Office investors will need to adapt to post-pandemic environment

The effects of the COVID-19 pandemic will continue to be felt in the office sector. To stay relevant, office investors must adapt to meet tenants’ changing space needs, said Rich Gottlieb, president and COO of Keystone Development & Investment, in an interview with IREI.

“There’s no doubt the office market has taken a hit in the last few years,” said Gottlieb. He noted, with the trend toward working from home, tenants are using their physical office spaces less. “But property owners who believe long term in office, as Keystone does, also believe in flexibility and have been adapting their properties to meet the wants and needs of today’s tenant,” added Gottlieb.

He contended that companies need employees to be in the office a few days a week to interact and collaborate with each other. “This means they still need their space, but they just want to use it differently,” said Gottlieb. “As a landlord, our focus is on getting people back to the offi