Sarah Kirsch, Executive Director of Urban Land Institute, Atlanta took the Members and their guests on an overview of trends impacting real estate in 2018 and beyond. Where some usual discussion topics including the procession of the generations and labor shortages in the construction industry were highlighted, there was an engaging conversation about existing, aging office buildings. With the cost of construction becoming a barrier for new office building starts, the question is what to do with the 24% of the office market built in the 1980’s: How do you refresh the space economically and appeal to the younger generations wanting attractive and tech-full spaces, while appealing to owners who see ROI as most important? Institutional owners and users are looking at the retrofit of aging suburban office parks – providing “fitness, food and fun” desired by employees.
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