Home Real Estate How the pandemic is changing Philadelphia’s commercial real estate

How the pandemic is changing Philadelphia’s commercial real estate

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Commercial real estate brokers are scrambling to make office spaces more enticing after the pandemic led many companies to overhaul how and where we work.

What’s happening: As hybrid work environments become the norm, some commercial real estate companies, like CBRE, believe flexible office leases will continue to rise in popularity.

  • Meanwhile, some brokers are focusing on attracting office buildings that offer more lenient contracts in general.

By the numbers: Between midyear 2020 and midyear 2021, flex office space fell by 9.2% across the country after growing for nearly a decade, but it’s slowly making a modest recovery on a national level.

Context: Flex space refers to offices that come fully furnished and often have their own IT infrastructure. They typically charge by seat rather than by square-foot capacity.

  • Companies can sign leases as short as a month or as long as three years, while traditional office space leases are typically five years or…

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