‘Onslaught’ Of Office Renovations Taking Place As Companies Redesign Spaces For Hybrid Work A magnitudinous confluence of the corporate return-to-work push, supply chain issues that appear to be worsening, rising interest rates and the realization that office space needs to be recently built or updated to be competitive is fueling a historic surge in renovations. In recent months, for the first time ever, architectural firms are making more income from renovation work than new construction, said American Institute of Architects Chief Economist Kermit Baker, who expects the run on retrofitting to be more than a late pandemic blip. It is being driven in part by an “onslaught” of building renovations happening right now, according to CBRE Global Head of Occupier Thought Leadership Julie Whelan. Landlords, in a moment of record-high vacancy and looking to differentiate their properties for future tenants, are spending vast sums on major upgrades. 
Sage Realty, which just announced a $53M upgrade of 767 Third Avenue, its Class-A office tower near Grand Central Terminal in Manhattan, went for a “wholesale demo,” said CEO Jonathan Iger, including a new lobby space and a reworked amenities program for tenants, including a library, terrace garden, cafés and…  Read the full story here. | 
