Office foot traffic hit a post-pandemic high in July, reaching 72.2% of 2019 levels, according to Placer.ai data. It’s a sizable increase over June, which had itself been a new record and clocked 68.3% of pre-pandemic activity. Miami and New York were at 90% of their July 2019 levels, and all 11 cities Placer tracks…
Interesting view with a breakdown by use. Mainly the stalwarts for this industry, but a few surprises added that have been doing well for other industries (Dallas, Salt Lake City & Houston). The tricky part is that these are always trailing indicators. By the time they make these lists, the market can be already saturated.…
Office visits continue to creep back to pre-pandemic levels, according to Placer.ai, which reported that nationally, visits in June were down only 29.4 percent compared to June 2019. Looking at markets, Miami is closest to returning to 2019 figures as its visits were down by just 9.8 percent in June compared to June 2019. In…
To get workers back to the office, bosses have dangled fancy coffee, yoga classes and DJ parties. But that still hasn’t been enough, so some firms are giving employees a more traditional perk: a desk of their own. Hot desking or hoteling, where workers get a desk when they show up instead of having a…
Industrial availability has come full circle in New York (state), with the active industrial pipeline pushing the availability rate above 9%, a figure that has not been observed since 2014. This is actually healthy for the market and is slightly north of historic “equilibrium”. The availability rate has increased for eight consecutive quarters, fueled by…
The longer the post-pandemic turmoil in office demand continues, the more clues emerge about what separates the wheat from the chaff for this property type. The relative cost of living in an office building’s metropolitan area appears to be a significant factor. Since 2020, several secular variables have become associated with office performance. These include…
In 2022 and 2023, developers completed more than 1.5 billion square feet of U.S. industrial projects, a tally equivalent to adding all the existing industrial space in metropolitan Chicago! This was the largest expansion of the U.S. industrial supply over two years in more than half a century. And with most of the developments completing…
Employment data is always at the top of corporate site selection evaluations. Corporate leaders need to understand the level of talent and specifics regarding various types of positions and overlaps from competing companies and industries. One of the most misunderstood and misleading data points is the unemployment rate. By definition, the unemployment rate represents the…
Interesting data on office utilization from Yardi Matrix and the Census Bureau. We can see that office utilization rates are not static or universal. They vary significantly from market to market. The Census Bureau’s American Community Survey (ACS) provides detail about the percentage of the working population that primarily works from home. According to the…
High-quality amenities have become increasingly important to discerning office tenants. Some can significantly impact an office building’s occupancy and get tenants to pay a premium in rent vs. competing, similar buildings. On top of most prospective tenant’s lists are: Outdoor spaces Food service Gyms Direct access to public transportation However, tenants put a further premium…