The U.S. office space market may be overflowing with vacancies, but when it comes to high-quality, modern office space, companies are finding very few options. It’s a paradox playing out in cities across the country: aging and uninspired buildings sit empty while modern, amenity-rich spaces are in short supply.

According to the Wall Street Journal, developers are once again planning new office projects–not because the market needs more buildings, but because it needs better ones. Top-tier workspaces with features like rooftop decks, upscale fitness centers, and walkable locations are in such high demand that tenants are now competing over what little is available.

At Bell Works, this shift is not only expected; it’s the foundation on which the brand was built. With thriving campuses in Holmdel, New Jersey, Chicagoland, and the upcoming Fort Monmouth location, Bell Works offers exactly what today’s companies are looking for: modern, flexible office space within a vibrant, all-in-one ecosystem designed for the future of work.

The Problem: An Oversupply of the Wrong Kind of Space

In cities like Washington, D.C., and Chicago, two of the hardest-hit markets post-pandemic, law firms and Fortune 500 companies are discovering a harsh reality: while there may be plenty of square footage available, very little of it checks the boxes for what employees and executives now expect.

As Ira Coleman, chairman of McDermott Will & Emery law firm, shared with the WSJ, the options during a recent office search were underwhelming. “Brokers kept coming to us, and I was like: That’s it? Is that the best you got?”

This frustration reflects a nationwide problem. While the U.S. national office vacancy rate ended 2024 at a record 20.4%, the vacancy for prime office space is actually shrinking. Tenants occupied 22% more top-tier space in Q3 2024 than in late 2019, while occupancy of lower-tier space remains 5% below prepandemic levels. In other words, the demand is there–it’s just not for outdated, inflexible, or uninspiring buildings.

What Companies Want (And Aren’t Finding)

Today’s companies aren’t looking for cookie-cutter cubicles. They want:

• Flexible, open-concept floor plans that support hybrid and collaborative work
• Upscale amenities like wellness centers, outdoor spaces, and chef-driven dining
• Walkability and proximity to transit
• Vibrant environments that attract and retain talent

But most traditional office buildings weren’t designed with this vision in mind. Many would require hundreds of millions in renovations just to compete, which are costs that many landlords are unwilling or unable to take on.

And that’s where Bell Works stands apart.

Bell Works: A Solution to the Quality Shortage

Bell Works is more than just office space—it’s a complete, thoughtfully designed “Metroburb”: a self-contained mini-city in the suburbs that blends work, retail, dining, wellness, culture, and community.

Bell Works Holmdel, NJ

The original Bell Works NJ campus in Holmdel is a reimagined Bell Labs building that has been transformed into a modern marvel. It features soaring glass atriums, open collaborative spaces, curated retail, and dining, from coffee shops to cocktail bars, all under one roof.

It’s not just a place to work; it’s a place to thrive. Whether you’re a startup looking for shared space or a large company in need of an HQ, Bell Works Holmdel offers unmatched flexibility and convenience in a high-design setting.

Bell Works Chicagoland

In Hoffman Estates, Illinois, Bell Works Chicagoland brings the same energy to the Midwest. As the Chicago market rebounds (with a reported 15.6% growth in office space demand according to VTS), companies are increasingly drawn to suburban campuses that offer the amenities of a downtown high-rise–without the commute.

Bell Works Chicagoland delivers exactly that: access to top-tier office space with on-site wellness centers, community events, and a vibrant atmosphere that supports innovation and connection.

Bell Works Fort Monmouth – Coming Soon

Poised to become the next evolution of the Bell Works brand, Fort Monmouth is currently under development and will serve the growing demand for high-quality office space along the Jersey Shore. Companies looking to escape the city’s limitations (but not the energy) will find a compelling, future-forward solution in this next Metroburb.

Designed for a New Generation of Tenants

The growing divide between “winners and losers” in the office market isn’t just about location. It’s about experience. As more companies bring employees back to the office—many now mandating three to five days a week–they’re being selective. The space has to be worth it.

As Marc Holliday, Chief Executive of SL Green Realty, told investors, “With a four-to-seven-year timeline for major projects, the reality is that inventory is only going to get scarcer and scarcer in the coming years.”

That’s why Bell Works’ ready-to-go campuses are such a smart move for forward-looking companies. Instead of waiting years for new developments or overpaying for cramped urban space, businesses can immediately benefit from fully built, fully activated environments designed to meet the evolving needs of the workforce.

The Rebirth of Office Life Starts with Quality

Despite the gloomy outlook for older office buildings (many of which may face residential conversion or demolition), Class A and trophy office space is making a comeback. In some areas like Park Avenue in New York, average asking rents have jumped 20% in the past two years, thanks to heightened competition for premium space.

As Phil Mobley of CoStar put it: “Tenants in New York are starting to knock each other down to get to the quality space.”

That demand isn’t limited to Manhattan. It’s rising everywhere, and Bell Works is ahead of the curve.

A Smarter, Happier Way to Work

Bell Works isn’t just a workspace–it’s an experience. And in a post-pandemic world where employee satisfaction and well-being matter more than ever, that experience is the differentiator.

With its unique combination of:

• Architectural excellence
• Flexible leasing options
• A built-in ecosystem of amenities
• Cool places to eat, drink, and shop
• Events and community programming

Bell Works offers more than just square footage–it offers a destination. A place where people want to come to work. A place that inspires.

The Future of Office is Here–And It Looks a Lot Like Bell Works

As developers scramble to meet demand for high-quality, modern office space, Bell Works is already there. Whether in Holmdel, Chicagoland, or soon in Fort Monmouth, the Metroburb model delivers the exact kind of environment today’s firms are chasing and struggling to find elsewhere.

In a market flooded with outdated buildings, Bell Works offers a rare and valuable opportunity: to occupy not just any office, but the right one.

Explore your future workplace today:

• Bell Works Holmdel
• Bell Works Chicagoland
• Bell Works Fort Monmouth (Coming Soon!)