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The Future of Dallas Office Space After Covid-19

The commercial real estate industry in Dallas was hit hard by the pandemic. Many businesses shifted their operations to a remote model, leaving office spaces empty and unused. However, a recent survey has revealed that in 2023, half of all Dallas-based companies will return to their offices. Let’s look at what this means for commercial real estate professionals in Dallas.

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What Does This Mean For Commercial Real Estate Professionals?
For many commercial real estate professionals working in Dallas, these findings may bring some relief. With 50% of businesses returning to their offices within the next two years, there is potential for an increase in demand for office space rentals. Additionally, with more businesses needing accommodations, this could be a great opportunity for property owners to maximize their investments by renting out multiple units or offering longer-term leases.

However, it’s important to note that the decision to move back into an office will be made on a case-by-case basis. While some companies may opt for in-person work environments, others may choose to continue operating remotely or on a hybrid model with part of their team working from home and part from the office. As such, it’s essential that commercial real estate professionals understand the current needs of businesses when approaching them about leasing options so they can offer solutions tailored to each company’s individual requirements.

What Can Commercial Real Estate Professionals Do Now?
As we wait for more clarity on when exactly businesses will start returning to offices post-Covid 19, commercial real estate professionals should start preparing now. It’s important to make sure your properties are up-to-date with all safety protocols and regulations that have been implemented since the pandemic began so you can ensure your buildings provide safe and secure workspaces for those who choose to return in person. It’s also worth considering offering flexible rental options or discounts as an incentive for businesses looking for new spaces as they transition back into offices over the coming months and years.
                     
The news that 50% of Dallas companies plan on returning to their offices by 2023 is certainly promising news for commercial real estate professionals in the area; however, there is still much uncertainty surrounding how exactly these changes will play out over time and what impact they will have on local markets and businesses alike. As such, it is essential that commercial real estate professionals begin preparing now by ensuring their properties meet all necessary safety protocols while also being mindful of the unique problems companies might face as they make the transition back into work environments post-Covid 19. By taking proactive steps now, commercial real estate professionals can ensure they are ready when more businesses decide it's time to move back into offices full time later down the line.

All information provided has been obtained from sources deemed reliable.  However, neither Victory Real Estate Group nor any of its brokers, agents, employees, officers, directors or affiliated companies (collectively, Victory Real Estate Group and Related Parties) have made an independent investigation of the Information or the Information sources, and no warranty or representation is made by Victory Real Estate Group and Related Parties as to the accuracy of such Information. The Information is submitted subject to the possible errors or omissions, and no person or organization should rely on the Information, unless such person or organization has conducted and independent investigation to confirm the accuracy thereof.

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Author
Ela Valenzuela
Partner Editor Victory
June 4, 2024

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