Shifting Demographics Make Investors Rethink Space Requirements
According to an article published in National Real Estate Investor, technology trends are driving office space requirements smaller and smaller. Work space requirements in the 1970s was three times larger than today, largely due to electronic information shrinking the storage space needed for books and files.
“Every new law firm lease is for one-third less space than its predecessor,” states Gunnar Branson, CEO of the National Association of Real Estate Investment Managers. Echo boomers make up a large demographic of workers who can live and work in smaller spaces. Commercial real estate investors should consider the needs of echo boomers who care more about where they work and live versus the size of the space.
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