admin / May 14, 2022
In this market update, Kevin Maggiacomo, SVN International Corp. President and CEO, focuses on office demand in a “post-pandemic” world where the workforce demands a balance between in-office connection and work from home culture.
Tune in below!
Read on for the video transcript!
Hello, everyone. My name is Kevin Maggiacomo, and I’m president and CEO of SBS International. As we stand here today, in the spring of 2022, let’s take a moment to reflect on what a time of transformational change we live in on a day to day basis.
So I can now go to a museum and see pagers and flip phones on display. Literally, that’s really the way that pundits have talked about the roles of physical retail and office space over the past couple of years, they will likely be forecasting that US commercial real estate sectors should start looking for their museum display cases themselves, but not so fast, as quickly as our economy and our technological tools change around us, our wants or desires or needs as people haven’t changed much at all. So call me old fashioned, or maybe just call me human. But I like being around others, down to our DNA is what makes us who we are. And that’s not going to change at any time. So let’s take a quick stock of where we are as we start to establish a post pandemic normal and focus on the place where the most intense commercial real estate space use debates are taking place, which is the office sector.
And this shouldn’t really come as a surprise to any of you the letters W, f and h are in some circles, a three letter acronym, and in others a four letter word. The last two years have prompted the honest question of whether or not we really need to be going into the office. And finally, it seems like we’re starting to get some concrete answers to that question. First companies requiring that workers be at their physical office desk, five days a week is obviously outdated. That said this doesn’t mean that the new normal should become 8:59am wake ups and a total detachment from the office. In fact, in early 2022, Pew Research Research survey 60% of the new remote workers say that they feel less connected to their co workers than they did pre pandemic when they were working in an office full time. So culture matters. And that’s a sustainable tale. For the office sector.
According to a Slack survey, 72% of workers say that they want to work some days from home and some days in the office and don’t want to be completely and physically disconnected. And so we’re starting to gain a concrete understanding of what go forward office space demand looks like, which is a physical office footprint in use case in the workplace of tomorrow. But our innovations will always be changing. They’ll change how we live our lives, sometimes little by little incrementally.
Sometimes you sort of look up, and the world that we live in is dramatically different from what it was just a few years earlier, nevertheless, through innovations and change our needs for connectivity and to interact with one another haven’t changed much at all in the successful commercial real estate of tomorrow.
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