{"id":1004498497,"date":"2020-12-10T01:15:14","date_gmt":"2020-12-10T09:15:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004498497"},"modified":"2021-05-15T09:48:23","modified_gmt":"2021-05-15T17:48:23","slug":"in-a-murky-office-market-go-bold-naree-panel","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/in-a-murky-office-market-go-bold-naree-panel\/","title":{"rendered":"In a Murky Office Market, Go Bold: NAREE Panel"},"content":{"rendered":"
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From upper left: Sagar Rathie, Crescent Communities; Katie Walker, STG Design; Robert Fields, The Patrinely Group; Tony Wilbert, CoStar Group; Chip Watts, IREM president<\/p><\/div>\n

Uncertainty in the office sector sometimes makes long-term planning seem next to impossible these days. Yet even if leasing activity has slowed to a crawl in many cases, office operators and property managers have plenty of opportunity to get out in front of the trends that are changing the sector<\/a>.<\/p>\n

That was a central message sent Wednesday by a panel of executives during the National Association of Real Estate Executives’ virtual conference. For office operators, the situation is the most fluid in recent memory, but that is all the more reason to ramp up efforts to adapt.<\/p>\n

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READ ALSO<\/strong>: Top 5 Markets for Office Transaction Volume<\/a><\/p>\n

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\u201cWe\u2019ve been looking into our crystal ball and it\u2019s pretty cloudy,\u201d said Robert Fields, president & CEO of Patrinely Group. Office occupants are still uncertain about how to approach their office space in the short term, and as a result, the office leasing market often appears to be paralyzed. Leasing activity will likely take time to catch up with the oversupply in the market. To avoid making long-term commitments, negotiating one-year lease extensions is a common strategy, Fields added. <\/p>\n

Rebuilding confidence is central to meeting the challenge of repopulating the nation\u2019s office buildings. Owners, property managers and occupants alike must address \u201cthe psychology of your employees and how they\u2019re going to be comfortable coming into the space,\u201d said Katie Walker, an associate principal at STG Design.<\/p>\n

The changes in progress at the nation\u2019s office properties are focusing on a variety of wellness and safety measures, and have far-reaching implications, panelists noted. \u201cObsolescence is a big issue,\u201d said Fields. \u201cThe next layer of enhancements we\u2019ve made \u2026 will accelerate the obsolescence of office buildings over time,\u201d he predicted.<\/p>\n

Some of those changes are well documented. In response to the situation, Patrinely Group initiated on-the-fly modifications to Block 162, its 600,000-square-foot Denver office tower. Among other additions, Patrinely increased air filtration, ultraviolet air treatment and added touchless elevators.<\/p>\n

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Photo by Austin Distel on Unsplash<\/em><\/p><\/div>\n

As extensive as the changes are, they are far from uniform. \u201cIt really depends on where you are,\u201d noted Chip Watts, 2021 president of the Institute of Real Estate Management as well as president of Birmingham, Ala.-based Watts Realty Co. Some large blocks of space are coming on the market in Manhattan; office occupants in Watts\u2019 hometown of Birmingham, Ala., are less likely to make wholesale changes, he reports. In a trend that may be worth the attention of U.S. office owners, IREM members in China are not reporting a major change in workplace strategies as the country has emerged from the worst of the COVID-19 crisis, Watts added.<\/p>\n

Many tenants are rethinking their office needs, but panelists reported that the decisions do not necessarily involve abandoning or downsizing space. Current research indicates that in many cases, tenants will adopt a hybrid dividing the work week between home and office, noted STG\u2019s Walker. But some occupants seem likely to return to occupancy as usual once a vaccine is developed and widely distributed. At any rate, she said, \u201cIt\u2019s going to be a while before things go back to normal.\u201d<\/p>\n

Tenants at one of Crescent Communities\u2019 office buildings in Charlotte, N.C., have expressed strong interest in maintaining or expanding their current footprint; the only exception is a tenant that is consolidating its current space, reported Sagar Rathie, managing director of the firm\u2019s commercial real estate division.<\/p>\n

Besides physical modifications, intangible measures are no less important. In particular, communicating with occupants about safety measures by signage, emails, text messages and any other available means.  \u201cYou\u2019ve got to overcommunicate,\u201d Watt said. \u201cThat\u2019s really the key factor to how you get somebody back in the building safe.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Even in this unsettled leasing climate, owners must take decisive steps, according to a panel at the National Association of Real Estate Editors’ annual conference.<\/p>\n","protected":false},"author":445,"featured_media":1004498509,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21808,23891,21742,21747],"tags":[33484,47291,33948],"class_list":["post-1004498497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-featured","category-national","category-latest","category-office","tag-crescent-communities","tag-irem","tag-patrinely-group"],"acf":[],"yoast_head":"\nIn a Murky Office Market, Go Bold: NAREE Panel - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/in-a-murky-office-market-go-bold-naree-panel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"In a Murky Office Market, Go Bold: NAREE Panel\" \/>\n<meta property=\"og:description\" content=\"Even in this unsettled leasing climate, owners must take decisive steps, according to a panel at the National Association of Real Estate Editors' annual conference.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/in-a-murky-office-market-go-bold-naree-panel\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-10T09:15:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T17:48:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/12\/Office-photo_Austin-Distel-via-Unsplash_800x620.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Paul Rosta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/in-a-murky-office-market-go-bold-naree-panel\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/in-a-murky-office-market-go-bold-naree-panel\/\",\"name\":\"In a Murky Office Market, Go Bold: NAREE Panel - 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