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New Uses for Office Buildings: Life Science, Medical and Multifamily Conversions

 

 

originally published by Emil Malizia, Ph.D., CRE for NAIOP Research Foundation

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Six Ways to Reduce Risk on Office Construction Projects

 

originally published by MICHAEL CASOLO for NAIOP National with permission to repost.

Construction Pic

The right design may be the key to achieving the flexible, experiential physical workplace of the future – but it’s only half the battle. Even the most flawless blueprint requires seamless construction delivery to unlock its maximum potential.

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Could Your Building Help Meet the Soaring Demand for Lab Space?

 

originally published by JEFF JANICEK AND JASON UTAH for NAIOP National with permission to repost. 

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Lab sciences are one of the most talked-about sectors in real estate right now – but how can a traditional office building owner court these companies as tenants? By understanding what lab sciences leaders look for in potential lab and office space, commercial real estate owners can determine whether their buildings might be prime candidates for this dynamic market.

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Flex Space Emerging as Long-term Office Market Trend While Transactions Overtake 2020 Sales Volume

 

originally published by IRINA LUPA  for NAIOP National with permission to repost.

Flex Office

While the past two years have been marked by considerable speculation around the future of office-based and remote work, there is no uncertainty around the fact that companies will still need physical spaces for training, collaboration, and culture building. Considering the changing nature of these activities, a trend has been gaining ground to keep up with demands: flex space.

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Designing the Experiential Workplace of the Future

 

originally published by MICHAEL CASOLO for NAIOP National

Office Pic

COVID-19 revealed to the world that work is no longer a place we go – it is an experience we shape. Returning to the office as it used to be may seem pleasantly simple, but that would leave a historic opportunity on the table. Far deeper value lies in designing the office anew – this time, with the human experience front and center.

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Forecast Office Absorption Surges to Positive Gains

 

originally published by NAIOP Research Foundation with permission to repost for NAIOP Charlotte

The NAIOP Office Space Demand Forecast

Forecast Absorption Surges to Positive Gains in Q4 and Beyond

The NAIOP Research Foundation has published the NAIOP Office Space Demand Forecast for Q4 2021.

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Hybrid Goals? Reinventing the Office, Faster and Better Than Before

 

originally published by MICHAEL CASOLO for NAIOP National

Hybrid Office Pic

Workplace changes resulting from the COVID-19 pandemic are sweeping us forward into an era of hybrid work, giving businesses a historic opportunity to rewrite the workplace rulebook.

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Vacancy Rates at Less Than 15% and a Rise in Average U.S. Office Listing Rates

 

originally published by COMMERCIALEDGE TEAM for NAIOP National

Office Pic

The Delta variant of COVID-19 has continued to delay the return-to-work plans of many companies. Still, rising vaccination rates and declining case numbers have provided hope for many companies. Anyone worried about the future of office work can look at the continual investment of big tech into the industry to feel confident that offices are far from a thing of the past.

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Four Future Workplace Principles

 

originally published by  BRIELLE SCOTT for NAIOP National

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In a recent NAIOP webinar, Mark Bryan, Certified Futurist and director of innovation and research, M+A Architects, addressed these questions, sharing some of the generational shifts his company has observed in the workforce and their potential impact on the built environment.

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Shaping the Workplace: Generational Insights, Behavioral Predictions and Forecasts

 

originally published by Brielle Scott for NAIOP National

Office

It is critical to understand the key factors and takeaways that will shift life as we know it today, so the built environment can appropriately adapt and respond to life post-pandemic. 

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Stairs on the Rise

Originally published by Shantala Weiss for NAIOP's Development Magazine.

Monumental stairs can inspire greater interaction, reduce energy costs, and improve employee health and fitness.

In the wake of COVID-19, workplaces are presented with a unique opportunity to shape corporate culture's future and use physical space to foster a sense of community and innovation that can’t be offered when working from home. Building elements that align with the goals of active, sustainable, and universal design have the potential to play a crucial role in post-pandemic commercial real estate. 

COVID-19 has challenged vertical transportation strategies in buildings, which have historically relied on elevators. Ongoing concerns about physical distancing and touching surfaces mean that people may be reluctant to use elevators.  A well-dimensioned stair offers enough space for people to ascend and descend simultaneously, giving occupants more room to move than a narrow fire escape or elevator.

