Tech Tenants Envision a Largely Remote Future

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Now that many corporations have gone largely remote, and found that their workforce remains productive, the technology sector appears to be embracing the concept for the long-term. 

In a new survey by Savills North America of several hundred technology office tenants, a staggering majority of firms, 94%, said they expect remote work, at least a few days a week, to be normalized at their company in a post-vaccine environment.

The survey comes amid daily news of tech companies making announcements of future, office-light plans. Microsoft last week announced that employees could permanently work from home, and this past July, Google extended its allowance of employees to work remotely until at least next summer.

These shifts are prompting changed expectations on the office footprints of tech firms, according to the Savills technology practice group’s survey. Covid-19 has impacted 64% of firms’ headcount growth projections. The good news is that just 8% of survey respondents said their headcount would likely decrease, while 36% said it would grow as projected and another 6% said it’d grow even faster than projected.

Also of note: while 59% of those surveyed said that, pre-Coronavirus, zero to 10% of their employees worked from home full-time, just 16% of respondents said that same amount of workers would do full-time remote work.

Still, companies are getting ready for a shift, with 55% of companies saying they expect to dispose of some portion of their office space in the next 12 to 18 months.

That dovetails with recent trends. Technology was one of the two top sectors to contribute sublease space to the Los Angeles market, which has increased by 20% in recent months, according to JLL.  The sector has been responsible for 26% of the approximately 80 new or expanded subleases that were available as of last month, the

Fairfield Commercial Building Adds 2 New Tenants

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FAIRFIELD, CT — A commercial building in Fairfield recently added two new tenants.

Elinco International Inc. has leased 7,406 square feet of warehouse space on the first floor of 418 Meadow St., while Atmos Air is leasing 3,072 square feet of offices on the second floor, according to a Sept. 25 news release from Southport-based commercial real estate firm Angel Commercial LLC.

“It is great to have found tenants that can utilize the space to help grow their business while remaining in Fairfield,” Angel Commercial LLC President Jon Angel said in the news release. “… The building is in an excellent commuter location with easy access to I-95, Exits 23 & 24.”

Angel was the sole broker in both transactions. Elinco International will take over the space previously occupied by the Fairfield Public Schools maintenance department, according to Jacqueline Greenwood, marketing director for the firm.

Within the last year, the department moved to a location in Bridgeport, after Fairfield officials chose not to renew the school district’s lease at 418 Meadow St., which is owned by Julian Enterprises and serves as the company’s corporate headquarters.

At the time, Julian and Fairfield were embroiled in a legal battle related to Julian Development’s management of the town fill pile. Additionally, several former Fairfield employees were charged in connection with an investigation of contamination at the pile, as was Julian Companies Owner Jason Julian.

Incoming 418 Meadow St. tenant Elinco International Inc. was founded in 1926 in Stamford, and manufactures instruments and controls for electric utility companies.

New office tenant AtmosAir Solutions was established in 2004 and provides continuous indoor environmental sanitizing technology. Its bipolar ionization HVAC device has tested more than 99.9 percent effective in neutralizing the coronavirus, according to the news release from Angel Commercial LLC.

418 Meadow Street is located