Changes in the way we work and how we plan our workspaces could redefine the commercial real estate market, according to Alan Kleber, managing principal at Cresa South Florida.
“It is common knowledge that tenants are planning more dense work environments and the days of rows of private offices are going the way of the fax machine. This is producing two results that the ‘existing’ supply side is struggling with,” Kleber told Globe St. “First, tenants have higher parking ratios and existing product in as-is configurations cannot accommodate. Second, floor plate design-deeper bay depths are growing in importance.”
However, Kleber says that we’re in an equilibrium environment, with neither landlords or tenants having the upper had.
“The office market is highly nuanced as there are many factors driving both landlord and tenant motivations and thus deal structures,” he said. “I have been in the business long enough to know a crystal ball does not exist” [GlobeSt.] – Christopher Cameron