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Member Perspective
By Tom Semler
The overall availability rate for o ce properties Technological advancements that now make (all classes) in Morris County is currently in it feasible to work e ectively from a remote excess of 28 percent. A historical view of location (telecommuting). availability rates reveals a gradual but consistent A next-generation workforce that is more accepting of non-dedicated o ce spaces increase over the past two decades. (sharing). Despite minimal speculative construction Alternative o ce environments, including added to the o ce inventory over the past 10 furniture systems that encourage years, availabilities have reached historic levels collaboration while reducing underutilized in Morris County. Is it reasonable to expect an spaces. eventual adjustment and return to equilibrium Shifting corporate cultures with an levels of availability rates below 20 percent? Or increasing number of employers supportive is 25 percent the new normal? of telecommuting and group workspace Morris County is certainly not alone. Most con gurations. suburban markets nationwide continue to A decreased need to provide space for experience soft demand and high availability old style items such as books, ling rates as businesses seek to increase the cabinets, reception areas, fax machines, etc. utilization rate of their facilities and downsize When the commercial base of Morris County their foot print. Leased space sizes have been was expanding dramatically in the boom years shrinking and the average square foot-perof the 80s and 90s, many of the businesses worker has fallen considerably across most lling the newly constructed speculative industry groups. o ce buildings were relocating from outside There are a number of factors contributing the county usually from the east. With the to downward pressure on o ce demand, substantial growth of the Morris County including: business community, todays o ce market is An uncertain economic environment. more mature and self-su cient. Many of the Corporate budgetary pressure to reduce newer transactions involve successful local occupancy costs (downsizing). operations that play musical chairs as their