What does it really mean to be a trophy building now - Phil Kirschner

In the office asset class, we think bifurcation even within the top 1% of buildings. What does it really mean to be a trophy building now in terms of location and experience and diversity of asset mix, topologies - Phil Kirschner

We expect to be able to do multiple things, as we call in the report, neutral use ... We hope that both municipal code and construction techniques and innovation allow us to build a space, great office now, residential later, factory later, don't really care. The skeleton of the thing is such that it can evolve over time and that’s going to take a lot of coordination from a lot of partners to make real - Phil Kirschner

New York also has one of the more progressive energy efficiency laws going into effect (2024) in Local Law 97, where buildings will start to get charged for inability to meet certain sustainability goals - Phil Kirschner

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Pressure on the supply side, pressure on the demand side, pressure from regulation
Flight to quality, bonus for flexibility, agility, and efficiency.
Many assets toward the bottom will recap, refactor, and turn.
Really interesting conversation with one of the best in the business.

Thanks again Phil.

Full-Length Interview
Phil Kirschner: Real Estate, Futures, Workplace | Work 20XX Podcast with Jeff Frick

YouTube -

- Spotify -

- Transcript and show notes - https://www.work20xx.com/episode/phil-kirschner-real-estate-futures-workplace-work-20xx-ep17 - or wherever you podcast

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