NAR Research Study
Who are your future office tenants?
What industry sectors and occupations drive demand for office space?
Office space demand is an important indicator of economic strength. Traditional office use/demand estimates overlook several categories important in understanding the entire sector.
“Since a significant percentage of our economy is tied to the office service sector and investment in office properties can typically reach 50 percent of a portfolio’s value, being able to understand the demand elements–where, how much, and what space is wanted—is critical,” according to Ken Riggs, CEO of Real Estate Research Corp. and chairman of NAR’s Commercial Research Subcommittee.
Such were the questions and economic considerations NAR’s National Center for Real Estate Research wanted examined for its commercial member practitioners and the office using service sector.
JBCC was selected to perform a new, comprehensive study and analysis of office using industries. The U.S. Bureau of Labor Statistics provided the base data on a national and selected city basis. Once the initial study was completed resulting in Office Employment in the United States 2004— 2014, significant findings were summarized, highlighted and sent to several leading national commercial real estate firms via a special electronic survey for feedback. Survey responses capture input from the commercial practitioner’s perspective adding insight and first hand experience to the final report– Is the paperless workplace a reality or perception? Will tenants pay a premium for short term leases offering flexibility? The entire report can be accessed via the link below.
This research is “valuable not only to commercial brokers and property managers, but also to Wall Street, to pension funds and to investors” according to Bob Redmond, SIOR, senior vice president at CB Richard Ellis.
JBCC produced this innovative study and report through a partnership formed with John F. McDonald PhD, Emeritus Professor of Economics and Finance at the University of Illinois Chicago and Director of the M.A. program in Real Estate. (on left, lower photo) In addition to two recently authored books–Urban Economics and Real Estate and Urban America: Growth, Crisis and Rebirth, McDonald is the editor of the Journal of Real Estate Literature.