For the past 12 to 18 months, office building owners have been energetically implementing new tactics to attract tenants back to their buildings as the pandemic becomes less impactful. One growing trend among owners is hiring outside vendors to provide added-value building amenities for tenants, such as conference room services, fitness centers with nutritionists, and...
Hard market conditions of rate hikes coupled with tightening terms have intensified for June 1 renewals in commercial property, as carriers prevail in a “seller’s market” where new capacity remains scarce, sources told this publication. Even clean accounts in the admitted space are seeing rate increases of 15% year on year, while loss-hit accounts in...
The house party is ending for many office-bound workers — and, as a result, the office experience is getting a lot more fun. The push to get workers back to their desks resulted in a so-called “flight to quality” — tenants demanding highly amenitized, Class A office spaces. In response, landlords upped the ante like...
With COVID-19 vaccination efforts fully ramped up, U.S. employers are accelerating their plans to bring employees back to the office. Recently, PwC’s US Remote Work Survey found 75% of executives anticipate at least half their employees will be back in the office this month. While remote work has proven to be successful by many measures, few leaders...
Like every industry, construction isn’t immune to the effects of global climate change. Adverse weather affects 45% of construction projects globally, a 2021 report from the Air Force Institute of Technology found, and results in billions of dollars of additional expenses and lost revenue. Project delays, damaged materials and supply chain shortages are just some of...
Employees around the world were forced to adopt fully remote work for the first time when COVID-19 struck. But as the pandemic stretches into its third year, vaccines become more widespread, and hospitalization rates drop, companies have been trying to lure employees back to working in the office full-time once more. JPMorgan Chase’s Jamie Dimon...
Commercial property and casualty prices continued to rise in the fourth quarter of 2022 with an average increase of 8% across all accounts sizes, down slightly from 8.1% in the third quarter, according to the latest survey data from the Council of Insurance Agents & Brokers (CIAB). Large businesses saw higher price increases on average...
While the signals are mixed, there are signs that inflation is finally easing. We can debate the measures the Fed and the Biden administration have taken to push back against rising costs, but inflation control would undeniably be a good thing for the bottom lines of investment real estate properties. Job market and supply chain...
Insured natural disaster losses hit an estimated $120 billion in 2022, with North America making up the bulk of the tally due to the devastation caused by Hurricane Ian, according to Munich Re. Economic losses reached $270 billion, down from $320 billion in 2021. While overall losses were close to average, insured losses were well...
A June 2020 study by McKinsey & Company found that the pandemic has accelerated the digital economy by 7 years. The digital adoption of applications for corporate work, in conjunction with tech solutions for physical security, is not just a temporary fix. These solutions are here to stay. As new technologies and digital solutions transform security operations,...