As the role of all real estate types continues to evolve, so goes the demand for new, higher-quality spaces. The concern for healthier, safer, and cleaner spaces has driven demand for all new product types.
As a market maker, Burns Scalo Real Estate has boldly increased its development pipeline with NEW experiential real estate to prepare for this shift. No longer are tenants interested in just products or brands, but rather in memories and experiences — a relevant trend for real estate investors to follow.
Another trend our firm is witnessing is larger tenants signing long-term commitments and taking fewer square feet, but upgrading the quality of their space while still saving money.
Our firm’s early investment in NEW experiential real estate is beginning to provide immediate returns. Despite lagging occupancy and tenants’ delayed return dates, in Q3, our firm experienced its best quarter in both demand and leasing activity since the onset of the pandemic.
The work-from-home strategy was effective in the short term, but we are beginning to see the long-term cracks in the foundation. While many organizations have seen results, corporate leaders are increasingly sharing their concerns regarding work performance, social strain, and decaying culture.
The bottom line — we are better together than we are apart. I believe the flight to NEW is very real and that the new office wins. Don’t just bring your people back to work; bring them back to a space they WANT to come back to.
About Burns Scalo Real Estate
Burns Scalo Real Estate is a luxury real estate firm that manages a portfolio consisting of 5.2 million square feet valued at more than $1 Billion. The organization’s development, brokerage, and management services unify to create spaces people want to come to not just have to. Allowing business owners to attract the brightest talent and giving the brightest talent more of what they love.