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Brookfield on the Future of the Office

Oct 17, 2020 by Matthew DiLallo

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Six months on, I think we can all look back at it and say that while we were able to manage through this period of time, working from home or living at work, as some of us have come to call it, really doesn't work. We've managed to stay in contact with one another, managed to get things done, and get through this using productivity tools like Zoom, like Microsoft (NASDAQ: MSFT) Teams, et cetera. But you can't build a culture. You can't develop young talent through Zoom. Those informal ad hoc interactions that take place when people are in close proximity together are what leads to innovation. And a lot of companies are realizing that today.
Increasingly, we think, in addition to changing how tenants will use their space, there is going to be a bifurcation as well in the types of space and the locations that tenants will be looking for. New, modern, efficient floor plans with lots of space for social distancing and the upgraded air handling systems, et cetera … will increasingly be in demand by tenants. While older office product that is unable to be retrofit into those will become increasingly obsolete.

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