Office Real Estate and The Internet
The office real estate market has been adversely impacted by the internet. We now have the flexibility to work from most anywhere, including home, via the internet. This trend has shifted how we use office space and softened the office market. A change in demand creates opportunity for those in the market. Buyers can acquire office space at lower prices and reduce overhead. It is still very expensive to build new office space so locating good quality existing space is the key to finding good value. Flexible office space is increasingly important to maximizing use. Open space, clear span buildings, multiple entries, amenities such as fiber optic access and good parking are all critical considerations. Opportunities to convert existing office spaces to an alternative use is another way to take advantage of the market. Many great office sites also make great mixed use, retail or apartment sites.