Pre-furnished Pre-Built Spaces a Quickly Developing Trend

While pre-built spaces are not a new concept in the office market, the trend has returned with increasing popularity and the added perk of being fully furnished with a “hospitality-infused vibe” that can include plants and art to make the space further inviting. The turnkey concept enables tenants to avoid the ongoing supply chain issues that arose during the pandemic, while also allowing capital preservation and the elimination of wait-time to move into the space. Some landlords have gone a step further by pre-wiring the space and others are offering modular spaces that can be rearranged without building permits. Although additional pricing for furnished spaces can range from nothing to as much as $20 per foot depending on space size, the furnishings and technology, some landlords insist that the “costs largely even out because they no longer have to provide months of free rent, tenant improvement allowances or work letters.”