“COVID-19 noticeably accelerated the trend of monumental stairs in offices and other commercial spaces,” said Jim Admiraal, executive vice president of sales and preconstruction at Synergi, a national stair design-led subcontractor. “We saw an immediate spike in design plans featuring stairs as a primary vertical mode of transport for major projects all over the U.S.”

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Starting a Lab Facility: A Primer for Real Estate Professionals

Originally published by Daniel Castner, Brian Spence and Trevor Boz for NAIOP's Summer 2021 Issue.

This fast-growing sector can be complex to navigate for developers.

The scientific research market has grown substantially over the past 10 years. With a global pandemic top of mind, investors are looking at the life science industry now more than ever.

This expanding market is evolving into one of the fastest-growing real estate investment sectors, yet some developers, investors and real estate professionals may be intimidated or confused by the complexities in site selection, design and construction of lab facilities. Familiarity with industry-related terms and a basic understanding of what is needed to develop a successful lab research facility are key starting points. 

Scientific research requires an appropriate environment to conduct experiments, process data, foster collaboration and inspire creativity. Proximity to potential clients and talent, availability of public transportation, tax incentives, zoning restrictions and surrounding neighborhoods are intrinsic traits that must be considered when finding a suitable location to build a project. The configuration of the space can be adaptable to accommodate unknown needs of a program or a future tenant, or it can be targeted toward a specific type of science. 

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Eight Crucial Post-Pandemic Takeaways for the Industry

Originally published by Ron Derven for NAIOP's Development Magazine Summer 2021 Issue.

The post-pandemic period could see a lot of innovation and experimentation in commercial real estate.

COVID-19 delivered a gut punch like no other to the commercial real estate industry last year, with transactions in the second quarter of 2020 plummeting approximately 40% over the same period in 2019.

By the fourth quarter of 2020, however, sales activity had nearly recovered, according to John Chang, director of research with Marcus & Millichap.

“Investors adapted to the new climate and devised new solutions to address the many obstacles to getting business done,” Chang said. “Barring a new, severe and deadly outbreak, COVID-related challenges ahead will likely be speed bumps for the commercial real estate industry rather than roadblocks.”

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5 Solutions for Building Office Interiors Through Supply Shortages, Price Volatility

Originally published on June 22, 2021 by Andy Halik for NAIOP E-Newsletter.

With U.S. coronavirus cases plunging and knowledge workers craving the social component of the workplace, many companies across the country are fully reopening their offices to employees. Some companies took the opportunity to renovate or update their workspace during the lockdown periods of the pandemic, and others are planning significant design changes to prepare for the next era of the office.

Meanwhile, the challenges of renovating or building out office interiors – or constructing ground-up office buildings – are only compounding as the desire to move forward on office projects butts up against unpredictable economic factors. Facing volatile materials prices, a tightening labor market, soaring demand and supply chain inefficiencies, real estate developers, owners, tenants and their builders must take action to mitigate the financial impacts and keep projects on track.

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When Office Real Estate Investors Can Expect a Turnaround

Originally published on June 21, 2021 by Marc Rapport for MillionAcres.com.

The pandemic recovery in the office sector is underway and is projected to reach positive net absorption in the fourth quarter of this year, according to research from NAIOP, the Commercial Real Estate Development Association.

 

That turning point will be followed by a return to more normal levels, predicts the report titled “Office Space Demand Forecast, Second Quarter 2021,” researched and written by professors Hany Guirguis of Manhattan College and Michael Seiler of William & Mary and the University of Cambridge.

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Key Takeaways from the Q2 2021 Office Space Demand Forecast

Originally published on May 2021 by Hany Guirguis, Ph.D., Manhattan College and Michael J. Seiler, DBA, William & Mary and the University of Cambridge.

Office Space Absorption Projected to Stabilize by Mid-2022

The U.S. economy is experiencing a strong rebound from the COVID-19-induced recession, resulting in job growth in office-using sectors. However, tenant-safety concerns remain a drag on office leasing. The U.S. office market posted continued declines in net absorption in the fourth quarter of 2020 (-26.7 million square feet) and the first quarter of 2021 (-34.8 million square feet). Nonetheless, as coronavirus safety concerns abate and the economy continues to expand, negative net absorption is forecast to moderate over the next two quarters, with a return to positive absorption in the fourth quarter of this year (Figure 1). Quarterly net absorption in 2022 is expected to average 11.7 million square feet, in line with the 2015-2019 quarterly average of 11.6 million square feet.

