Why do you like working in Office?
For those that work with Office as an asset class, what is it about it that you guys really like?
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Hah, unfortunate couple of years to ask this question
I enjoy the lack of tenant demand, massive capex requirements, functional obsolescence, and the inability to secure capital.
I love big empty spaces where I can race office chairs
I enjoy explaining why Class B and C office space in NYC is worth less now than when we originated the deal.
I work in office - don’t love it - but the items I do like is that if you have good data, you can make informed decisions cutting through generalized data. By this I mean, if I have a 250,000 SF lease expiration coming and the tenant is leaving, I know exactly which tenants in the market I need to target and how many other 250,000 SF blocks exist.
While I think office leasing is way too much brain damage to want to deal with, office does (used to pre pandemic) provide for the best operating business as a GP. If you had leasing/Property management/construction management in house, you could/would make a boatload of fees assuming you’re in a high rent market. This led to high bonuses (which was nice). Today - it might change. But being at an operator who makes money on fees - you want to be at an operator with in house leasing for the leasing commissions - so retail / office / industrial.
The culture
The ability to hear senior execs, so therefore the transparency. Hardly anyone in finance has an office, or just an office.
Being home alone, just sucks.
To be fair i have a 30 min commute and am in midtown. So able to go out and eat at nice restaurants
Hard disagree. If I never had to be in an office again, I would be eternally happy.
Sorry office bros
This. I've been more productive outside of the office because I effectively convert my commute time to work time. Thats about an 1.5 hours of extra work. People say your more productive in the office, thats actually true, but here is calculation.
When in office, I spend about an 1.5 hours chit chatting with colleagues and grabbing some coffee/lunch. So instead of a 9 hour day, I work 7.5 hours productively.
However, at home, I am probably like 20% less efficient since I have to call people and get a hold of them on teams. So instead of 9 hours, I work about 7 hours, but then I get my commute time as work time which increases my productive hours worked to 8.5 vs 7.5. In addition, when I leave from work, I leave completely. I dont open emails or respond. Im too tired. At home, I feel productive and happy and still respond to emails at night. Overall lost of productivity occurs but is negated by the fact that I can contribute more in hours.
I worked in Office in my prior gigs and I absolutely hated it. Even Class A which I was in, in a major CBD, I found incredibly boring. Lease analysis gets so old and I found the capex/repositioning side of things, rather cookie cutter. I couldn’t imagine working in Class B/C. Reforecasts in Office also fucking suck. “Omg, why is my NOI X down to prior??!!!” Because a fucking tenant decided to vacate or a lease rolled into another month.
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