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Fundamental Change Coming to Office Sector

As the CEO of a company that produces one of proptech’s leading data visualization tools—offering advanced predictive analytics—Navigator’s Taylor Odegard has no trouble visualizing the future of offices in central business districts.

From a booth with a commanding position on the CREtech 2022 show floor in NYC last week, Odegard gave us his assessment of the office sector, specifically the fate of office towers populating central business districts in major urban centers.

Odegard also thinks traditional office leasing scenarios will evolve to match the new reality. “The traditional [model] of a five-year, 10-year or 15-year lease will change fundamentally, with terms where you can retract and grow within the lease—elastic leases,” he told GlobeSt.com.

Odegard sees a permanent paradigm shift in CBD office towers due to the rise of hybrid work, one in which landlords and tenants have diametrically opposite priorities.

*Article courtesy of GlobeST.com

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