The commercial real estate industry has been turned on its head over the past year. Even in the years prior to the pandemic, there was already a slow change transforming these businesses.
For instance, suburban areas have started to see a revitalization as people and companies move away from big cities for a lower cost of living and more space.
In Dallas’ Uptown neighborhood, office rents can reach to $40 or more per square feet, while corporate office space in suburban Richardson is nearly half that at $24.76.
Additionally, developers are changing how they approach new buildings by using more natural products like wood to be more sustainable and eye-catching.
Using such materials is more environmentally friendly, as well as more cost efficient and can have a positive mental health impact on occupants.
The overall renovation of the workplace has been central to the evolving commercial real estate industry. Instead of serving as a place for people to simply work out of, business leaders now have an understanding that the office should be about the employee experience.
This means creating a workplace that focuses on wellness, as well as supports hybrid office models.
Millions of people working remotely in the last year and for the foreseeable future caused a huge uptick in sublease space across the country. While this has been worrisome, some experts believe that there will be a slow rebound as workers return to the office later this year.