As we start a new year, the office outlook is still mixed. Although more companies are requiring employees to be in the office some days per week, we are far from the high occupancy that many central business districts enjoyed before 2020. Companies are still figuring out their workplace strategies – how often to bring in employees and how to better use their space for the reality of work today.
With ChatGPT suddenly mainstream, artificial intelligence has become a hot topic with the ability to disrupt any and every industry it touches. The commercial real estate industry is not excluded from this disruption, but the implementation of AI in the space leaves a lot yet to be discovered.
The office market is still struggling with high interest rates and increased levels of remote work, producing a tough lending environment and frozen deals on the sales side, and generous concessions and terms that favor tenants in leasing. That said, there are glimmers of hope.
Recruiting and retaining talent is challenging in the competitive “buyer’s market” post-pandemic landscape. Experts on a panel at NAIOP’s CRE.Converge this week examined the impacts of this new normal and shared strategies that real estate companies are using to attract and retain talent.
With the increasing push to return to the office, employers and developers are tasked with sweetening the deal for current and future employees in the office and industrial markets. Promises of increased collaboration with the return to in-person work aren’t enough of an incentive. Now, workers across industries expect more when physically in the office.
At NAIOP’s CRE.Converge this week in Seattle, Amazon Vice President for Worldwide Real Estate Daniel Mallory sat down for an in-depth chat with Jean Kane, former CEO of Colliers International-Minneapolis St. Paul and the incoming chair of the NAIOP Research Foundation. Kane asked Mallory about his perspectives on everything from the company’s sustainability efforts to today’s market challenges to future workforces and beyond.
To assess how real estate and development degree programs are perceived in comparison to others, respondents to a NAIOP survey who self-identified as holding management positions were asked to evaluate how they would view hypothetical job applicants with different academic credentials.
In June, NAIOP surveyed member developers, building owners, investors and asset managers to examine the skills and credentials that are most important to development-related professions. Survey questions were designed to capture the perspectives of both managers and non-management professionals, and to evaluate which skills are most important to early-career and mid-career professionals.
Making progress on diversity, equity and inclusion (DEI) in commercial real estate may be challenging, but the workforce deserves – and increasingly demands – meaningful progress. However, organizations often aren’t sure where to begin. In the first in a DEI webinar series presented by Trammel Crow Company, Rhonda Payne, CAE, founder and CEO of Flock Theory, introduced foundational concepts and key terms related to diversity, equity and inclusion.
In the post-pandemic office market, the “flight to quality” trend among tenants has been growing alongside increased demands for sustainability. Consequently, demonstrating to clients that a property is equipped with the latest in energy-saving technologies and smart materials is the new standard. And, increasingly, clients are looking beyond their office windows to take a more holistic approach to sustainability, considering factors such as the city’s commitment to reducing carbon dioxide emissions, plans to build electric vehicle infrastructure or the stringency of local building policies.
