Atmosphere recently completed a beautiful 15,000 spec suite in the historic Loose-Wiles building in partnership with United Properties, Cushman + Wakefield, and Studio BV. The space is full of character and demonstrates a well-planned hybrid mix of open, collaborative spaces in addition to private, focus areas that tenants will seek out when looking for space in the near future.
“We’re seeing this spec suite trend across all our regions, and anticipating a substantial flight to move-in ready space as tenants return to the office,” says Terri Jackson, Commercial Real Estate strategist for Atmosphere. The commercial real estate market is experiencing pandemic-related volatility which presents challenges for both tenants and owners who are eager for quick solutions. In fact, the trend is so clear that Moody’s Analytics projects the “[national] vacancy rate rising to 19.3% in 2020 before surpassing the 1991 record high of 19.7% to reach 19.9% in 2021 and 20.0% in 2022.”
And yet, according to a recent JLL article, the nature of longer lease periods positions commercial real estate as the more stable investment when “‘compared with more volatile asset classes, such as stocks,’ according to Alice Buckingham, Director of JLL’s International Capital Coverage team.”
Atmosphere provides furnished or smart spec suites to help eliminate risk of the unknown for tenants, while presenting a clear picture of what their financial obligation for the space will be with no hidden costs. This strategy is aligned with the larger trend to leverage space as a service. Consider NAIOP’s Summer 2020 issue on COVID-19’s impact on commercial real estate, where Maria Sicola of City Stream Solutions advises that, “Services such as property management, space design, construction, appraisal and analytics will become increasingly important.”
We partner with tenants and owners to reduce risk through cost analysis and flexible procurement and leasing options. We provide:
- Spec suite solutions for flexibility and shorter lease terms
- Highly competitive rates starting with 0% financing for 3 years
- Building and furniture lease matching
- Guided live design for rapid quoting
- Furniture procurement and disposition budget estimates
- Project pre-planning, scheduling and management services
- Sanitization services
- Occupancy and space utilization tools and data
- Return to Work assessments
Connect with our commercial real estate team
Photo credits: Loose Wiles | design by Studio BV | Corey Gaffer Photography