The sandstorm continues. In Phoenix, we call it a haboob. Uncertainty, again, served as the main theme of the Metro Phoenix Office Market in the third quarter. Vacancy didn’t really rise that much in the past 90 days. Rental rates softened only slightly. Sublease space spiked up again this quarter. We are seeing companies who … Continue reading 1-Minute Phoenix Metro Office Market Update: Q3 2020
The Counselors of Real Estate (of which Andrew and I are proud members) have released their annual top 10 issues affecting real estate. Please read the whole article below. As you can imagine, COVID-19 is currently leading the way on issues affecting real estate. Big shocker. We have written about the pandemic a ton in previous … Continue reading Top 10 Issues Affecting Real Estate
I’m a third-generation Arizonan, which means I love the sunshine. Below is a cool map that shows sunshine in terms of hours per year. It’s interesting how little sunshine Europe gets. In the USA, we get tons of Vitamin D compared to Europe. And Arizona…forget about it… We get 3,500 hours a year or more. One of … Continue reading Sunshine in USA vs. Europe
As an office broker for 35+ years, I have done my share of corporate headquarters relocations and negotiations. If you need office space, I am your man. Part of any negotiation for a sizable relocation can be state and city incentives. The article below from the New York Times talks about companies taking advantage of this … Continue reading Real Estate Tax Breaks and Potential Dangers
In my Workplace 2020 series, I talked about the speed of the market gaining velocity. Millennials now expect an immediate response time. After three decades of closing over 125 deals per year (151 in 2019) each and every year, we have fine-tuned our process to include the fastest response times in our industry. Below is a … Continue reading C2 Velocity of Work
As we come out of the COVID-19 quarantine, the number one question I am being asked (other than questions about rent deferment or abatement) is “what is this going to do to the office building layouts going forward?” There are many prognostications and I have prepared my own presentation that I am giving to our … Continue reading This Trend is Likely Accelerating
Over the past five years, tons of owners have remodeled office buildings. The first place they start is the lobby. Below is an interesting graph for owners as they think about remodeling their lobby. Here are some key ideas that hit me when I saw this: 1—This is a year or more project. If you need to … Continue reading Lobby Renovation Roadmap
The hub and spoke concept for companies using office space is an interesting concept. I am not sure it will work. I personally think it will be too complicated for companies to have 2-3 spoke locations for employees. That said, huge companies seem to have no choice as they search for talent. See Tech Crunch’s … Continue reading Office Hub and Spoke Model
Congratulations, your lease is fully executed. Now what? Most brokerage professionals disappear before the ink on the lease has even dried. Over time, we have found a number of ways we can help our clients as they transition into the next phases of their relocation or renewal. We offer guidance and resources that start at lease execution to occupancy … Continue reading Post Lease Execution Thoughts
The C.D.C. sent out some “suggested” changes for office space users as we head back into the office. I wanted to take these suggestions and roll them into what we are seeing our clients do on a practical basis. Additionally, the Wall Street Journal has a nice article on what we know about getting infected. You … Continue reading C.D.C. Recommends Changes to Office Space