Commercial Space Must Take on New Meaning to Survive a Virtual Age

By Nancy Cox | Partner, The Bonadio Group

One of the many lingering impacts of the pandemic is the surplus of unused commercial space. From abandoned office spaces to malls with dwindling retail tenants, commercial property executives are experiencing lower demand in a world that is more virtual than ever before.

Due to these factors and with no change in sight, executives and developers are getting creative about uses for these non-utilized spaces. Based on emerging trends, open commercial spaces provide opportunities for repurposing to meet new needs and desires of consumers and the workforce. As industries across the globe make shifts to virtual, here are some ways that common commercial spaces can adapt.

Be Strategic With Your Corporate Spaces

As much of the workforce remains remote, the demand for large corporate office spaces continues to decline. While many executives see value in keeping a space for employees to gather and conduct meetings when needed, there is a general urge to reduce their footprint and, in turn, costs.

Some of the ways that large companies are downsizing include seeking smaller spaces and utilizing “hotel-style” personal stations for use by employees that need to come in for certain events. Additionally, companies are turning to shared spaces – whether it’s renting a small space themselves or renting out a portion of their existing space to another company. Another creative use of space is to incorporate community service, such as turning large eating or communal spaces into soup kitchens or allowing community organizations to utilize the space at little or no cost. Commercial executives looking to sell or rent unused spaces should consider this and the opportunity to install easy structures like dividers to maximize the potential of their open units.

One of the many lingering impacts of the pandemic is the surplus of unused commercial space. From abandoned office spaces to malls with dwindling retail tenants, commercial property executives are experiencing lower demand in a world that is more virtual than ever before.

Due to these factors and with no change in sight, executives and developers are getting creative about uses for these non-utilized spaces. Based on emerging trends, open commercial spaces provide opportunities for repurposing to meet new needs and desires of consumers and the workforce. As industries across the globe make shifts to virtual, here are some ways that common commercial spaces can adapt.

Be Strategic With Your Corporate Spaces

As much of the workforce remains remote, the demand for large corporate office spaces continues to decline. While many executives see value in keeping a space for employees to gather and conduct meetings when needed, there is a general urge to reduce their footprint and, in turn, costs.

Some of the ways that large companies are downsizing include seeking smaller spaces and utilizing “hotel-style” personal stations for use by employees that need to come in for certain events. Additionally, companies are turning to shared spaces – whether it’s renting a small space themselves or renting out a portion of their existing space to another company. Another creative use of space is to incorporate community service, such as turning large eating or communal spaces into soup kitchens or allowing community organizations to utilize the space at little or no cost. Commercial executives looking to sell or rent unused spaces should consider this and the opportunity to install easy structures like dividers to maximize the potential of their open units.