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Oculus Spirit [80978]
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Commercial real estate--Whats going to happen to it?
May 17, 2021, 10:39 AM
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I was thinking about that this weekend, and FBcooch's post reminded me.
What is going to happen to that segment of business? There will be some businesses that will require those who went home to come back. But overall? My company has permanently closed 75 offices that won;t ever come back.
As I noted below--our old parent company was actually bringing people back into the office before Covid--they said there was too much lost productivity and "collaboration". Strangely, some of the big tech companies that pioneered WFH were doing the same--Google, Apple, etc.
Will office parks just become a thing of the past?
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CU Medallion [60205]
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they all become Amazon warehouse space?***
May 17, 2021, 10:41 AM
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Hall of Famer [21858]
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close
May 17, 2021, 10:52 AM
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check out micro fulfillment. dark stores.
partnering with a commercial real estate buddy in ATL on this very topic
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Oculus Spirit [80978]
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Think how many office parks there are.
May 17, 2021, 10:57 AM
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Is there that much need for highly segmented office space like that?
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CU Medallion [60205]
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in the near future, 90% of humankind will be either
May 17, 2021, 11:04 AM
[ in reply to close ] |
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delivery drivers or 400-lb work-at-home people who never leave their houses.
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Oculus Spirit [85088]
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All-In [46799]
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"condos"***
May 17, 2021, 10:43 AM
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Oculus Spirit [80978]
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I thought about that, but it won't work
May 17, 2021, 10:53 AM
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unless they raze the building and start over again. I doubt the land is worth what the owner will sell it for.
The office we closed in Raleigh was tucked into a park that was tucked into a park.
That place has been vacant for a year or better.
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Heisman Winner [105441]
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I'm not sure, but it would be nice to be able to spread out
May 17, 2021, 10:52 AM
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and not have to live near your employers City. We want to move, but to stay with this company, I need to be near CLT, Raleigh, ATL, or possibly Columbia.
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All-In [46799]
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I think Myrtle Beach has a 5 Guy's too***
May 17, 2021, 10:54 AM
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Oculus Spirit [85088]
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CU Medallion [59974]
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Re: Commercial real estate--Whats going to happen to it?
May 17, 2021, 11:09 AM
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My neighbor only does commercial and he says there is zero good inventory out there right now. He still has two Range Rovers in the driveway tho.
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Oculus Spirit [80978]
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With as many people WFH as there are, what is happening to
May 17, 2021, 11:26 AM
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the business real estate that people don't need to go to any more?
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All-In [26676]
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I’ve heard that my company is “reevaluating” their space
May 17, 2021, 11:29 AM
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requirements. Probably will not be renewing leases here and there depending on customer requirements. I’m embedded with a government customer though, and their bean counters have been loving the cost savings of not having people in. No idea if/when I will ever see the office.
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All-In [34533]
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its going to be bad. Warehouse supply company (Grainger-
May 17, 2021, 11:47 AM
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like) beside my bidness just shuttered all 90 branches. Boom...gone. They say theyre business is good and even hiring more people.
It could get fugly.
Comm RE people have made a killing thru the years.
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CU Medallion [55659]
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Time will tell. Real estate in general is crazy right now.
May 17, 2021, 11:50 AM
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In a year or two things will settle down and we will see what it really looks like. Hard to say now.
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All-In [34533]
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yer almost as bad as tiggity....;)***
May 17, 2021, 11:52 AM
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