NJCPA: Implications of Managing a Returning or Hybrid Workforce
Francis J. Giantomasi was featured in an NJCPA article recapping the March 2020 Business & Industry Professionals Interest Group panel discussion – covering what employers should know when managing their office space post-pandemic – in which he participated. Frank highlights the implications of the hybrid return to work model across real estate asset types, as well as best practices and lessons learned as the business community reimagines its workplace needs, including lease terms and square footage requirements.
“The demand for office space in New Jersey was really not a hotbed of activity. Nobody was building office space on spec before COVID,” explains Giantomasi. “What we’ve seen is some of the larger commercial entities, such as banks and financial institutions, realize when COVID hit that they were going to have to do something to get ‘offices out’ to where their employees lived. People weren’t going on mass transportation; they weren’t going on New Jersey Transit. They were not going in vans [and what] we have seen, and continue to see, is big mega occupiers or alcoves in Morris and Bergen County of around 30,000 to 50,000 square feet, where a hub of offices was created. Hybrid is probably going to be the number-one way to occupy and do business, but we have seen occupancy has increased since March of 2020 and it’s expected to increase.”
To read the full article, please visit NJCPA's website.