Office space isn’t going away, and an office sublease gives lawyers some options
As we continue to navigate the realities of the COVID-19 pandemic, business leaders have contemplated whether remote work will become the norm. While remote work offers a number of benefits, office space won’t disappear anytime soon. In fact, an office sublease might provide the best of both worlds for many firms.
Office sublease trends in Denver
In Denver, office subleases have increased 65 percent since May of 2019. That increase reflects some changes in key industries, such as oil and gas, as well as other factors. However, as the Colorado Sun reports, that trend does not signal a permanent move away from office space. Sun reporter Tamara Chuang writes:
“After months of video calls, instant messaging and infrequent travel, employees and companies support a hybrid approach that includes some form of work-from-home in the future. But what won’t be going away anytime soon: The actual office.”
She cites experts who note that remote work will become more common for many professionals. Those same experts also acknowledge the importance of face-to-face interaction. One executive said she and her staff met for socially distanced lunches in parks as soon as they were able, because they wanted to “see each other in 3D.”
So, a need for office and meeting space will not likely go away entirely. In addition, Denver remains an attractive market for a variety of industries due to its highly educated workforce and central geographic location. As new companies move in, the office space equation will continue to change and evolve.
Human and professional need for connection
That need to reach out to colleagues and interact face-to-face points to the importance of gathering places. Hours of video calls and meetings simply cannot replace looking another human in the eye, reading body language and sharing the same space.
That’s why our members, mostly independent law practitioners, have opted to do their work alongside other law professionals in our shared office spaces. Many of them tried working from home exclusively, but they felt isolated and uninspired. Working in a community of peers meets the need for connection and supports the exchange of ideas.
As HBR reports:
“A growing body of research suggests that there are surprisingly powerful benefits to connecting with casual acquaintances — relationships that sociologists call ‘weak ties’…
To be sure, our friends and family — our strong ties — support us when we’re feeling down and make us feel appreciated. But weak ties can do these things too…
Weak-tie relationships give us short, low-cost, informal interactions, which often provide new information and social variety.”
True, relationships with coworkers might run deeper than the one you have with, say, your local grocery store clerk. However, coworker or peer interactions can give you that social variety you crave as a human being. Working from your dining room table and interacting only with immediate family doesn’t fulfill all of your social needs.
Expanding connections for large firms
For larger firms with existing office space, a move to more remote-work options will make sense for a lot of employees. Maybe staff will work in the office on alternating schedules and work from home on certain days.
Yet the need for interaction and connection will remain. In addition, large firms might find themselves with extra space. An office sublease could solve the problem of too much space. It could also help firms expand their networks by offering leases to complementary businesses that have the potential of becoming collaborative partners down the road.
For now, many of us are finding a new balance between remote work and office time, but our office space will remain an important place to focus and to connect in meaningful ways.
To learn more about law firm real estate options in Denver, contact us. We work with large law firms to sublease existing space, and we also offer shared office space to smaller firms.
