And then one day at lunch with an apartment client and an office client (not the lead-in to a bad joke), the office developer complained that office trends — shorter leases, co-working, remote working— were threatening his core business. “But most people”, our apartment friend argued, “don’t want to work in their house. They want to work next to it.” Apartment owners needed to start operating serious, thoughtful co-working spaces, both as a way to diversify income but also to increase rents (I’d argue that the apartment operators ought to be eating our collective lunches in every real estate category, but I’ll argue that in another note).
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