The concept of having employees share space within an office has been around for decades. In many circles, it was referred to as “hoteling” and it has been popular with consulting firms that often had employees traveling offsite for their work several days each week.
While the Covid-19 pandemic is not over, many companies are focused on the future of their business and office space needs. Some are integrating work from home strategies and downsizing their space requirements. But other businesses are sticking with their past model and will continue to use the same amount of office space, or possibly more, as they did prior to the pandemic.
Across the industrial product types, levels of vacant space remain very low. This has allowed landlords to increase rental rates and decrease concessions over the past decade. What does the future hold for industrial space occupiers? It depends on product type.
While all leases are different, there are some things that a space occupier should always consider before signing that next lease. Our top five are below:
Before you make the decision to renew or relocation you want to make sure you understand all the options in your current lease. Leases can be complicated, so this would be an ideal time to engage the services of a tenant-only advisor.