November 9, 2022 – Despite inflation, the fundamentals of real estate are really good and, in some areas, they're exceptional. That’s one reason the economy is better than you think it is, says Spencer Levy, Global Client Strategist and Senior Economic Advisor for CBRE, the largest commercial real estate services firm in the world.
Haworth Connect recently hosted Levy for a webinar about the state of the commercial real estate market. He shared his insights on inflation, market fundamentals, capital markets, construction and key strategies for investors and occupiers. The recorded webinar is available here.
“I'm very bullish on the future of office properties, but the future of the office is changing. The future of the office is changing by, first and foremost, location. People are moving into what I call better business districts, or BDDs, versus CBDs (commercial business districts),” Levy said.
The difference between the business districts is that BDDs have live-work environments around things like universities or venture capital. An example BDD in Chicago is the West Loop or Fulton Market neighborhoods, which are seeing an increase in office activity. Three years ago, the Fulton Market represented 5% of all leasing activity in Chicago. Today, that’s 25%.
“The point is, is that if you put your offices in these live-work-play areas, it's going to be not only fine, but it’s also going to thrive,” Levy said.
Both future and past Haworth Connect events are available here.
Globally, Haworth enriches spaces with award-winning furniture, interior architecture, luxury lifestyle products and technology solutions to help create beautiful rooms and achieve business goals. With a strong history of craft, innovation and 400 patents, Haworth is committed to protecting and restoring the environment; creating economic value; and supporting and strengthening communities. Founded in 1948, Haworth remains family-owned, serving markets in more than 120 countries through a global network of 650 dealers and 7,500 employees. Headquartered in Holland, Michigan, U.S.A, the company has net sales of $2 billion USD.