Suburbs: great for neighborhood barbecues, time spent with the family outdoors and walks in the park. One thing they’re also becoming known for these days? Business headquarters. In fact, more and more companies are seeking alternative solutions for their physical spaces in 2020 and considering locations that they didn’t in the past.
By adding affordable, flexible and comfortable space to your list of leases (preferably in suburban locations), you can take advantage of this shift. Commercial real estate software can also help. Let’s take a look at both.
The Shift In CRE Property Trends
The trend toward affordable, flexible and comfortable space isn’t a new one—it’s been picking up steam for several years. But it has started to shift more dramatically in light of COVID-19, as businesses are seeing a change in the way their employees work. So, what are the benefits of these trends?
● Affordable: For the time being, at least, lots and properties in suburban areas are simply more affordable than their urban counterparts.
● Flexible: Remote work has presented us with the opportunity to rethink our space. The suburban market gives tenants more options to work with.
● Comfortable: This can mean many things – feeling safe due to lower crime rates in suburban areas, being close to home and family, or even having enough space to spread out and secure a healthy workspace.
Cushman & Wakefield summarizes this shift nicely: “whatever the future holds, the discussion about office real estate has shifted from strictly urban to a broader range of alternatives including the suburbs. While we are not convinced that occupiers will need less real estate, we do think that where an occupier’s real estate is located may change in response to the events that have transpired since the arrival of COVID-19.”
Using CRE Software to Take Advantage
Ensuring you take advantage of the ever-changing shifts in the commercial real estate industry requires total organization and attention to detail. All of your lease data should be abstracted and secured in one system where you can report on and analyze the key metrics that help you make decisions about your space. CRE software solutions like Quarem can help you manage your leases so you can take advantage of industry shifts in the following ways:
● Track important financial details like rent schedules and increases. That way, you can budget and forecast for the future.
● Monitor expirations and options so you can identify which leases you need to focus on first and make a plan.
● Track space utilization metrics, like SF/employee, so you can identify your needs and compare them to current trends.
If you’d like to see how CRE software can help you shift your portfolio towards affordable, flexible, and comfortable space, request a demo of Quarem today.