“Flight to quality” has been a recurring theme in the office market. As companies consolidate and upgrade workspaces, they’re looking for newer, flashier, heavily amenitized buildings to lure workers back to the office.
Or so the headlines suggest.
But for many occupiers, quality doesn’t mean newer.
In a new article by Connect CRE, PDO Principal Sophia Humphrey joined experts from CBRE, JLL, Northmarq, and others to discuss how older office buildings can successfully compete for occupiers, especially when they offer the right combination of location, functionality, and investment.
She notes that in Phoenix, a tightening Class A office inventory is prompting some PDO clients to renovate older assets, allowing them to create their own unique “wow” factor without paying trophy-building rents.
