We have been seeing that top management of all NYC businesses—from law firms to finance firms—are reducing the amount of their office space in order to cut costs. Any reduction in office space costs goes right to the bottom line.
A few specific trends happening now:
1) Big executive offices are passé. If executives do have private offices, they are smaller than in the past. If a space is already built with big offices, these “ego offices” are repurposed to accommodate several employees, creating a type of bullpen.
2) More executives, in all industries, are eliminating their private offices and just sitting in a bullpen.
3) To accommodate the need for quiet meeting spaces, there is an increase in conference rooms, small meeting rooms, and even very small “phone booths” where employees can have private phone conversations (or take a nap).
Contact Wharton Properties to learn about some of these options!