Despite the low occupancy of offices in major cities, the suburban office market is expected to continue growing into 2021 as people seek workspaces closer to their homes.
Office owners and investors are shifting their sights to suburban areas, particularly Sun Belt cities, in order to accommodate new demand from new remote professionals and cut down on expenses.
According to a recent Colliers report, there was up to $10.3 billion in investments that went to the suburbs during the third quarter of 2020 compared to the $3.3 billion in central business districts (CBD).
So what do companies need to look for when adopting alternative workspace solutions outside of metro areas?
The need for city-level amenities and resources are still desired. Finding a market that provides the perks of big city living, such as restaurants, retail and public transit, will be crucial when choosing a new place to open an office.
Ensuring access to the outdoors will also be increasingly important for new workspaces. Because physical and mental health have officially come to the center of many company’s initiatives, providing workers with access to favorable climates and plenty of outdoor space will be ideal.
In order to adopt flexibility, companies should look into using coworking or flexible offices as part of their operations as they make it simple to accommodate workers’ unique scheduling needs, while also providing them with necessary office amenities.