Daniel Ceniceros’ Post

Planning and designing office space is shifting irrevocably to use-based demand instead of headcout-based demand. What also has to be completely reimagined is how Office Services needs to function in a new paradigm. Current Office Services is largely transactional, fulfillment of services in a static service design based on how the building is now fitted up. Can Office Services become a true support partner of productivity and culture-making activities in the firm? I believe it can and should.

Think per-worker office footprints are shrinking across the board? Think again. Here's why a more nuanced understanding of regional occupancy can help real estate teams turn critical dates lease meetings into data-driven strategies. As the patterns of office occupancy shift, having data to support lease decisions is going to mean a world of difference. And as Greg Fogg of Cushman & Wakefield points out, use-based demand and headcount-demand are crucial in deciding how much space to lease. CoStar Group #data #occupancy #spaceplanning

At the end of last year, nearly 1 in 5 commercial offices stood empty, marking the highest office vacancy rate in over four decades, a situation exacerbated by the pandemic and the shift towards remote work, according to Moody’s Analytics. This escalating vacancy crisis poses significant concerns not only for urban downtowns, which rely heavily on daily commuters, but also for suburban areas where office spaces, though more isolated, are vital for local tax revenues. The trend underscores the challenges facing both city centers and suburbs as they adapt to changing work patterns and economic landscapes. https://hubs.li/Q02n2Rx50

Remote and Hybrid work is taking a toll on office space. This visual gives us some great insights into regional trends #remotework #hybridwork #officespace https://buff.ly/45nEJVV As of March 2023, the vacancy rate for U.S. offices nationwide has reached an average of 18.6%. This indicates a growing number of empty offices in major cities across the country. San Francisco has been hit the hardest, with a staggering increase of 19.8 percentage points in office vacancy rates over a period of just three years. Although other cities like Austin, Columbus, and Raleigh-Durham have also seen significant increases in office vacancies, this may be due more to oversupply and new construction rather than a decline in demand.

Offices around the country are slowly but steadily seeing workers return. According to a new set of monthly office occupancy data, offices are increasingly busy, with “busyness” up in 28 of the 41 markets being tracked compared to 2023 levels. Some markets, like Manhattan, Washington D.C., and San Francisco, are seeing double-digit increases in activity compared to this time last year. These figures run counter to the fears many had during and after the pandemic that empty office buildings would never refill. While office leasing is down compared to pre-pandemic times, the offices that are occupied are being used more and more. #labor #business #labour #work #employees #employment #corporate #trends #enterprise

Last week’s office occupancy peaked again on Tuesday at 62.3%, according to Kastle’s 10-City Daily Analysis. Of all 10 cities tracked, Austin, Texas had the highest single day occupancy at 79% on Tuesday. Philadelphia set a new occupancy record at 50.7%, which, while more than 28 points behind Austin, still broke the halfway mark. Friday was the lowest occupancy day at 32.5% of its pre-pandemic level — a nearly 30-point gap from Tuesday’s high. However, the gap from the highest occupancy city to the lowest on Friday is much smaller, from Austin’s 37.3% to New York’s 27.6% occupancy. Friday remains the lowest occupancy day of the week across all 10 cities.

Office occupancy rose 1.4 points to 51.8% this past week, according to Kastle’s 10-city Back to Work Barometer. Nearly all tracked cities experienced increases in occupancy. East Coast cities saw major increases in occupancy as they recovered from the previous week’s weather interruptions — Philadelphia rose 4.2 points to 43.3%, and New York rose 6.6 points to 49.7%. Only San Francisco and Los Angeles saw declines, falling 1.9 points to 44% and 0.7 points to 46.4%, respectively. The weekly average high was Wednesday at 61% occupancy, and the low was Friday at 33.3%.

Office occupancy was 51.1% this past week, according to Kastle’s 10-city Back to Work Barometer, dipping just half a point from last week. Six of the 10 tracked cities experienced decreases, while three of the cities that increased reached post-pandemic record highs. Washington, D.C. rose 0.1 points to 49.6%, Chicago rose 0.3 points to 55.9%, and Dallas rose 1.3 points to 56.3% occupancy. The weekly average high was Tuesday at 60.1% and the low was Friday at 34.1%.

Nice piece on what Chicago is doing to evaluate and prevail thru rising office vacancies in the loop. My personal opinion is that the office will never die, in person collaboration and the ability for teams of people to meet face to face are a necessity to forward progress. However, with gained efficiencies of remote work for certain positions and work types there is a definite need to convert some vacant space into other uses. One thing that I do know is that Chicago is a great city with great people and that it will prevail one way or another. Question remains how to accomplish this feat quickly, cost effectively and for the betterment of all. https://lnkd.in/gTdxYfzE

While many U.S. cities are witnessing a decline in demand for office space due to the rise of remote work, #ClarkCounty is painting a different picture. Office vacancy rates in our region remain lower than traditional levels, which experts credit to several competitive advantages. Southern Nevada offers a tax-friendly environment, a growing population and a strengthening economy, making it an attractive business hub. Employers in our community are investing in new and improved office spaces to attract and retain talent, sending the demand for modern Class A buildings soaring. As we continue to expand and diversify the Southern Nevada economy, we’re seeing businesses in a range of industries shining #BrightBeyondTheLights. Read more from Vegas Inc.: https://lnkd.in/g7h8XbP2