Small businesses are changing their office plans, too

Posted under: SMB
Date: 2024-01-30
Small businesses are changing their office plans, too

While the real estate decisions of big companies get much of the attention, small business owners are also reassessing what they need in terms of an office. Amid shifting trends in office preferences for small businesses, some are exploring suburban locations, downsizing square footage, or embracing permanent remote work. Approximately 23% of U.S. office space is available, up from 16% pre-pandemic, offering opportunities for cost-effective adjustments. Alan Pontius, from Marcus & Millichap, notes that lower demand creates possibilities for businesses to consider newer or better-located spaces at similar or improved rates. An example is Hunter Garnett, a law firm owner, who, after realizing the permanence of virtual court appearances, is seeking a smaller suburban office in Huntsville, Alabama, closer to clients. The evolving landscape encourages small businesses to reassess their spatial needs and potentially benefit from favorable market conditions.

Read more at: www.businessreport.com