Michelle Gallagher’s Post

This is not a regular pie chart post, honest.... Do you need a high street office to make any impact! 🤔 Who cares about pie charts? Not me, but as this doesn't happen often, I took a photo. Christopher Watkin apologies as I know you hate them! 🤣 I know it's just a week snapshot, so I ran a month too. No I wasn't 1st then but my point is this.... The main concern is the fact that there are high street offices out there listing and selling less than my "one man band/work from home" agency. The reality is I have a serviced office and 2 team members now, but I still refuse to have a high street office and I'm proving its not necessary. I list more, charge more, and have less expenses. No rates, no rent, no bills, less staff, and therefore more profit! The top agent listed around 10 more, but at 0.25% less (at least) than me, the income will be lower. Maybe there is another, better way to do this estate agency thing than open up an expensive advert, sorry office, on the High Street. After all, that's really what it is. If you're a small agency owner, who'd like to discuss an alternative way through the tougher times we may still face, then please do reach out. If you're thinking of launching a new agency, then also reach out before committing to an expense advert, sorry office! Adam Day Scott Gunn #estateagents #estateagent #estateagency #highstreet #profits

This is not a regular pie chart post, honest.... Do you need a high street office to make any impact! 🤔 Who cares about pie charts? Not me, but as this doesn't happen often, I took a photo. Christopher Watkin apologies as I know you hate them! 🤣 I know it's just a week snapshot, so I ran a month too. No I wasn't 1st then but my point is this.... The main concern is the fact that there are high street offices out there listing and selling less than my "one man band/work from home" agency. The reality is I have a serviced office and 2 team members now, but I still refuse to have a high street office and I'm proving its not necessary. I list more, charge more, and have less expenses. No rates, no rent, no bills, less staff, and therefore more profit! The top agent listed around 10 more, but at 0.25% less (at least) than me, the income will be lower. Maybe there is another, better way to do this estate agency thing than open up an expensive advert, sorry office, on the High Street. After all, that's really what it is. If you're a small agency owner, who'd like to discuss an alternative way through the tougher times we may still face, then please do reach out. If you're thinking of launching a new agency, then also reach out before committing to an expense advert, sorry office! Adam Day Scott Gunn #estateagents #estateagent #estateagency #highstreet #profits

A really fascinating analysis of office to housing potential by location.

A conundrum for observers of the #office market has been the relative resiliency of asking rents in the face of slackening demand that has sent the national vacancy rate up over 400 basis points in four years. Learn more below.

#Portland's #office-to-#apartment #conversion story is a cold shower for city planners: • 31.8% of offices empty • Need 120,000 new homes by 2045 • 8.1% of downtown apartments vacant • Rents flat since 2019 You'd think this combo would spark a #conversion #frenzy. Nope. High apartment vacancies and stale rents are murdering the math for developers. It's a weird #loop – forces emptying offices are blocking their rebirth as homes. What is actually going on: 1. Location is king, but the kingdom's shrinking. 2. Earthquake-proofing is a budget-killer. 3. Timing is everything, and rarely cooperates. #Portland shows #housing need doesn't guarantee #conversion success. • Blanket policies flop. Surgical incentives might work. • Non-profits could lead the charge. • Mixed-use might be the only path forward. Maybe the future isn't in saving old offices, but radically reimagining urban cores. What if dead offices aren't just WFH victims, but signs our "downtown" concept is outdated? https://lnkd.in/gftNE8dE

A conundrum for observers of the office market has been the relative resiliency of asking rents in the face of slackening demand that has sent the national vacancy rate up over 400 basis points in four years. Though there are explanations for this phenomenon, there are also signals that it may not last much longer.

In October, the Real Estate Board of New York (REBNY) reported a 70% office visitation rate, up from the previous year, contrasting with Kastle Systems' data showing a less significant increase and overall lower return-to-office rates in New York. The discrepancy arises from REBNY using cell phone data in 350 Manhattan buildings, while Kastle tracks ID card swipes in fewer buildings. Critics question the reliability of REBNY's method. The report indicates that hybrid and remote work are becoming more established, despite REBNY President James Whelan's positive outlook on increasing office visitation and subway ridership. New York faces challenges with vacant office space, but initiatives to convert offices to apartments and upgrade older buildings are underway to stimulate real estate recovery. #OfficeVisitation #REBNYvsKastleData #HybridWorkEntrenched #CellPhoneDataDebate #NYSubwayRidership #VacantOfficeSpace #RealEstateRecovery #OfficeToApartmentConversion #NewYorkCommuting #CommercialRealEstateChallenges

In my latest column, I offer a perspective on what office landlords are facing, why they are struggling, and how they can persevere. Please let me know your thoughts on this topic. https://lnkd.in/gH4ytMuF

https://ow.ly/US0B50REmNr In the Sacramento region, several office properties in submarkets like Downtown, South Natomas, and Highway 50 have—or will be—sold for a steep discount. These properties can dramatically cut rents and induce other landlords to drop rents.

In many parts of the U.S., city centers are still ghost towns, as workers continue to work remotely. Now, developers are converting 55,300 empty office spaces into apartments -- up from just 12,100 a few years ago. America has nearly 1 billion square feet of empty office space. Can this space be used to fix the country's chronic housing shortage? Some experts think it's possible, but there's a catch. ✅Read more: https://lnkd.in/dYW3QSdg #housingshortage #commercialrealestate