ACRE / BOMA OFFICE GUIDE
Karen Lawrence
Senior Property Manager , Basin Street Properties Board Member , BOMA
What ’ s in store for office tenants in 2021 ? Like most businesses , the office market initially went into a holding pattern during the pandemic . The uncertainty created by COVID-19 made business owners reluctant to make long-term decisions … Businesses are ( now ) looking to the future and planning for their return to the office . Remote work and virtual meetings will play a part of that for the near future , but our tenants crave the collaboration , connectivity and productivity of their offices … We look forward to welcoming our tenants back . A rewarding and sustaining part of property management is the relationships you build working and supporting your tenants . Our team misses that a great deal , and we look forward to when we can meet again face to face … I think it will be a bumpy road for much of 2021 , but I ’ m encouraged by the vaccines and declining COVID cases . I know remote work is not going away entirely , but people need in-person , social interaction for inspiration and innovation .
Scott Bennett
Executive Vice President , Colliers International
What changes are you seeing in your line of work ? Locally , we haven ’ t seen any major office market shifts or noteworthy repositioning trends as of yet . However , we ’ re hearing from our associates in the Bay Area and other large markets about repositioning office buildings to accommodate life science companies , due to the increased demand we ’ re seeing in that sector ... We ’ re much busier now than we were in mid- ( to ) -late 2020 , when tenants were at a standstill . A lot of existing tenants postponed making a leasing commitment until their lease was about to expire and now they ’ re at the point where they need to make a decision . We ’ re also still seeing a high demand for owner-user office buildings , with pricing remaining at pre-pandemic levels ... The ‘ office ’ is not dead and more people will continue to come back to the office and want to be in the office for collaboration , mentoring , culture and a return to normalcy . However , many workers will embrace a hybrid model of one to two days per week of work-from-home .
We didn ’ t see a construction site . We saw the future home of leading office users .
Colliers experts , Scott Bennett and Tom Walcott , were proud to represent Tower Investments , LLC in pre-leasing and selling their 110,000 square foot , five building office park project . Contact Randy Dixon to connect you with a Colliers expert who will maximize the potential of your property .
colliers . com / sacramento
84 comstocksmag . com | April 2021