Comments on: Commercial Office Space is Evolving: Who Will Answer the Billion Dollar Commercial Real Estate Question? http://privatemoneyutah.com/commercial-office-space-is-evolving-who-will-answer-the-billion-dollar-commercial-real-estate-question/?utm_source=rss&utm_medium=rss&utm_campaign=commercial-office-space-is-evolving-who-will-answer-the-billion-dollar-commercial-real-estate-question Your Trusted Resource for Private Money Loans in Utah Fri, 16 Mar 2012 05:27:17 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Corey Curwick http://privatemoneyutah.com/commercial-office-space-is-evolving-who-will-answer-the-billion-dollar-commercial-real-estate-question/#comment-69 Corey Curwick Thu, 15 Jul 2010 16:12:32 +0000 http://privatemoneyutah.com/?p=330#comment-69 Chris, I've had a lot of push back on this topic from my friends and colleagues who won't comment but have emailed me their thoughts. A lot of them are saying that a brick and mortar office lends credibility to the business. I think for some businesses this is true, but if we had to generalize, the new generation of digital savvy consumers is less and less concerned about the brick and mortar presence of a business. I am curious about what office space will look like in 10 years. Will it be a Noah's kind of business model with a 'mash up' of traditional office space along with virtual meeting rooms and other related spaces for virtual offices? This is indeed a billion dollar real estate question. Apparently Noah's is booked solid! Chris,
I’ve had a lot of push back on this topic from my friends and colleagues who won’t comment but have emailed me their thoughts. A lot of them are saying that a brick and mortar office lends credibility to the business. I think for some businesses this is true, but if we had to generalize, the new generation of digital savvy consumers is less and less concerned about the brick and mortar presence of a business.

I am curious about what office space will look like in 10 years. Will it be a Noah’s kind of business model with a ‘mash up’ of traditional office space along with virtual meeting rooms and other related spaces for virtual offices?

This is indeed a billion dollar real estate question. Apparently Noah’s is booked solid!

]]> By: Chris Browne http://privatemoneyutah.com/commercial-office-space-is-evolving-who-will-answer-the-billion-dollar-commercial-real-estate-question/#comment-68 Chris Browne Thu, 15 Jul 2010 15:56:47 +0000 http://privatemoneyutah.com/?p=330#comment-68 Hi Corey, great article. I agree with you that commercial office space has changed forever with new technologies that are available, and the recession was the tipping point that triggered it. As someone who runs three businesses from a home office, I save a ton of time and money that way. Our property management company (www.mapleleafmanagement.com) has no physical office, and this lack of overhead cost allows us to offer better services at lower prices than our competition. Our manager has her laptop, car and cell phone, and that is all she needs. We rarely need to meet in person with clients and prospective clients, but if we do we go grab a coffee, or use the conference room at the bank branch where we have all of our accounts. I think for a small business, this is definitely the way to go. From an investment perspective, this is the main reason we do not invest in commercial properties, especially office space, in our private real estate funds. We focus on multi-family residential properties, because no amount of technology will change the fact that people always need a physical place to live. Anyone interested in learning about our funds can email me at chris@mliproperties or go to www.mapleleafcapitalmanagement.com. Last year we were about to purchase an old mansion in Sugarhouse, and convert it to office suites. Luckily we took a pass on this property, because businesses are moving back into their homes and garages right now, not the other way around. While we would have had a good product for professionals who wanted to have an office with a common receptionist, conference room, and communication equipment, now is not the time. In the future there may be a resurgence in office space demand, but for the foreseeable future we are investing exclusively in residential multi-family properties. Chris Browne, President Maple Leaf Capital Management Hi Corey, great article. I agree with you that commercial office space has changed forever with new technologies that are available, and the recession was the tipping point that triggered it.

As someone who runs three businesses from a home office, I save a ton of time and money that way. Our property management company (www.mapleleafmanagement.com) has no physical office, and this lack of overhead cost allows us to offer better services at lower prices than our competition. Our manager has her laptop, car and cell phone, and that is all she needs. We rarely need to meet in person with clients and prospective clients, but if we do we go grab a coffee, or use the conference room at the bank branch where we have all of our accounts. I think for a small business, this is definitely the way to go.

From an investment perspective, this is the main reason we do not invest in commercial properties, especially office space, in our private real estate funds. We focus on multi-family residential properties, because no amount of technology will change the fact that people always need a physical place to live. Anyone interested in learning about our funds can email me at chris@mliproperties or go to http://www.mapleleafcapitalmanagement.com.

Last year we were about to purchase an old mansion in Sugarhouse, and convert it to office suites. Luckily we took a pass on this property, because businesses are moving back into their homes and garages right now, not the other way around. While we would have had a good product for professionals who wanted to have an office with a common receptionist, conference room, and communication equipment, now is not the time. In the future there may be a resurgence in office space demand, but for the foreseeable future we are investing exclusively in residential multi-family properties.

Chris Browne, President
Maple Leaf Capital Management

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