ACRE / BOMA OFFICE GUIDE
Kevin Sheehan
Managing Partner , Kidder Mathews Commercial Real Estate Director at Large , ACRE
How has the pandemic affected the office market ? I think it is too early to know what the full effect of the pandemic will be , but we are seeing several subleases come to market due to a need for less space because of the work-from-home situation . There are also many rumors of private and public sector groups downsizing existing locations as leases come up for renewal and termination . All of this will translate into more availability . With limited demand now , that likely will cause rents to fall until we see some absorption and momentum turns in the other direction . In addition , for those tenants that are renewing , we are seeing shorter terms in the new and renewing leases . This will probably continue until companies can better understand the fallout from the pandemic … I think ( the future of the office ) will depend on the productivity and results that companies are achieving with less people in the office . It all comes down to the bottom line . If you can cut expenses and not sacrifice results , then that path is always attractive .
David W . Creeggan
Shareholder , Trainor Fairbrook Board Member , ACRE and BOMA
How did the pandemic affect your work ? Most can relate to my situation in March 2020 where I found myself instantly co-working at home with my young children and concerned about what the future had in store for our health and safety and the economy . As the country locked down , keeping up with the new rules , moratoriums , ordinances and regulations affecting commercial real estate — which seemed to change daily — was also a challenge . For me , creativity was king in 2020 . The traditional methods of addressing commercial real estate-related issues , ranging from sales to leasing and the ability to operate and pay rent , were no longer feasible . We had to develop creative solutions to resolve commercial real estate-related issues in a pandemic in order to protect our clients ’ interests . It was a challenge , but one that has certainly made me a better attorney .
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82 comstocksmag . com | April 2021