January 29, 2024, 7:01 AM
NEW YORK (AP) — After 46 years, Steve Replin has decided to give up his office space.
Replin, who has a law practice and acts as an alternative lender in Denver, is adapting to the changing preferences of clients, who would rather conduct business online, or in a less professional setting like a coffee shop.
“I am 76 and have grown up being in actual physical spaces as offices, but I really think that the ‘kids’ have it right,” by shunning offices, he said.
The pandemic has had a transformative effect on the office space landscape. Many businesses are shifting away from traditional spaces toward hybrid work and more flexible, collaborative spaces. About 23% of U.S. office space is available, compared with 16% before the pandemic, according to global real estate advisor Avison Young.
While the real estate decisions of big companies get much of the attention, small business owners are also reassessing what they need in terms of an office. Some are finding more bang for their buck in suburban locations. Others are scaling back on square footage, and still others, like Replin, are contemplating a move to going permanently remote. Experts say the time is ripe to reassess what a small business actually needs.
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