Corfac News

In our blog on Monday, we mentioned that Millenials are moving downtown.  Dan Granot of Joel and Granot/CORFAC International was quoted in the June 2014 issue of Real Estate Forum in the article Millennials Drive Decision Making.  Here’s what Dan had to say:

One strategy that tenants have made a priority on their own for the past few years, and will likely continue for the foreseeable future, is economizing on space. “Tenants want to fit more people into the same square footage,” Dan Granot, principal with Atlanta-based Joel & Granot, an Atlanta brokerage affiliated with GlobeSt.com Thought Leader CORFAC International, said in a video interview at the SIOR Spring World Conference, held in Las Vegas in late April. Over the past decade, the average square footage per employee has declined by as much as half.

“Many more companies are having modular floor plans as opposed to the hard-wall offices that we’re used to in the old economy,” Granot said in May. But it’s not just a matter of putting a big squeeze on employees. “We’re seeing a lot more open space and a lot more collaborative space,” he said. “People are working all over the office; it’s not just designated to one area. People are working in the break rooms; they’ve got lots of couches. Everything is built around trying to have people collaborate and work together.”

For owners of office buildings, the tenant trend toward downsizing per-employee square footage is less dire than it seems. “Overall, people are still compressing their space from a rentable square footage area, but not nearly as much as you may think because of the large increase in collaborative space,” said Granot.

Read the full article to learn more.