Tag: office

Will the remote work craze sparked by COVID-19 sound a death knell for office buildings?

Elliott Holt was always firmly opposed to letting employees work from home.

“There’s no control over it,” says the CEO of a Nashville-based medical records company. “We like to be in control.”

With MediCopy growing at breakneck speed, its work-in-the office ethos spelled a feverish expansion of its physical presence in Nashville. After adding a second office two years ago, the firm was poised to lease a third last month.

But since the coronavirus pandemic has forced nearly all of MediCopy’s 200 employees to work from home, Holt has had an abrupt change of heart. He says he’ll let staffers

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From warehouses to office space, real-estate markets have been turned upside down. These are the winners and losers.

The way we occupy space and our relationship with places like stores and offices is transforming.
The way we occupy space and our relationship with places like stores and offices is transforming.

Katie Warren/Business Insider

  • Offices, hotels, and malls were emptied by the coronavirus. While some are reopening, the disruption has created a new normal. 

  • Big firms are rethinking office needs — and some commercial real-estate deals are being put on ice as financing dries up. 

  • A surge in e-commerce, meanwhile, is fueling demand for warehouse space from companies like Amazon. 

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The coronavirus threw the real-estate world into disarray, as people emptied

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Exodus of US firms from Hong Kong to avoid sanctions imposed in wake of security law would hit office market already hurt by unrest, coronavirus

A potential exodus of American companies from Hong Kong to avoid sanctions from US legislation that seeks to punish those who undermine the city’s freedom is likely to put pressure on landlords to reduce rents of prime office space, analysts said.

The fallout could be as much as a 30 per cent cut in rents, given that American companies are now the single largest occupier of prime office space in the city, according to one estimate. If the scenario plays out, it will further damage an office market that has been battered by a year of social unrest, and the

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From warehouses to office space, real-estate markets are being turned upside down. These are the winners and losers.

The way we occupy space and our relationship with places like stores and offices is transforming.
The way we occupy space and our relationship with places like stores and offices is transforming.

Katie Warren/Business Insider

  • Offices, hotels, and malls were emptied by the coronavirus. While some are reopening, the disruption has created a new normal. 

  • The coronavirus has provided the largest experiment ever in remote work. Experts say it will forever change our relationship with the physical office.

  • Flex-space providers like WeWork, Knotel, and Convene, rental startups like Sonder and Zeus Living, iBuyer Opendoor, and brokerages including Compass and Redfin have laid off or furloughed staff. 

  • Companies are also rethinking their office footprints and warehouse needs. 

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Sun Hung Kai, Kwok family sell 30 per cent stake in office space at Hong Kong’s most expensive commercial site to Ping An Life for US$1.45 billion

Sun Hung Kai Properties (SHKP) and its controlling shareholder, the Kwok family, are to sell 30 per cent of the office portion of Hong Kong’s most expensive commercial project.

Ping An Life Insurance will buy the space on top of the West Kowloon high-speed rail station for HK$11.27 billion (US$1.45 billion), SHKP said in a statement on Wednesday evening.

SHKP won the biggest parcel of commercial land ever sold in the city for a record HK$42.23 billion (US$5.4 billion) in November last year.

“Local property firms are unlikely to increase their [borrowing for expansion] in these market conditions, but mainland

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