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Vacancy rates for commercial real estate are what 20-30%? While the economy continues to grow, so no this narrative about productivity is pure bs. Every post a

Vacancy rates for commercial real estate are what 20-30%? While the economy continues to grow, so no this narrative about productivity is pure bs. Every post about how I overhead some conversation, the problem is you not knowing how to manage people. There are field workers, trades, all of India working remotely, always, long before Covid. Had a 4 hour call to fix a bug , 1 on 1, never got distracted, no one butted in, no one asked to go out for lunch, coffee, had some bs made up management emergency that required everyone. No one told me that x,y,z brought apples and they are in the kitchen. My working day has more working hours than it ever did while living in NYC because as everyone knows ~20% of your waking hours are spent commuting. Oh I remembered my all time least favorite activity, where we pile into a room to eat team lunch with plastic utensils off paper plates, while someone from some management organization tells us how we should see the world… yeah no thanks. I wonder why is there is no demand for commercial r/e oh that’s right because unless you are a unicorn company or actually physically need to be at a location to perform a task, the vast majority prefers working from home.

dalbasal 3y ago
>Had a 4 hour call to fix a bug , 1 on 1, never got distracted, So here' what is missing from a lot of modern work. The stuff you're doing requires input from multiple people. The overhead for 6 hrs of actual work is 60 hours of scheduling, meetings, additional people, your-court-my-court. Meanwhile, semi-spontaneously spending a half day on something because "good progress" is something people hide. what kind of a ridiculously long "meeting" is that? "Meetings" as a concept, has replaced working with people.
- matwood 3y ago
  > "Meetings" as a concept, has replaced working with people. Organizations are in decline when they begin to think of meetings as the work instead of the meeting output.
walthamstow 3y ago
> Had a 4 hour call to fix a bug , 1 on 1, never got distracted, no one butted in, no one asked to go out for lunch, coffee, had some bs made up management emergency that required everyone. You had a 4 hour call and didn't take a single break for lunch or coffee or even just to stand up and stretch legs?
- what-the-grump 3y ago
  I can walk around my home office, go downstairs make a coffee without having to navigate society and social structure in the office. Put myself on mute for 5 minutes... Unless you are already hiding away from everyone in the office, good luck doing the same on a floor, and good luck not having someone run up to you to say oh hey can you come take a look at x,y,z.
- fernandotakai 3y ago
  when i'm working from home, i can take a break and walk my dog, go to my fav coffee shop or just sit by the park nearby and enjoy the sun. when i'm at the office i can... go to the lounge and hear people working?
rr808 3y ago
> There are field workers, trades, all of India working remotely, always, long before Covid Sure, but they're paid a fraction of US workers so its put up with.
- what-the-grump 3y ago
  Because the assumption is that they work less because they are remote, clearly Covid has shattered that elusion by now.
  - rr808 3y ago
    Not really, they were hired because they were cheap and available. I've seen some great work from our India teams, the main problem is they aren't local so a big communication barrier. WFH people are similar, except no time difference.
kmlx 3y ago
> Vacancy rates for commercial real estate are what 20-30%? US doesn't look great: Office Vacancy Rates by City: 1. San Francisco: 31% 2. Los Angeles: 26% 3. Chicago: 24% 4. Phoenix: 24% 5. Cleveland: 23% 6. Denver: 22% 7. Philadelphia: 19% 8. Boston: 19% 9. Houston: 19% 10. Austin: 19% 11. New York: 17% 12. Dallas: 17% 13. Miami: 16% 14. Detroit: 13% 15. Seattle: 11% from https://twitter.com/KobeissiLetter/status/1666089781951107076 https://twitter.com/KobeissiLetter/status/166608978195110707... but other places, like London UK, are getting back on track: > This reflected a total vacancy rate of 8.9% and remained above the 10-year average of 5.5% from https://www.jll.co.uk/en/trends-and-insights/research/q1-2023-central-london-office-market-report https://www.jll.co.uk/en/trends-and-insights/research/q1-202...
- what-the-grump 3y ago
  Also, in US, landlords outside of huge metro areas and non class A buildings in metro, are throwing out crazy TI credits and building offices for free for a lease. So if you are looking for an office because you have some portion of the workforce that prefers it. A great time to get a new office built out for free, on a very cheap lease. I have clients that are having entire floors redone for free because they just mentioned cancellation/renegotiation of a lease.
  - wlesieutre 3y ago
    For anyone not in the real estate market, "TI" here is "tenant improvement" and basically means all the construction that the owner does to configure the space to the needs of whoever is leasing it
- judge2020 3y ago
  Slightly related, not sure why Atlanta is left out of many statistics like this. Atlanta's metro population is bigger than most of those cities.
  - biztos 3y ago
    Maybe because the city of Atlanta itself is number 38 by population in the US? https://en.wikipedia.org/wiki/List_of_United_States_cities_by_population https://en.wikipedia.org/wiki/List_of_United_States_cities_b... But indeed, its metro area seems to be number 8 in the US: https://en.wikipedia.org/wiki/Metropolitan_statistical_area https://en.wikipedia.org/wiki/Metropolitan_statistical_area A quick search suggests it has a commercial vacancy rate of around 22-24%: https://atlanta.urbanize.city/post/report-late-2022-office-industrial-leasing-led-country https://atlanta.urbanize.city/post/report-late-2022-office-i...

