After Pandemic, Shrinking Have to have for Office environment Area Could Crush Landlords

Rose Hansen

“Our customers are accomplishing well — most of them are not dealing with a economic downturn,” Mr. Thomas claimed. Colin Connolly, the chief govt of Cousins Houses, a landlord dependent in Atlanta, mentioned tech businesses would largely preserve their office place and increase in areas like Atlanta and Austin, Texas. […]

“Our customers are accomplishing well — most of them are not dealing with a economic downturn,” Mr. Thomas claimed.

Colin Connolly, the chief govt of Cousins Houses, a landlord dependent in Atlanta, mentioned tech businesses would largely preserve their office place and increase in areas like Atlanta and Austin, Texas. Cousins’s four most significant tenants are technological innovation corporations.

“Our check out is that they are not making people relocation conclusions to do the job from dwelling,” Mr. Connolly said.

But know-how companies’ urge for food may well not be very as massive as it was before. Facebook and Cousins experienced been negotiating a lease for 353,000 sq. feet in downtown Austin, but the Austin Organization Journal described in March that Fb experienced backed away. The corporations declined to talk about their negotiations.

“We are dedicated to Austin, as evidenced by our around 1,200 staff members who connect with Austin household,” stated Tracy Clayton, a Facebook spokesman.

Predictions of a return to workplaces have typically appear up vacant. A yr back, quite a few real estate executives said lockdowns would be relaxed by the summer months. A 12 months later on, states have eased constraints, and numerous People are acquiring vaccinated. Still, on regular, just a quarter of employees in the 10 largest city places have returned to workplaces, a level that has stayed primarily the very same for months, in accordance to Kastle Programs, a protection organization.

The towns with the cheapest return prices are on the coasts, like New York, San Francisco and Washington, Kastle said, where by long commutes, usually on dysfunctional transit systems, are common.

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