Page 14 — Office & Industrial Quarterly — December 2022 OFFICE — ELEVATING OFFICE SPACE T he future of office: a topic that continues to consume our everyday conversations, as our society continues to settle into a new normal post-pandemic. Hybrid work mod- els and office-to-residential conver- sions dominate today’s conversa- tions, suggesting a continued move away from office space. While there is an undeniable move away from office space in the most traditional of senses, it’s important to recog- nize the opportunity that exists to reprogram underutilized office tow- ers, not abandon them. And, it’s important to note that, in spite of vacancy, demand for office product continues, and so does the investment in building it. In Den- ver’s urban core, projects like Block 162 represent the over 2.8 million square feet of office space delivered between 2018 and 2021, and as of mid-2022, nearly 750,000 sf of office product was under construction. Cities like Nashville, Boston, Man- hattan and Austin, Texas, also have strong development pipelines. As of July, 26.5 million sf of office space was actively under construction across the U.S. The bottom line? Investment in office space contin- ues, despite skepticism. So, rather than go “all in” on full-scale conversion projects that completely overhaul a tower’s use, we should also look toward ameni- ties and functions that elevate the workplace experience and meet the demands of today’s workforce and, more broadly, of our cities. In part due to the conveniences introduced by remote and hybrid work, people are increasingly seek- ing to consolidate trips for errands and other respon- sibilities and favor- ing experiences that contribute to their well-being. Repurposing vacant office space to create a live/ work model of work can deliver on these preferences and ultimately create a more hospitable environ- ment for all. Day care facilities, doggie day care spaces, wellness and fitness cen- ters, and even small-format grocery stores can form true “multi-use” buildings that maximize available space and deliver on societal prefer- ences. These opportunities can be particularly meaningful for older high-rises that are competing with more modern spaces in the “flight to quality” while also answering employees’ desires for amenities that offer the comforts of home. Beyond amenities that offer an elevated user experience, we also can maximize our office towers through sustainability mechanisms to the benefit of the bottom line and also answer new policy direc- tives such as Energize Denver’s building performance standards. Utilizing vacant space for sustain- ability infrastructure can lower operating costs, relieving pressure to fill vacancies and, ultimately, benefitting the environment. As owners and landlords continue to operate under the new normal in the ways we use office space as a society, longevity is key, no matter the space’s use. Most office space is utilized by tenants for 10-plus years, signaling an important need to build in adaptability to account for potential future (and unfore- seen) environmental, societal and political shifts. s Rethinking how we ‘rethink’ our office spaces ...and much more! CAM Services is Proud to Offer the Following Quality Services Multiple Service Discounts Available Power Sweeping Parking Lot Sweeping Snow Removal Day Porter Services Tenant Finish/Improvements Interior/Exterior Building Maintenance Power Washing Power Scrubbing Fence Repair Stormwater & Erosion Control Signage Repair Curb & Sidewalk Repair Parking Blocks Construction Clean-up Water Damage Clean-up Property Security Temporary Fencing Barricades Rubber Removal Airport Services Event Services Silt Fence Fully Bonded Phone: 303.295.2424 • Fax: 303.295.2436 24 Hours/Day, 7 Days/Week State-of-the-art equipment, with GPS tracking for your convenience Amy Aldridge Partner, Tributary Real Estate Brad Nicol | Architectural Photography In spite of vacancy, demand for office product continues, and so does the investment in building it, including projects like Block 162.