Karen Condi: How the Flight to Quality Is Reshaping Coworking and Office Real Estate

 

Since founding Workspace Strategies in 2006, Karen Condi has built a career guiding hundreds of coworking and flexible workspace projects across North America, from startup launches to complex operational turnarounds. As principal of the firm, she advises business leaders ranging from new companies entering the coworking industry to established operators looking to scale, drawing on expertise in workspace design, floorplan programming, build-out oversight, sales strategy, and financial planning. Karen Condi also partners with property owners to provide end-to-end asset management, including staffing, systems, and oversight of membership growth and daily operations. A frequent speaker at the Global Coworking Unconference and Global Workspace Association Conferences, she was named among the Top 20 Business Women of 2024 and holds a business degree from Eastern Kentucky University. Her two decades of experience position her to speak to shifts like the flight to quality now redefining the modern office.

The “flight to quality” concept, which gained momentum amid the uncertainty the COVID-19 pandemic brought to the real estate industry, is a repositioning strategy in which investors move away from riskier spaces and focus on the best and most enduring assets. This phenomenon demonstrates a major change in how people view commercial real estate.

Consequently, offices are not just spaces for desks. Instead, they have become tools that boost the workplace experience.

This trend focuses on using design and wellness to draw individuals back to their desks. Modern companies use these high-quality spaces to attract talent by creating a magnetic environment rather than relying on strict office attendance mandates.

Today, workspace design includes areas that feel like home or a neighborhood coffee shop. These spaces blend quiet zones for focused work with social hubs for collaboration. Quality has become the true measure of an office’s lasting value.

The current office landscape falls into two models: premier office buildings and older structures. While many legacy spaces sit empty, high-end properties are in high demand. This bifurcation shows that modern organizations prioritize buildings that offer better locations and superior design.

There is a significant price difference between these property types. In cities like Chicago and New York, top-tier offices earn rent premiums 25 to 30 percent higher than dated buildings.

Older office parks often struggle because they fail to provide a convincing reason for people to leave their homes. Modern workforces don’t perceive these outdated structures as highly as they do premium spaces, because they don’t align with their professional needs.

Redefining the office environment to high-quality standards is an essential tool for finding and keeping workers. Some sources report that employees feel more satisfied and productive when they work in spaces that prioritize their physical and emotional health.

Such settings make a company more attractive to potential hires, offering a competitive advantage. Property owners also protect their assets’ value when they invest in these upgrades.

High-quality buildings usually have few empty units and tend to secure long-term clients. It translates to financial stability, making these properties more profitable for landlords.

Furthermore, a physical office serves as a visible sign of what a business stands for. A well-designed workspace fosters a sense of community that is often missing in remote work. Such an environment helps strengthen company culture by creating a welcoming central place for teams to connect.

Transforming a standard office into an attractive space involves adding hospitality-inspired features, such as cafes, fitness centers, and rooftop terraces. These additions bring quiet spaces to life and keep the workforce’s energy flowing throughout the workday.

Another strategic move is creating flexible workspace models built for different tenants. Splitting large floors into smaller suites and shared areas helps owners attract both startups and established firms. It also reduces the risk of relying on a single big tenant.

Renovating older buildings is more convenient than commissioning a new construction. For example, owners can refresh facility entrances and boost natural light to give aging properties new life. These upgrades enable buildings to compete with modern offices, without the cost of building from scratch.

Some landlords also subdivide floors, opening the door to more flexible leasing options.

Sustainability is now essential for businesses pursuing environmental goals. Tenants often look for buildings with official green certifications to demonstrate their commitment. These features cut costs while appealing to young professionals who value ecological responsibility.

Modern offices also rely on advanced technology to enhance the way people experience their surroundings. Smart systems let employees reserve rooms from their phones or check air quality through mobile apps. These tools help connect in-office staff with remote workers.

About Karen Condi

Karen Condi is the founder and principal of Workspace Strategies, a coworking and flexible workspace consulting firm she established in 2006. Over two decades, she has guided hundreds of coworking projects across North America, spanning startup launches, turnkey developments, and turnaround projects for underperforming assets. She frequently speaks at industry events such as the Global Coworking Unconference and Global Workspace Association Conferences, and was named among the Top 20 Business Women of 2024. Condi holds a business degree from Eastern Kentucky University.

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