However, today, as businesses and workers start to negotiate a new way of officing—the hybrid workplace–a mix of onsite and remote work instead of 100% remote work, has helped Long Island’s real estate market stay afloat.
Julie Whelan, global head of occupier research at CRBE, said in a recent survey report, “Many companies now recasting the design and function of their offices will find that the square footage needed to accommodate team-centric work, free-address seating, and meeting space often exceeds that previously dedicated to rows of individual offices and cubicles.”
The increased need for square footage is a good signal for Long Island’s office real estate market.
This doesn’t mean it’s back to normal for the workplace or the office real estate sector yet, but it’s looking better and better.