Companies are trying to lure employees back to work with high-end office spaces
In just another bid at enticing work-from-home-loving employees back to office buildings, companies have begun "spending more than ever on upscale workspaces," The Wall Street Journal reports, "reaching deep into their pockets to pay high rents for modern, amenity-rich buildings."
Some buildings might include custom-built lounge areas, or perhaps a game room with ping-pong and foosball tables, writes the Journal. The "state-of-the art office towers also emphasize sanitation, outdoor space and sustainability, featuring robust ventilation systems and outside dining areas with fire pits."
The hunt for luxurious headquarters has contributed to the rebound of the otherwise-decimated office leasing market, with such efforts having already "widened to record levels" the discrepancy in rent between premium buildings and just regular ol' office space, notes the Journal. Overall, the office vacancy rate, is still at 16.8 percent, the highest it's been since 2010, per real estate firm CBRE Group Inc.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
"It's all about how do we as landlords create an environment that gives their tenants and their employees no excuses not to show up," Jeff Eckert, who heads JLL's U.S. office landlord representation business, told the Journal.
"The top of the top has just gone crazy," added Mary Ann Tighe, chief executive for CBRE.
Stu Ingis — chair of law firm Venable LLP, which is among those companies opting for a more enticing office offering — said his business is more concerned with bringing employees back to work than with the cost of a luxurious space.
Explained Ingis to the Journal: "We want to be able to answer the question: Why would you come in today when you could just stay at home?"
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brigid Kennedy worked at The Week from 2021 to 2023 as a staff writer, junior editor and then story editor, with an interest in U.S. politics, the economy and the music industry.
-
Political cartoons for December 20Cartoons Saturday’s political cartoons include drowning rats, the ACA, and more
-
5 fairly vain cartoons about Vanity Fair’s interviews with Susie WilesCartoon Artists take on demolition derby, alcoholic personality, and more
-
Joanna Trollope: novelist who had a No. 1 bestseller with The Rector’s WifeIn the Spotlight Trollope found fame with intelligent novels about the dramas and dilemmas of modern women
-
TikTok secures deal to remain in USSpeed Read ByteDance will form a US version of the popular video-sharing platform
-
Unemployment rate ticks up amid fall job lossesSpeed Read Data released by the Commerce Department indicates ‘one of the weakest American labor markets in years’
-
US mints final penny after 232-year runSpeed Read Production of the one-cent coin has ended
-
Warner Bros. explores sale amid Paramount bidsSpeed Read The media giant, home to HBO and DC Studios, has received interest from multiple buying parties
-
Gold tops $4K per ounce, signaling financial uneaseSpeed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B dealspeed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
