The new reality that various business sectors have had to contend with lately may affect them moving forward. The commercial real estate market in New Jersey is one such industry affected by more of the workforce working from home. Will fewer companies be looking to lease office spaces moving forward?
According to one leasing executive, there may be a fork in the road, but office space leasing hasn’t given up the ghost just yet. In fact, more New Jersey companies are choosing to lease space — even in the short term — relatively close to where most of their workforce resides and that’s in their own neck of the woods, rather than lease space in the Big Apple. Companies are reluctant to sign long-term leases until they have a better idea of what the market is likely to do in the coming months.
More commercial companies are conducting their business digitally. Many employees are no longer making the trek from their homes in the suburbs to their downtown Manhattan offices. How this trend will change is anyone’s guess, so many companies are playing it safe.
There will always be some businesses that will choose to conduct business from conventional commercial office spaces. Leasing these spaces comes with contract obligations and for those, a New Jersey attorney’s experience is invaluable. A lawyer is able to ensure that all lease agreements adhere to the letter of the law and they can represent clients who are landlords or clients who are leasing commercial spaces. Renting commercial space is a large undertaking and having some understanding of commercial leases may help to ensure the lease fits the business.