New terms are added to the commercial real estate vernacular on a near-daily basis. At the NAIOP Maryland Holiday Party, we asked several participants to provide their definition of the “hubquarters” concept. Here are their answers, with the actual definition below.
“The headquarters of a particular company is placed in different hub locations.”
Elizabeth Allison, Leasing, Merritt Properties
“I think it is a place to put your hubby so he doesn’t get lost. Seriously though, I think it’s when a company keeps a small office presence and has other locations where people can work.”
Richie Blue, President, Blue & Obrecht Realty
“It refers to small offices leased by companies where an employee can leave their home and work at a different location close by.”
Abby Glassberg, Principal, NAI KLNB
“I believe it is a corridor, in which specific operators gather together. The area has different asset classes such as retail and office in close proximity to serve these uses.”
Tim Harrington, Retail Specialist, MacKenzie Commercial Real Estate Services
“That certainly is a new one. My guess is that it is a hub of spec suites that are ready-to-go for tenant end-users in short turnaround time and featuring flexible terms.”
Brent Mangum, Vice President of Office Leasing, David S. Brown Enterprises
“Something in a CBD or town center area where there is a cluster of mixed-use projects.”
Chris Smith, President, TriAlliance Commercial Real Estate Services
Hubquarters definition: Operating half-empty headquarters is not profitable, so companies are now configuring a network of smaller locations that facilitate collaboration and independent work. They typically consist of a cluster of smaller offices in remote locations including employees’ homes. Key management personnel are present in these spaces on a rotating basis. The concept is particularly gaining popularity in the high-technology industry.