FISCHBACH TENANT REPRESENTATION

We are used to seeing office space rents and availability trend with supply and demand. After a period of decreased demand such as the one that we are now experiencing, we expect to see a renewal of office building to accommodate the economic recovery.

Don't count on it.

Some professionals are estimating that we have all the office space we need for a decade and a half. Why?

Technology

More and more companies are organizing their workforces electronically, letting more workers work from home (or their local Starbucks for that matter). Bank America, for one, estimates that about 40 percent of its non-customer-facing employees work from home.

Additionally, storage requirements aren't nearly what they were a decade ago. Most paper can now be stored electronically and backed up redundantly with dozens of systems that cost a fraction of physical storage. Why do I need that file room? And that ugly filing cabinet?

Furthermore, the trend to remote officing is very popular. Younger people are completely comfortable with technology. They value the flexibility that telecommuting brings. They aspire more to a richer family life than spending time commuting or sporting a corner office.

And teams might want to work at night or over the weekend. Tenants will increasingly need climate control 24/7, placing further demands on buildings designed for 40-hour weeks, and further making rented space more productive. 

Plus data retrieval is a snap. Law offices devote a third of the space to research materials than they did a decade ago, and the trend will continue.

Tenants are doing more with less.

Tips for office tenants

Before you sign any lease, your number one job is comprehensive space planning^? with the goal of doing more with less.

• Consider creating large open common areas where teams can gather for important face-time collaboration. One team meets, disperses and another team fills the space.
• Strive to get your teams 24/7 access, even if you don't need it now.
• Make sure your electronics can be placed safely and properly cooled.
• Learn about online storage and collaboration (cloud) services.
• And I'll say it again: make space planning a priority.