Top-notch office spaces are sprouting up in New York City, thanks to the “flight to quality” trend we’ve been seeing. Larger companies are adopting hybrid work models, driving the demand for boutique offices with attractive amenities. Interestingly, it’s the smaller creative tenants within the 10K and 30k SF range that are dominating the scene, grabbing about 65% of leases in early 2023. This isn’t just a passing trend – predictions indicate it’s here to stay in 2023!
Another rising trend is the “Flight to Cool”- where style meets substance in the workplace. Employees are no longer satisfied with dull cubicles; they’re seeking flexible, well-located offices that support hybrid work models and exude character, history, charm, and creativity.
A few factors are driving this revolution. Budget considerations are forcing companies to look in a different direction, leaving high-rent properties behind. Sustainability and ESG practices are also playing a crucial role – it’s not just about looking good; it’s about doing good.
Amid these trends, adaptive reuse projects are becoming increasingly popular. These eco-minded developers are shrinking carbon footprints, ticking green boxes, and maintaining the property’s unique character. Estimates suggest that 90% of real estate development will involve adaptive reuse in the next decade!
We are already seeing these trends pop up in Philadelphia as we roll into 2024, and we are thrilled to share our impressive portfolio with many properties matching this much-desired criteria.
These adaptive, reuse-turn of the century, office buildings exude history and have exciting characteristics such as high ceilings, tons of natural light, exposed brick, and attractive views of the city skyline. Ideal for collaborative environments, these properties offer suites with large open spaces, private building gyms, secured bike rooms, en-suite kitchens and bathrooms, and more.
Interested in an exciting new space that will surely wow your employees? Give us a call to discuss the possibilities for your business! The future is not just about square footage; it’s about style, sustainability, and a whole lot of character.
Sources: NAIOP: The Flight to Cool Leads the Future of Work, NYT: Inside the ‘Envy Office, ’ Reporters Find a Trend and a Story
