While office tenants work from home, industrial tenants are still at work, thank goodness
By Mike Paleo
As COVID-19 unfolds, business owners who occupy office space are beginning to ponder from their “corner-living room office” when to safely re-enter their workplace. Meanwhile, many occupiers of industrial space are already on their 2nd cup of coffee–on site.
News from Stanford University indicates: “42 percent of the U.S. labor force is now working from home full-time. About another 33 percent are not working–a testament to the savage impact of the lockdown recession. The remaining 26 percent–mostly essential service workers–are working in their business premises.”
The industrial sector is definitely part of that 26%. These industrial companies are the engine behind our critical supply chain infrastructure, and they have been largely responsible for keeping essential commerce moving amidst the economic lockdown. While many of us have been sheltering in place, these companies have remained for the most part open and active. Thank goodness!
In the beginning, when even a trip to the supermarket was perceived as hazardous to our health, Amazon and others were up and running and able to deliver the groceries and the sundry items we all need to survive.
Unlike their office space counterparts who were required to work from home, these industrial businesses and their employees were called on to remain in the workplace with uncertain health risks. From the warehouse worker to the truck drivers and delivery crews, these folks have been on the front line of this pandemic.
Temperatures were checked, masks were made, sanitizer was quickly brewed, and yet toilet paper was in high demand? While many of us sheltered in place binge watching the Tiger King and The Last Dance–our essential businesses showed up. We owe them a debt of gratitude.
Hughes Marino is the dominant industry leader in tenant and buyer-side representation, and we have been working harder than ever throughout COVID-19 to ensure our office and industrial client’s interests are protected during this tumultuous time. And while we are monitoring the pending collapse of office rents, industrial rents have mostly held firm and logistics occupiers never more hungry for space.
Our team is cranking on Zoom calls, restructuring leases, navigating rent forbearance and assessing subleasing options and constantly driving solutions that serve our client’s best interest. Every business that has a lease is suddenly talking about their lease, evaluating how to minimize exposure and maximize their bottom lines. This is what Hughes Marino was built for.
In these unprecedented times, we understand that every industrial tenant is unique, and each company requires a custom solution. Our clients appreciate the ability to have a confidential conversation with us as we bring an arsenal of elevated tenant-centric services, helping them make smart real estate decisions in uncertain times. Trust Hughes Marino to be your strategic partner every step of the way. We can get through this together.
Mike Paleo is a senior vice president of Hughes Marino, an award-winning commercial real estate company specializing in tenant representation and building purchases with offices across the nation. Contact Mike at 1-844-662-6635 or firstname.lastname@example.org to learn more.