Chris Rising, Co-Founder & CEO of Rising Realty Partners, published a white paper called “Office Sector Investment in a Pandemic Recession,” where he discusses that months of working from home have underscored the fact that Americans prefer working together in an office setting.
Even though our “new normal” is a remote workforce, Rising discusses how much people need social interaction and in-person collaboration. He explains the vastness of the office sector – it makes up at least 4.2 billion square feet across the nation. The prediction that the office sector is doomed is far-fetched. He notes a JLL survey showing that 58 percent of office workers actually miss working in the office, especially those who are 35 and younger (65 percent). People miss chatting with their coworkers, and even just working alongside one another. Rising states that “we are a society that learns, grows and is stimulated through direct interaction with people.” The paper analyzes four factors that will dictate the office sector in our economy:
- The COVID-19 pandemic
- The Pandemic Recession of 2020
- The ascent to power of Gen Xers and Millennials
- Cloud-based, 21st century jobs
We are seeing a massive change in leadership, with our largest generation retiring and new young leadership coming in. This also means we are seeing a rise in cloud-based work and the new mobile workforce. Company cultures are changing, and the property owners who can keep up with these technological innovations will be the ones who succeed. Rising says the office sector is not leaving. “We will not be a society of Zoom-fueled, homebound workers. But when the pandemic ends, ‘work’ will be different and typical work hours and expectations around ‘office face time’ will change.” Read the white paper here to learn his full analysis.