#technology

TenantSee Weekly: The Price of Innovation

TenantSee Weekly:  The Price of Innovation

In San Francisco, there’s not much standing between a near-term future in which office vacancies spike to 40% or higher.  By not much, we mean demand for office space.  What’s interesting is the cause.  Many focus on the battle between employer and employee in which employers want the employee back in the office and the employee wants to work remotely.  But it’s not that simple.  Post-pandemic, employees (especially younger generations) are more inclined to embrace the benefits of technology which enable work to be done from anywhere and make it less compelling, even illogical, to commute to the office.  No, this isn’t just about whether you like or don’t like being in an office.  It’s about the ways in which tech has advanced to change work and generational differences in the adoption of and comfort with such technologies.  Technology changes things.  It’s changing the construct of white-collar work, and in the midst of such change there will be winners and losers.  The fate of office markets, indeed of the office building as a product, hinges not on resolution of the remote work debate; but, rather, on the pace at which we adopt existing technologies and innovate new ones