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BOMA Insider (excerpts from the BOMA International Newsletter)


July 23, 2020

The Future Is Flex

Over the past decade, demand for flexible office space has greatly increased, due in part to the rise of coworking, desire for shorter-term leases and a need for responsive office accommodations. Despite this trend, the change and uncertainty brought about by the COVID-19 pandemic has led industry professionals to question whether the pre-pandemic flexible workplace model would be equally celebrated in our new normal.

New research from JLL takes one position: that the case for flex office could be stronger now than ever. According to JLL, the flex office model serves as a viable solution for tenants looking to reduce office densities, save costs and support employee demand for shorter commute times and productive work environments. The research predicts that 30 percent of all office space will be “consumed flexibly” by 2030. In the short term, flexible space operators who traditionally accommodate a market comprised of freelancers, start-ups and in-person events will be the most challenged, but in the medium and long term, “demand for flexible space will not only return, but increase as occupiers embrace core and flexible models more widely.”

 


It's Cool to Work in the 'Burbs

The demand for office space in suburban markets is another trend that’s been on the rise even before the pandemic, and one that could be further accelerated by COVID-19. Dubbed “Hipsturbia” (Hipster + Suburbia), the trend is primarily driven by millennials looking to enjoy the conveniences of an urban lifestyle—like walkability to restaurants, retail, entertainment and jobs—while also getting more space for their buck. As older millennials start to leave cities for the “live-work-play” environments offered in the ‘burbs, their employers are following and making their own suburbia moves to attract this talent. Industry experts explore the commercial real estate implications of “Hipsturbia” in the latest issue of BOMA Magazine.

 


A Postcard from #BOMA2020 

The BOMA 2020 virtual conference was jam-packed with insights on the latest trends and issues impacting commercial real estate. Whether you couldn't attend the virtual conference or simply want to experience the excitement all over again, be sure to check out our award-winning conference dailies, produced in partnership with BUILDINGS, for key BOMA 2020 takeaways:

And, be sure to check out this highlight video of BOMA International President Henry Chamberlain’s 2020 State of the Industry address—it makes the case for why the office as we know it isn't going anywhere!

 

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