Much has been made about the end of the commercial office building since the pandemic began. While it’s true that more Americans are working from home than ever before, offices remain a popular option for many industries. Google, for instance, just paid over $2 billion for a state-of-the-art office building in Manhattan. Google CFO Ruth Porat said the move will help foster a “more flexible hybrid approach to work,” which would allow employees to “come together in person to collaborate and build community.”
Google plans to spend another $250 million on brick-and-mortar office space in New York this year alone. And they’re far from the only tech giants investing in commercial real estate. Facebook and Amazon also recently acquired office assets in Dallas, Denver, Detroit, San Diego, and Phoenix.
The Evolution of Remote Work
It’s safe to say that these corporations aren’t investing for nothing. They’re setting the expectation that people return to the office in some way, shape, or form. Office space remains an important cornerstone of how companies operate. As many of us have learned over the last two years, creating and sustaining a company culture is difficult with employees flung to the far corners of the globe.
There’s unlikely to be a one-size-fits-all solution to getting people back into the office. Instead, companies must evolve to meet the needs of their employees – and vice versa. The workplace of the future looks a lot different than it once did.
The Local Impact
Small businesses would do well to follow the lead of Google, Amazon, and Facebook. Reviving your office space could mean attracting new, better talent, as well as fostering an environment for true collaboration and innovation. There’s also the added benefit of real estate investments; every office space added to your portfolio has the potential to pay off in big ways down the line.
The commercial property landscape has changed significantly over the last few years. If you’re looking to invest in office space, a broker can help guide your search. The professionals at Insight Property Group can walk you through your options and help you make the best real estate decisions for your organization. Contact our team today!