At the time of this writing, more than half of eligible Americans have received at least one dose of the COVID-19 vaccination, and more than one-third are fully vaccinated. As vaccination rates increase and new coronavirus cases decline, more employers are re-opening their offices. However, a widespread return to the office will likely depend on the return of K-12 schools to in-person instruction. Many schools currently rely on a full- or part-time remote schedule, requiring parents of young children to either stay home or seek alternative childcare arrangements. With vaccination rates on the rise, most schools are now planning to resume full in-person instruction in the fall. As safety concerns about returning to the office recede and schools reopen, office absorption should begin to respond to the current upswing in economic growth.

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Lessons in Mitigating Risk on a Megaproject

Originally published in NAIOP's Development Magazine Spring 2021 Issue by Ann Moore.

Waterfront development in California used multiple strategies to get off the ground.

Megaprojects can transform landscapes, improve quality of life and deliver significant economic benefits to their communities. When they are sited on a waterfront in a binational urban area, they take on even more complexity. In Southern California’s San Diego County, a megaproject will transform a formerly blighted stretch of waterfront into a thriving destination. The project team is pursuing innovative ways to reduce the risk that could be instructive to other development teams. 

A megaproject is defined by its scale and complexity. Typically costing $1 billion or more, such projects take many years to develop and build, involve multiple public and private stakeholders and impact millions of people, according to the Oxford Handbook of Megaproject Management. A considerable upside also brings great risk, which must be managed to improve the chances of success. 

On approximately 535 acres, the Chula Vista Bayfront is larger than Disneyland and one of the last significant large-scale waterfront development opportunities in Southern California. Once defined by a power plant and an aerospace factory, this brownfield waterfront is ripe for redevelopment in the U.S.-Mexico border region of 6.5 million people. The location is about a 15-minute drive from the busiest land border crossing in the western hemisphere. More than 100,000 people cross the San Diego-Tijuana, Mexico, border every day. Thus, the project site can target a market that includes U.S. citizens, Mexican nationals, and travelers using airports in San Diego and Tijuana. 

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Office Space Absorption Projected to Stabilize by Mid-2022

The NAIOP Research Foundation has published the NAIOP Office Space Demand Forecast for Q2 2021.

Key Takeaways:

  • Increasing COVID-19 vaccination rates and strong economic growth will help demand for office space rebound, with a return to a positive net absorption forecast for the fourth quarter of 2021.
     
  • Quarterly net absorption in 2022 is forecast to average 11.7 million square feet, in line with the 2015-2019 quarterly average of 11.6 million square feet.
     
  • Although tenants have begun to return to the office, it remains to be seen how widely they will adopt long-term remote work arrangements. Remote work will likely limit net absorption for the next several quarters.
     
  • Tenants may now prefer less dense office layouts than before the pandemic, partially offsetting declines in demand due to remote work.
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The Death and Life of the Central Business District

Originally published by Richard Florida for Bloomberg CityLab on May 14, 2021.

Just last spring, a chorus of pundits loudly proclaimed a sweeping urban exodus and the impending death of cities. Now, just slightly more than a year later, our cities are springing back to life. Sidewalks are starting to bustle; restaurants, which have spilled onto the streets, are teeming with patrons; museums and galleries are reopening; and fans are heading back to baseball parks, basketball arenas and even outdoor concert venues.

But one area of urban life where the pandemic is poised to leave a far bigger mark is on the places where we do business. The ongoing shift to remote work challenges the historic role of the Central Business Districts — neighborhoods like New York’s Midtown and Wall Street, Chicago’s Loop, or San Francisco’s Financial District — as the dominant centers for urban work. 

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How Custom Workplace Design can Improve Employee Health and Wellness

Originally published on April 13, 2021, by Roger Heerema and Dan Elkins for NAIOP.

Effective workplace design has never been about simply making an office look nice; it’s about supporting and inspiring those who will move within and around it. Now, a historic pandemic is highlighting a new opportunity for flourishing companies whose space needs have changed: To invest in build- or redevelop-to-suit design projects that enable them to manage the health and wellness aspects of their space – during a time when both are paramount.

The ability to choose building specifications inherently gives companies greater control over features like advanced air circulation and touchless doors. By investing in these and other health and wellness elements, companies can help meet long-term disease containment goals as well as show they value their employees.

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