction project at 515 Fern. In fact, the company’s entire portfolio in West Palm Beach has earned it the moniker of the “Wall Street of the South” as a result of its ability to attract out-of-state financial firms.
O’Melveny & Myers Plans Move to 1301 Avenue of the Americas
Paramount Group — one of the largest real estate investment trusts in the U.S. — has announced the closing of a 15-year lease agreement with O’Melveny & Myers LLP (OMM) for 142,000 square feet of office space at 1301 Avenue of the Americas. The law firm will occupy the 17th through 20th floors in the 1.7-million-square-foot trophy tower located between 52nd and 53rd streets in Midtown Manhattan. The move is scheduled to occur in late 2024 or early 2025.
Has the New Age of Remote Work Made a Dent in the Average U.S. Commute Time?
Western U.S. cities reported the largest local drop in average commute time. While the number of remote workers in San Jose, Calif., grew from 4% in 2019 to nearly 30% of the workforce in 2021, the average commute time for non-remote workers dropped nearly 15 minutes for a round-trip commute.
Truist Joins Vista Equity & Meta at 50 Hudson Yards
Truist Financial will join a select list of tenants — comprised of the likes of Meta, Vista Equity Partners and ServiceNow — at the soon-to-be-completed 50 Hudson Yards in Midtown Manhattan. Even before construction began on 50 Hudson Yards, the building was already attracting the attention of major players. Social media giant Meta signed in 2019 and also has space at other Hudson Yards properties, while BlackRock had agreed to move its headquarters to the skyscraper as early as 2016.
Bright MLS Inks Deal for 13KSF in Bethesda
The Bethesda office space is part of a 24-acre, mixed-use development that also includes 765 apartments, 99 condos, and a 177-room hotel, as well as 80,000 square feet of additional office space and more than 40 retailers. Notably, the campus also provides access to event spaces, such as the private dining options at Owen’s Ordinary and Summer House, as well as the ballrooms at Canopy by Hilton and Pinstripes.
Flexible Workforce Demand Drives Growth of Coworking Sector
Working from home and working near home since the 2020 lockdown have sustained and even lifted the coworking scene nationwide, pegged to be the first commercial real estate sector to fall victim to pandemic physical distancing.
Expert Insights: Christine Mastandrea Discusses Texas Commercial Real Estate
For our latest expert interview, we discussed the Texas commercial real estate market with Christine Mastandrea, adjunct professor in management – real estate at the Jones Graduate School…
Kaufman Borgeest & Ryan Signs New Lease Deal for Midtown Office
Law firm Kaufman Borgeest & Ryan recently closed a 15-year lease deal at Global Holding’s 875 Third Ave. The company will occupy 27,000 square feet of prime Manhattan office space located between East 52nd and East 53rd streets, marking a significant downsizing from its current 48,000-square-foot lease at Silverstein Properties’ 120 Broadway. The move reflects a wider trend of companies adjusting their office space needs to accommodate employees’ preferences for flexible work schedules.
