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When it comes to office, corporate strategies can go from in-person through hybrid and right to home. There likely are no easy answers, despite what some executives would like to think.
“Many companies are struggling to figure out their office needs going forward,” Trevor Adler, a Stroock partner, tells GlobeSt.com. “Office leases have historically been for a term of 10 or 15 years, plus extension options, which generally suits both landlords and tenants given the investment that both parties typically need to make in transaction and buildout costs. Because those costs have not gone away, 10- or 15-year lease terms have remained the norm. For many tenants, the prospect of a 10 plus year lease remains attractive even given the current uncertainties of office needs, especially when flexibility is layered into the lease by means of expansion, contraction, and early termination options. But for those who seek even more flexibility, the alternatives of subletting and flexible/shared workspace providers each offer shorter terms and the possibility of minimal or zero transaction and buildout costs.”
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Copyright © 2022 ALM Global, LLC. All Rights Reserved.