'Is office space going the way of retail in five years? That's what investors are really trying to understand,' said James Farrar, CEO of real estate investment trust City Office REIT.
"It's not working from home that people want to do forever," said James Ritman, executive vice president and managing director at commercial real estate service firm Newmark Knight Frank's Connecticut office. "I think the big thing is, people who have commuted in the past are saying, 'I can be a lot more productive if I can work closer to home.'"
As Ritman gives tours to prospective clients around Connecticut, he said companies are looking for ample parking space, as opposed to being near a train stop, which had been a top perk up until the pandemic. Companies are also looking for office spaces on the ground floor — to avoid having to use an elevator. And having outdoor space is also important, Ritman said.
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