Recent Articles
AIA Palm Beach honors two LEO A DALY projects
The Toby & Leon Cooperman Sinai Residences in Boca Raton received an award in the residential category and LEO A DALY’s West Palm Beach studio received an interiors award.
LEO A DALY signs MEP 2040 pledge, pushing forward sustainability goals
LEO A DALY has signed on to MEP 2040, a movement to radically reduce total carbon emissions associated with building systems through collective action. Signatories seek to achieve operational net zero in their projects by 2030 and net zero embodied carbon by 2040.
Danette Riddle joins LEO A DALY to lead strategy and growth
Danette Riddle will develop and lead LEO A DALY’s brand strategy and marketing, in collaboration with other firm leadership. She will play a key role in the firm’s ambitious near-term growth goals.
LEO A DALY experts share decarbonization strategies with Facilities Management Advisor
Leo A. Daly Company CEO Ed Benes and LEO A DALY embodied carbon subject matter expert Jake Zach were featured in Facilities Management Advisor, sharing strategies for reducing embodied carbon in buildings.
King Hamad American Mission Hospital Receives NHRA Highest Level of Accreditation
Compliant with NHRA and International Infection Prevention and Control (IPC), the multi-specialty hospital design gives specific attention to hospital-acquired infections.
“The Activity-Focused Office” published in Development
In NAIOP’s quarterly magazine, our team shares fresh insights into the evolving post-pandemic workplace
The following is excerpted from the Fall 2022 Development magazine article “The Activity-Focused Office.”
The modern office is in the midst of a transformation. With most knowledge workers opting out of the traditional five-day-in-office workweek in search of flexibility and hybrid work solutions, the shape, size and focus of the future office is rapidly changing.
CBRE’s Spring 2022 Office Occupier Sentiment Survey provides a snapshot of these changes and their impact on commercial real estate. In a survey of 185 tenant companies, 39% of respondents said they plan to expand their office portfolios over the next three years. That’s up from 29% the previous year, suggesting that fears about the “death of the office” have been exaggerated. Fifty-two percent said they plan to reduce their office space holdings, but only 8% say they will become fully remote. Seventy-three percent — the vast majority — plan to support hybrid work.
As of now, office occupancy is slowly beginning to rebound from the depths of the COVID-19 pandemic. NAIOP’s Office Space Demand Forecast, released in May, reports that vacancy rates have increased across the country for 10 straight quarters. However, Class A buildings with amenities designed to attract skilled workers are helping to stabilize the office market. Net office space absorption in the remaining three quarters of 2022 is forecasted to reach 46.9 million square feet and total 47.3 million square feet for all of 2023.
“While the office isn’t going away, traditional ways of working are.”
In April, JLL research showed that leasing activity across the U.S. climbed by 5.4%, the fifth quarter in a row of rising demand. The report cited “improved clarity surrounding return-to-office timelines.” Additionally, Moody’s Analytics indicates that the U.S. office vacancy rate in the first quarter of 2022 fell 18 basis points from the previous year to 18.1%.
While data shows that the office isn’t going away, traditional ways of working are. Hybrid work as the new normal means that tenant companies are coming to market with a new set of needs. From property developers and occupants alike, the most popular question seems to be: “How can I bring people back to the office?”
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