The Demise of Office Space? Not So Fast

The latest conventional wisdom insists that …

  • People are discovering how easy it is to work from home,
  • Companies are discovering that their associates can perform just as well remotely,
  • These challenging times have shown us that office space is no longer a necessity.

However, many people I have talked to think the exact opposite is true.

They say that Covid 19 has revealed to business owners and colleagues alike, that:

Office Space
  • They do not feel as productive at home as they do in an office setting,
  • Distractions pop up at home that often keep them having the laser-like focus they need to accomplish projects,
  • They miss the energy that comes from interacting face-to-face with their teams. Turns out they are people-persons!
  • They are more disciplined when it comes to diet, exercise, and work when they have the structure of an office setting.

As Mark Twain might have told us, reports of the demise of office space is greatly exaggerated!

An early indicator might be the 2 office parks I listed right in the middle of COVID 19

It turns out, that of the 200 office suites ( all located just north of the Columbus Outerbelt):

  • Only a tiny handful of tenants have reported any difficulty in paying rent during this time,
  • Many of the tenants have businesses that were largely unimpacted by the slow-down, and
  • There have actually been 4 new leases signed, at prices higher than the 2019 rate.

Why is this particular style of office space particularly favorable right now?

Tenants do not have to worry about following protocols of large office buildings:

  1. No shared lobbies to navigate with other tenants. Every office has 2 entrances that go directly into their place of business.
  2. No restrooms shared by other tenants.
  3. No elevators; so they don’t waste time dealing with restrictions of 1 or 2 people at a time.
  4. No parking lot protocols.
  5. More control over coming and going as they please, as often as they wish.

Tenants want two things. An office they can go to, and a haircut!

To view an information package for Dublin Center Office Park, click below:

Dublin Center Info and Photos pdf

Dublin Center Proforma Reflective of 2019

Dublin Orig 2019 Inc. Exp

To view an information package for Westerville Center Office Park click below:

Westerville Center Info and Photos pdf

Westerville Proforma Reflective of 2019

Westerville Original 2019 Inc Exp

For proformas and additional information, call Garrett Scanlon at (614) 774-0300 or email him at gscanlon@castoinfo.com.

 

Please note: I reserve the right to delete comments that are offensive or off-topic.

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