Goodbye to the office – Boston condo buyers want office space at home

Boston Condos for Sale & Boston Apartments

Goodbye to the office – Boston condo buyers want office space at home

Office tenants are taking 14% less space

Average deals are shrinking from pre-pandemic: JPMorgan

Tenants across the country are taking 14 percent less space on average compared to before the pandemic, Crain’s reported. The figure was determined by JPMorgan Chase after interviews with officials at Newmark.

Beyond the waning new office lease footprints, which JPMorgan described as “sobering,” a majority of the leases signed before 2020 haven’t come up for renewal yet. Some of those tenants will surely reduce or eliminate their office portfolios once leasing decisions arrive, which will likely keep office vacancies elevated.

Vacancy rates are elevated by seven percentage points above what they otherwise would be due to these headwinds in the office market. Availability rates are shattering records across the nation, such as Manhattan’s first quarter availability rate of 18 percent.

In the first quarter, net absorption declined across the country. It was negative 15.5 million square feet, compared to negative 8.9 million in the previous quarter.

Peace be with you

Updated: Boston Real Estate Blog 2024

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Goodbye to the office – Boston condo buyers want office space at home

A new survey from Zillow found a majority of Bostom condos buyers say they’ll consider a move to a home with more space if working remotely becomes a long-term reality.

Boston condo owners rearranging their living space

A third of respondents in a recent Zillow survey report working from a home currently, with some transferring rooms into office space such as a living room, dining room, or bedrooms. Working out of a shared space that’s not designed to support long hours in front of a computer can bring distractions and other frustrations – especially as open-concept layouts have soared in popularity in the past few years – suddenly putting a premium on a quiet, separated workspace.

For that reason, additional Zillow survey data shows most Americans working from home due to COVID-19 are reimagining what they want in a Boston condo for sale and would ultimately consider moving if given the flexibility to continue working remotely after the pandemic subsides.

Zillow search traffic trends seem to back up these results. Many Americans appear to be considering a move for a home with their desired features, as Zillow traffic on for-sale listings was up almost 50% from last year in mid-May, but location preferences do not appear to have changed much. The share of those views going to urban, suburban, and rural listings has barely changed since last year.

Boston Real Estate and the Bottom Line

If we were starting this whole office thing today, it’s inconceivable we’d pay the rent/time/commuting cost to get what we get. I think in ten years the TV show ‘The Office’ will be seen as a quaint antique.

When you need to have a meeting, have a meeting. When you need to collaborate, collaborate. The rest of the time, do the work, wherever you like.

The gain in speed, productivity, and happiness is massive.