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May 28, 2020

Confusion Over Rules Has Led NYC Brokers To Give Illegal CRE Tours

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Tours of commercial real estate are still illegal in New York City as drastic lockdown measures approach their third month. But that hasn’t stopped many brokers from conducting them anyway.

“I’m not saying put money over health,” a sales broker told Bisnow on the condition of anonymity. “But look, we are not meant to sit at home for 11 weeks and do nothing. We are wired to do deals.”

Confusion Over Rules Has Led NYC Brokers To Give Illegal CRE Tours

In nearly a dozen interviews this week, multiple brokers admitted to giving tours despite lockdowns — loaded with face masks and hand sanitizer — because without in-person deals, the city’s multibillion-dollar property market is essentially in a deep freeze. Others expressed confusion over Gov. Andrew Cuomo’s executive orders and varying…

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IBM To Leave WeWork Building Owned By Adam Neumann

IBM To Leave WeWork Building Owned By Adam Neumann

A major corporate tenant is pulling out of a lease with WeWork at its location near Union Square in a building owned by ousted CEO Adam Neumann.IBM will depart from the 70K SF office space it leases from the coworking giant at 88 University Place after the summer ends,

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Here's How Offices Of The Future May Compete With Remote Work

Before the coronavirus stormed workplaces worldwide, the office sector had hummed along relatively unchanged for much of the past several decades.

Before the pandemic, about 10% of workers able to work remotely did so full time, and an additional 20% did so some of the time, according to Gartner. Now, chief financial officers the company surveyed indicate 19% of workers will go remote full time and 29% will go remote some of the time. 

In part, that change is also a result of workers' preferences for flexible work. Only 15% of workers want to work from the office full time, according to a survey conducted by CommercialCafé.

Now, months into a pandemic, commercial landlords are tasked with trying to lure companies permanently back from what has been, at least for some, a surprisingly successful experiment in remote work. Some may not be able to bring people back to their current properties. Those that do must reorient around helping foster collaboration, building company culture and boosting talent recruitment for occupants, experts told Bisnow.

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Bisnow Readers Split On Work From Home's Future

 

Almost a third of Bisnow readers surveyed say they expect to shrink their company's office footprint post-pandemic, but 45% said the amount of space they currently have will remain unchanged.

Eight-hundred seventy-seven people responded to a Bisnow online poll between May 19 and May 27. Questions ranged from readers' thoughts on working from home and how remote work might change with a worker's life stage to how flexible office options attract talent.

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