Our industry must unite against a common opponent.
As the pandemic continues to rage on and recession looms, the Los Angeles real estate industry is facing an uncertain future regarding its commercial offices.
For years, the city has been a magnet for businesses and workers looking to take advantage of its sunny weather and proximity to major markets.
However, the pandemic has upended this dynamic.
Businesses are struggling to stay afloat. Many companies are opting to allow their employees to work from home on a permanent basis.
This shift has had a profound impact on the office market, with vacancy rates soaring and rental prices plummeting.
Less obvious is the PTSD-like trauma that the virus has visited upon countless people. Many of them need to re-connect with others in order to heal.
To get people back into the office, the real estate industry needs to work together as a community.
We need to launch a major, city-wide marketing campaign – from social media to outdoor billboards – that highlights the benefits of working in an office environment.
We need to show our customers that working from home is killing office culture and that many lower-income workers don’t have the option to work from their homes.
The office needs to be about offering workers something more than they can get at home. We need to make that case if we want to get people back into the office.
Only by working together can we hope to revive the Los Angeles office market.