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John Saxon, Chief of Staff at Howard Hughes Corp, discusses corporate relocation trends across the US. He shares insights on the current state of the office market, effects of remote work, and increased demand for office space in growing communities like Houston and Las Vegas. The podcast also explores Howard Hughes' unique approach in developing master plan communities and provides valuable career advice for finance and real estate professionals.
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Quick takeaways
- Coastal states like California are experiencing a downturn in the office market post-pandemic, while communities in Houston and Las Vegas are witnessing significant leasing activity for high-quality office spaces due to an out-of-state migration of residents.
- The success of master plan communities lies in creating a live-work-play environment with walkability, where residents have easy access to office spaces, restaurants, and homes, providing a better quality of life.
Deep dives
The Performance of Office Market is Bifurcated
According to John Saxon, Chief of Staff at the Real Estate Development and Management Firm, the performance of the office market post-pandemic is divided. While coastal states like California are experiencing doom and gloom in the office sector, communities in Houston and Las Vegas are witnessing significant leasing activity for high-quality, class-A office assets. This is attributed to an out-of-state migration of residents from coastal areas to the Sun Belt, where the Howard Hughes Corporation's communities are located.
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