Trophies, Transitions and Troubled: What’s Next for the Office Market?

At MIPIM, it was wonderful to connect with the global real estate community during this generational reset to discuss the purpose of the office and the future of what’s next for the real estate market.

Offices as a Facilitator of Connection and Innovation

The office is an important part of society’s work life across the world. The office aids in building connections and enhancing the well-being of individuals, the economy and society. It brings people together and fosters collaboration and creativity, which are necessary to achieve great things together as teams, companies and society. This is especially true at Newmark, where we advance our business performance through the collaboration and innovation driven by our top talent teams within our offices globally.

Driven by Business Performance

A driver behind the return to the office is the desire to amplify business performance and employee connection. Inspiring ideas and change is more effective when you sit side-by-side with your colleagues and drive innovation through direct collaboration and exchange of ideas. As industries navigate economic and technological change, notably the advancements in artificial intelligence, demand continues to increase for quality offices that attract top talent.

Trophy, Transitions and Troubled

A generational opportunity to create value is underway. While the trophy assets outperform and the troubled assets struggle to find their place, the opportunity for investors lies in finding buildings with the possibility for transition that can be reinvented for the workforce of tomorrow. We see this as an opportune time for our team at Newmark to engage across service lines, critically think about the changing market and use our expertise to drive value for clients. By focusing on locations and assets with desirable attributes that embrace trends like sustainability, amenity and collaboration, there is enormous potential to build for the future of work.

Opportunity for Partnership to Create a Better Future

As our global industry navigates this reset, there is a notable shift in owner/occupier partnerships on key issues and challenges. A value at Newmark is Join Forces, where we collaborate to compete and solve problems effectively. This mindset is spreading across the industry on a global scale, with partnerships developing between owners and occupiers within buildings, blocks and cities to improve the experience and value of the office. We plan to build back better than ever and create spaces that are good for employees, businesses and society.

It was a pleasure to discuss the future of the office at MIPIM.

Keep an eye on Newmark’s LinkedIn channel for more insights from MIPIM.