COVID and Commercial Real Estate

As the pandemic rages on, even in the shadow of a pending vaccine, we here at BW Offices at Roosevelt Commons have begun to notice a trend in the commercial real estate market. Although it is true that many companies are going increasingly virtual, employers big and small recognize that an address and gathering spot remains critical to maintaining an identity and building a culture. So whereas in the past a company may have rented 20,000 square feet, now 2,500 square feet may do. And smaller and mid-size companies that rented 3,000-5,000 square feet may now need only an office or two and access to a conference room.

We’ve made some adjustments at BW Offices at Roosevelt Commons to accommodate those needs, having added some capacity to several offices. We now have several 1.5-person and 2-person offices available, each of which enjoys the use of our three outstanding conference rooms. This enables many smaller- and mid-size companies to house 1-2 people at the corporate address, and have periodic on-site meetings with the larger team in the conference rooms.

Like many of our tenants, we’ve paid $20/sf for 2,500 sf ourselves in the past, with dedicated space for every employee – but that results in a painful annual cost of $50,000. The option of cutting rents by 60%-80%, and still having a professional address and the ability to pull the whole team into a conference room when needed, is proving very attractive to a LOT of companies.

Rates for 1.5-person and 2-person offices at BW Offices at Roosevelt Commons start as low as $750/month – a whopping 82% reduction from the $50,000 many businesses are currently paying. And our $750/month is an all-inclusive price, including a private furnished office, internet, conference room usage, private mail service, kitchens on each floor, 2 indoor/outdoor break areas, 4 kitchenettes, etc.

Give us a call at 410-379-1005 and set up a tour. You’ll like what you see.

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