Summary of “Brendan Wallace and Nick Romito on the future of Workspaces”
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The Future of Work: A Balancing Act Between Office and Remote Work
– While the COVID-19 pandemic has drastically changed the 9-5 office narrative, Nick Romito, CEO of VTS, argued that office spaces still play an essential role in fostering productivity and company culture.
– Fifth Wall co-founder, Brendan Wallace, supports a hybrid approach to work, a blend of remote and office hours, emphasizing that the flexibility of workspace is the future.
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Transforming Empty Offices into Alternative Housing
– A gamut of empty offices were left brewing in the wake of the remote work boom.
– Promoting adaptability and a visionary approach, Wallace discussed transforming these vacant spaces into alternative housing as a plausible solution, citing the high demand for affordable housing in the U.S.
– Highlighting that restructuring the commercial real estate landscape may lead to profitable ventures; Romito agreed.
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ICNY: The Panel on the Future of Real estate
– During the Inman Connect New York (ICNY), Wallace and Romito discussed imminent trends in real estate, particularly the future of workspaces.
– The keynote speakers urged real estate investors to anticipate the changes the pandemic has triggered and to be nimble enough to meet the constantly evolving market needs.
Hot Take
Well, grab your popcorn and a comfier chair because the future of workspaces is getting a blockbuster starring role. Wallace and Romito are pushing the narrative that the creature comforts of your bunny slippers and home office aren’t pushing out the starched collars and skyscrapers just yet. Instead, they tell us that the next professionals’ fad won’t be a choice between home or office but a seamless blend of both.
Meanwhile, America’s cityscape could be looking at a serious facelift. Ghost towns packed with empty offices? Not on Wallace and Romito’s watch. They’re calling for a Gilliamesque transformation, where empty offices turn into affordable homes. Now there’s a plot twist! Suddenly, ‘community living in a one-time call center’ doesn’t sound too fantastical.
The dynamic duo’s parting stroke at ICNY sounded distinctly like a call to arms for the real estate industry. The message? Evolve or perish! Brace yourself, folks, as this shift could be the hot new trendsetter for real estate. Wouldn’t it be hilarious if instead of asking how many bedrooms your apartment has, it becomes more common to ask how many cubicles? Keep your eyes peeled for the next buzzword in the post-pandemic era of real estate: adaptability. And remember, folks, in the timeless words of Charles Darwin and every businessman ever, “It is not the strongest of the species that survives, nor the most intelligent; it is the one most adaptable to change.” And adapt we shall!
Original article: https://www.inman.com/2024/01/24/could-offices-hold-the-key-to-americas-housing-shortage/
