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The Future of Office| 2023

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The U.S. office market is in a state of uncertainty. Numerous headlines have discussed its demise, yet the benefits of collaboration and in-person work cannot be completely replaced via technology, particularly in creative knowledge-industry sectors. The office market isn’t going away, but it is affected by major bifurcations — between and within markets and across building classes and business sectors.

This report investigates important trends in fundamentals and capital markets today and into the future: changing work habits, demographics, and occupier demand, with both structural and cyclical factors at play. While historically the market always comes back, the definition of a “stabilized” market may have changed. The office sector and its owners are facing unprecedented pressure to adapt and evolve.


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The Future of Office| 2023

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Related Experts

Aaron Jodka

Director, National Capital Markets Research

Boston

As Director of Research | U.S. Capital Markets, Aaron is responsible for all aspects of research within the Capital Markets platform. He synthesizes and interprets a variety of data and information to stay ahead of trends that put our clients in an optimal position to make informed decisions. Aaron promotes the Colliers brand via best-in-class research reports, weekly insight posts, thought leadership, and contributions to numerous panels, media outlets, and industry events.

Aaron collaborates with every team at the firm and wears many hats: in-house economist, advisor, consultant, thought leader, strategic business analyst, presenter, and, of course, researcher. He connects with various industry experts within the Colliers organization to provide a customized solution for each client.

With a deep understanding of markets throughout the country, he provides a unique perspective on market dynamics across asset types and investment strategies, providing clients with tailored data and analytics to ultimately guide decision-making solutions.

Before joining Colliers, he spent 11 years with Property & Portfolio Research (PPR), now CoStar Portfolio Strategy. There, he advised institutional clients on their commercial real estate investment strategies across property sectors and also spoke at industry events, quarterly CoStar webinars, and in front of client audiences. Aaron also led and directed a team of economists who monitored property markets across the United States. Near the end of his tenure, he helped establish a new business unit at CoStar, leading in the hiring, training, and coaching of a team of 50 market analysts. 

Outside of the office, Aaron can be found cheering on his children at their extracurricular activities. He also enjoys hiking, travel, relaxing at home or at the lake, or plugging away at one home project or another. Last but not least, he's an avid fan of Boston sports teams.

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Stephen Newbold

Director, National Office Research

Washington, DC

Stephen has over 35 years of Commercial Real Estate (CRE) Research experience gained in both the U.S. and U.K. He has an expert knowledge of many CRE markets across the U.S. Having worked with brokerage firms, asset managers and data providers he has a broad spectrum of experience and is adept in forecasting, analysis and strategy. Prior to joining Colliers, Stephen was a Research Director with CoStar based in Washington D.C. His career history also includes eight years as Director of U.S. Office Research with Deutsche Asset Management and six years as Head of Research with Newmark Knight Frank in London, U.K.

At Colliers, Stephen is responsible for all aspects of U.S. National Office research including authoring quarterly reports, press interviews and multi-market analysis. He works closely with multiple Colliers' business lines including Office Services, Capital Markets, Healthcare, Law Firm Services, Property Management and Occupier Services. He’s a frequent author of blogs and thought leadership pieces as well as giving presentations to clients and industry groups.

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Michael Lirtzman

Principal

Chicago - Downtown

Highly experienced commercial real estate leasing broker, owner, operator and manager with proven expertise in office leasing, acquisitions, development, and asset management in Chicago as well as multiple other markets across the country, having held senior management and leadership positions with large scale developers and commercial real estate service firms. Directly responsible for building and managing leasing and operational teams in multiple markets across the country and executing over 3.5 million square feet of office lease transactions creating value for property sales well in excess of $3 billion.  Specific project experience includes office, industrial and multifamily acquisition, development, adaptive re-use and leasing execution in multiple markets, in addition to equity and debt placement in multiple asset classes in both institutional settings and private partnerships.

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Chris Zlocki

Head of Client Experience | Executive Vice President, Occupier Services | Global

Denver - Downtown

I am focused on ensuring Colliers' Occupier Services clients receive best-in-class service delivery reinforced by a mindset of continuous improvement. My responsibilities include: account growth, setting direction on account strategy & innovation initiatives with an emphasis on maximizing service excellence, regular strategic engagement with clients, executive sponsor of our program to develop our account executives and directors and ongoing leadership of Technology and Consulting Services in the Americas. 

Specialties: 
Global Occupier Services Outsourced Account Leadership                                                                                                                                                              Executive Oversight & Governance for Outsourced Account Solutions for Tech Sector Clients                                                                                          Footprint & Real Estate Portfolio Planning
Business Intelligence Platform & KPI Development
M&A Integration Roadmaps & Operational Playbooks
CRE Organizational Effectiveness & Design
Capital Planning & Forecasting

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Frank Petz

Managing Director Investment Sales

Boston

Mr. Petz joined Colliers International in 2019 and serves as managing director of investment sales within the Capital Markets team. He brings with him deep experience in the disposition of core trophy assets, as well as a diverse mix of urban/suburban, office, industrial, life science, and land development assets.

Immediately prior to joining Colliers, Mr. Petz led the growth of JLL’s overall capital markets business in New England. Prior to JLL, he served as director of capital markets activity at both Eastdil and CBRE, and ultimately built his capital markets foundation on the buy-side at AEW Capital Management for the first 15 years of his career.

NOTABLE TRANSACTIONS

OFFICE

  • 131 Dartmouth Street, Boston | $315M
  • 18 Tremont Street, Boston | $103M
  • Ballardvale Office Park, Wilmington | $86M
  • 99 Bedford Street, Boston | $51M

INDUSTRIAL

  • FedEx, Boylston, MA | $94M
  • Franklin Light Industrial Portfolio | $77M
  • Boston Business Industrial Park | $64M
  • Clarion Distribution, Bridgewater | $28M

LIFE SCIENCE / LAB

  • Hayden Research Park, Lexington | $245M
  • Hartwell Innovation Campus, Lexington | $228M
  • 27 Drydock Avenue, Boston | $147M
  • Blackstone Science Square, Cambridge | $80M

LAND

  • NorthPoint/Cambridge Crossing, Cambridge/Somerville | $295M
  • Gillette/Channelside, Boston | $218M
  • Suffolk Beacon Hill, Boston | $58M
  • Portland Gateway, Portland, ME | $21M

EQUITY PLACEMENT

  • 125 Summer/745 Atlantic, Boston | $392M
  • Fenway Centre Development, Boston | $260M
  • Gutierrez Industrial Development, Northborough | $82M
  • Novaya high-bay distribution, Industrial Portfolio | $73M

 

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