Archive for September, 2016

Office Space Trend

According to CEL & Associates, as of 2016, only 10 of the top 50 occupations with the most job openings require any office space; and over 40% of the U.S. workforce telecommutes.  The average white-collar worker spends only 30% of his or her time working in an office, and the average individual workspace is occupied only 55% of the time in a normal work week. The average U.S. tenant has 33% of its space as excess shadow space. Co-working/Shared workspace now comprises 27 million square feet, and will continue to grow for the next several years.

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San Diego’s Housing Shortage Means Rising Prices and Rents

San Diego County has a severe housing shortage caused by the inability to bring to market new single-family or multi-family units, which will likely continue for the foreseeable future. The result will be continued price increases in the sale and rental of homes. Those few units which can be developed will be located far from the locale of present and future jobs, resulting in longer commutes, greater congestion and increasing employee and employer dissatisfaction. Even if a shift in housing preferences to multi-family occurs, this will take time and not likely be a full shift. The housing shortage will also be exacerbated by aging Baby Boomers choosing to stay put, rather than downsizing or relocating, due to limited alternatives.

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