dalbasal 3y ago

>Had a 4 hour call to fix a bug , 1 on 1, never got distracted, So here' what is missing from a lot of modern work. The stuff you're doing requires input from multiple people. The overhead for 6 hrs of actual work is 60 hours of scheduling, meetings, additional people, your-court-my-court. Meanwhile, semi-spontaneously spending a half day on something because "good progress" is something people hide. what kind of a ridiculously long "meeting" is that? "Meetings" as a concept, has replaced working with people.

matwood 3y ago
> "Meetings" as a concept, has replaced working with people. Organizations are in decline when they begin to think of meetings as the work instead of the meeting output.

walthamstow 3y ago

> Had a 4 hour call to fix a bug , 1 on 1, never got distracted, no one butted in, no one asked to go out for lunch, coffee, had some bs made up management emergency that required everyone. You had a 4 hour call and didn't take a single break for lunch or coffee or even just to stand up and stretch legs?

what-the-grump 3y ago
I can walk around my home office, go downstairs make a coffee without having to navigate society and social structure in the office. Put myself on mute for 5 minutes... Unless you are already hiding away from everyone in the office, good luck doing the same on a floor, and good luck not having someone run up to you to say oh hey can you come take a look at x,y,z.
fernandotakai 3y ago
when i'm working from home, i can take a break and walk my dog, go to my fav coffee shop or just sit by the park nearby and enjoy the sun. when i'm at the office i can... go to the lounge and hear people working?

rr808 3y ago

> There are field workers, trades, all of India working remotely, always, long before Covid Sure, but they're paid a fraction of US workers so its put up with.

what-the-grump 3y ago
Because the assumption is that they work less because they are remote, clearly Covid has shattered that elusion by now.
- rr808 3y ago
  Not really, they were hired because they were cheap and available. I've seen some great work from our India teams, the main problem is they aren't local so a big communication barrier. WFH people are similar, except no time difference.

kmlx 3y ago

> Vacancy rates for commercial real estate are what 20-30%? US doesn't look great: Office Vacancy Rates by City: 1. San Francisco: 31% 2. Los Angeles: 26% 3. Chicago: 24% 4. Phoenix: 24% 5. Cleveland: 23% 6. Denver: 22% 7. Philadelphia: 19% 8. Boston: 19% 9. Houston: 19% 10. Austin: 19% 11. New York: 17% 12. Dallas: 17% 13. Miami: 16% 14. Detroit: 13% 15. Seattle: 11% from https://twitter.com/KobeissiLetter/status/1666089781951107076 https://twitter.com/KobeissiLetter/status/166608978195110707... but other places, like London UK, are getting back on track: > This reflected a total vacancy rate of 8.9% and remained above the 10-year average of 5.5% from https://www.jll.co.uk/en/trends-and-insights/research/q1-2023-central-london-office-market-report https://www.jll.co.uk/en/trends-and-insights/research/q1-202...

what-the-grump 3y ago
Also, in US, landlords outside of huge metro areas and non class A buildings in metro, are throwing out crazy TI credits and building offices for free for a lease. So if you are looking for an office because you have some portion of the workforce that prefers it. A great time to get a new office built out for free, on a very cheap lease. I have clients that are having entire floors redone for free because they just mentioned cancellation/renegotiation of a lease.
- wlesieutre 3y ago
  For anyone not in the real estate market, "TI" here is "tenant improvement" and basically means all the construction that the owner does to configure the space to the needs of whoever is leasing it
judge2020 3y ago
Slightly related, not sure why Atlanta is left out of many statistics like this. Atlanta's metro population is bigger than most of those cities.
- biztos 3y ago
  Maybe because the city of Atlanta itself is number 38 by population in the US? https://en.wikipedia.org/wiki/List_of_United_States_cities_by_population https://en.wikipedia.org/wiki/List_of_United_States_cities_b... But indeed, its metro area seems to be number 8 in the US: https://en.wikipedia.org/wiki/Metropolitan_statistical_area https://en.wikipedia.org/wiki/Metropolitan_statistical_area A quick search suggests it has a commercial vacancy rate of around 22-24%: https://atlanta.urbanize.city/post/report-late-2022-office-industrial-leasing-led-country https://atlanta.urbanize.city/post/report-late-2022-office-i...