{"id":1004729586,"date":"2024-09-19T05:38:53","date_gmt":"2024-09-19T13:38:53","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004729586"},"modified":"2024-09-24T09:24:56","modified_gmt":"2024-09-24T17:24:56","slug":"office-sector-starts-to-see-positive-momentum","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/office-sector-starts-to-see-positive-momentum\/","title":{"rendered":"Blueprint Special Report: Office Sector Starts to See Positive Momentum"},"content":{"rendered":"\n

Industry observers are finally seeing some tailwinds in the office market after basically facing a perfect storm of negativity for so long.<\/p>\n\n\n

\n
\"Office<\/a>
Office panel at the Blueprint Conference in Las Vegas. Image by Richard Berger for CPE<\/em><\/figcaption><\/figure><\/div>\n\n\n

Panelists at the Blueprint Conference in Las Vegas this week are sensing greater employee satisfaction<\/a> when it comes to skipping remote work.<\/p>\n\n\n\n

Office demand in the top eight markets was up 17 percent year-over-year as of the second quarter, according to the VTS Index. Demand was also 34 percent higher than at the bottom of the market from December 2022 to January 2023. Month-over-month growth has now been positive for 12 consecutive months, according to Nick Romito, co-founder & CEO of VTS.<\/p>\n\n\n\n

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READ ALSO<\/strong>: Innovative Solutions for Return-to-Office Challenges<\/a><\/p>\n\n\n\n

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\u201cWorking in an office gets you out of your house, which allows you to do the things you want to do, like go to a concert or to be downtown, said Jamie Hodari, co-founder & CEO of Industrious, said.<\/p>\n\n\n\n

\u201cWhether you\u2019re going into the office five days a week or three days a week, you still need the same amount of office space,\u201d Lisa Picard, managing partner, Oxygen Investment Management.<\/p>\n\n\n\n

Looking forward<\/h2>\n\n\n\n

The panel talked about \u2018the future of office\u2019 during the session.<\/p>\n\n\n\n

\u201cI don\u2019t know what the future of the office is going to be other than I know it needs to have people in it,\u201d said Lisa Picard, managing partner, Oxygen Investment Management. \u201cWe need to provide areas that offer comfort, convenience and collaboration. The office is a place where you can exhale and conduct life administration.\u201d<\/p>\n\n\n\n

Hodari said the seemingly trendy \u201chotel-iffication\u201d of office buildings is a bit phony in terms of them providing boutique services.<\/p>\n\n\n\n

\u201cOffices need to be set up so that you can also conduct your daily life during the day and provide opportunities for employees to enrich their careers,\u201d he said.<\/p>\n\n\n\n

Picard said a massive shakeout must occur, particularly of older buildings, to continue the office sector’s recovery. \u201cNo one is going to invest in it until someone takes a hit,\u201d she said.<\/p>\n\n\n\n

Hodari is looking for positive vibes. \u201cWhen the winds of change come, you can either build walls or open windows. Too many people are building walls to protect themselves. They should instead look for opportunities.\u201d<\/p>\n\n\n\n

Discount office building sales ramp up<\/h2>\n\n\n\n

Commercial Property Executive<\/em> reported this week<\/a> that the past several months had witnessed a surge in office building sales, with investors mostly snapping up distressed assets, often at or near the value of the land they occupy.<\/p>\n\n\n\n

Much of the office product trading at deep discounts consists of lower-tier and substantially vacant buildings. However, some institutional-grade assets in desirable locations are also changing hands at lower-than-expected prices.<\/p>\n","protected":false},"excerpt":{"rendered":"

Insights from panelists at the Blueprint Conference in Las Vegas.<\/p>\n","protected":false},"author":3568,"featured_media":1004729591,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,23891,21742,21747,51037],"tags":[36605],"class_list":["post-1004729586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-national","category-latest","category-office","category-trends","tag-vts"],"acf":[],"yoast_head":"\nBlueprint Special Report: Office Sector Starts to See Positive Momentum - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Panelists at the Blueprint Conference in Las Vegas are sensing greater employee satisfaction when it comes to skipping remote work.\" \/>\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\/office-sector-starts-to-see-positive-momentum\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blueprint Special Report: Office Sector Starts to See Positive Momentum\" \/>\n<meta property=\"og:description\" content=\"Panelists at the Blueprint Conference in Las Vegas are sensing greater employee satisfaction when it comes to skipping remote work.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/office-sector-starts-to-see-positive-momentum\/\" \/>\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=\"2024-09-19T13:38:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-24T17:24:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/Office-Panel-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"615\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Richard Berger\" \/>\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\/office-sector-starts-to-see-positive-momentum\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/office-sector-starts-to-see-positive-momentum\/\",\"name\":\"Blueprint Special Report: Office Sector Starts to See Positive Momentum - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/office-sector-starts-to-see-positive-momentum\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/office-sector-starts-to-see-positive-momentum\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/Office-Panel-featured.jpg\",\"datePublished\":\"2024-09-19T13:38:53+00:00\",\"dateModified\":\"2024-09-24T17:24:56+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6d4c5f1b2f682b3604ad9fe73c19fed7\"},\"description\":\"Panelists at the Blueprint Conference in Las Vegas are sensing greater employee satisfaction when it comes to skipping remote work.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/office-sector-starts-to-see-positive-momentum\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/office-sector-starts-to-see-positive-momentum\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/office-sector-starts-to-see-positive-momentum\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/Office-Panel-featured.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/Office-Panel-featured.jpg\",\"width\":800,\"height\":615,\"caption\":\"Office panel at the Blueprint Conference in Las Vegas. 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