How Office Buildings Might Be Valued Differently Since Covid-19

The Society of Office and Industrial Realtors (SIOR), of which I have been a proud member for over thirty years, interviews top brokers on a variety of issues and publishes these interviews. Neil Dailey, SIOR, office broker with McGraw Commercial Properties in Tulsa, Oklahoma, stated this about the new view of office buildings: “I also feel that companies looking for space will be underwriting buildings much differently. The selling points are going to be much different and will include information on things like cleaning, sanitation, HEPA air filters in the building/suites, touchless gadgets (doors, elevators, sinks, toilets, etc.)…Rooftop space, green areas, exercise equipment yoga, delivered/catered lunch options, etc.” Another important factor I would add is if the building is multi-story, what floor is the space on, is it low enough to use the stairs or if not, how many can safely ride in the elevator cab. Also some buildings have screening stations in the lobby, mounted scanning thermometers while others have one person stationed to take temperature, and smaller buildings don’t address this at all. Neil felt, as I do, that office space is here to stay as humans crave collaboration and physical interaction.