At the Allen Matkins 14th Annual View From the Top real estate summit, one of the panels discussed landlord and tenant space utilization trends and issues in the wake of the COVID-19 pandemic. The conversation, moderated by partner Elizabeth Wilgenburg, encompassed a range of topics, including when people will return to work in the office, how much and what kinds of space tenants will need, and how they are transforming these areas. Panelists included Ellen Albert, Executive Vice President, Viacom CBS; Robert Paratte, Executive Vice President, Leasing and Business Development, Kilroy Realty Corporation; Gregg Walker, Senior Managing Director, Head of Business Development, DivcoWest; and Julie Whelan, Global Head of Occupier Thought Leadership, CBRE.
The following are five takeaways from our panelists.
1. THE OFFICE IS STILL REALLY IMPORTANT TO BUSINESSES
The shift to remote and hybrid work models has raised questions about the viability of the corporate office. Specifically, landlords and developers want to know whether tenants are looking for more or less space than what they sought before the pandemic. Although technology makes it possible for employees to work from a variety of spaces, it does not eliminate the need for office space. In fact, for small businesses, getting employees back into the office is often a greater priority than it is for larger companies. For now, the decision to return to the office remains fluid, with many companies planning to resume office-based work anywhere from the fourth quarter of 2021 to the first quarter of 2022… READ MORE