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 FRIDAY MARCH 26, 2021

The Upfront

Suddenly, Demand is Booming for Office Space

GREAT news for the contract furnishings industry: One year after the COVID lockdowns began, demand for office space is finally approaching pre-pandemic levels. Can a partial or full recovery for the industry be far behind?

The national VTS Office Demand Index (VODI), which tracks tenant tours, both in-person and virtual, of office properties across the nation, posted significant gains in January and February and is now 38% lower than it was just before the pandemic. By comparison, it was 85% below pre-pandemic levels last May.

In February, the national VODI grew 29%, increasing by 13 points to 58. “While we saw some growth in demand in the back half of 2020, the exponential increase in the first two months of 2021, combination with the announcement from the Biden Administration that all Americans will be eligible for the vaccine by May 1, 2021, is providing confidence that a meaningful recovery is on the horizon.” VTS CEO Nick Romito said in a prepared statement.

February also marked the first month since October 2020 where demand grew in all of the office markets tracked by VODI. Previously hard-hit markets New York City, Seattle and Washington, D.C. led the growth.

In New York, demand for office space jumped 120% in 2021 and is down 40% from pre-pandemic levels. The VODI has steadily risen from 35 in December to 77 in February after hitting a low of 7 in May 2020.

Seattle experienced seasonal declines in Q4 2020, demand is now up 182.6% in 2021. It rose 22 and 20 VODI points in January and February, respectively, to 65. The city’s leasing demand is now only down 24% from pre-crisis levels one year ago.

Two California markets, San Francisco (down 5%) and Los Angeles (down 18%), have almost regained their losses since the beginning of the pandemic. San Francisco’s VODI picked up 38 VODI points from 15 in November to 53 in February, jumping 253% over the last three months. In mid-2020, there was almost no demand in the city.

VTS isn’t the only source seeing strength in the office market. Investor KBS says that there will always be demand for office space, but with the vaccine rollout and an end in sight for the pandemic, it is bullish on office activity this year.

But the good news for the industry didn’t end there. As office re-openings get closer, a surprising number of CEOs are looking for a return to pre-pandemic office uses, according to the 2021 CEO Outlook Pulse Survey from KPMG.

Only 17% of respondents said that they will downsize their company’s footprint. In KPMG’s August 2020 survey, 69% of CEOs said they would reduce their office footprint. On top of that, only 30% said they will have most employees working remotely between two and three days for a week.

Only 14% of respondents said they will examine shared office spaces to increase employee workplace flexibility.

Steelcase Reports Fourth Quarter Sales Fell 28 Percent and Fiscal 2021 Sales Fell 30 Percent

Steelcase Inc. Tuesday reported fourth-quarter revenue of $677.1 million and net income of $6.6 million, or diluted earnings of $0.06 per share, which included $1.6 million of pre-tax restructuring costs. In the prior year, Steelcase reported $946.2 million of revenue and net income of $66.5 million, or diluted earnings of $0.55 per share and adjusted earnings of $0.39 per share.

Revenue decreased 28 percent in the fourth quarter compared to the prior year, or 25 percent on an organic basis, as all segments continued to be impacted by the prolonged economic uncertainty and delay in return-to-office plans across the world. The revenue decrease included a decline of 30 percent in the Americas, 23 percent in EMEA and 28 percent in the Other category. On an organic basis, the Americas revenue declined by 26 percent, EMEA revenue declined by 29 percent and the Other category revenue declined by 12 percent. The company estimates fourth-quarter revenue benefited from shipment delays of approximately $50 million in the Americas and approximately $10 million in EMEA due to the temporary operations shut down in the third quarter.

Orders (adjusted for the impact of acquisitions and divestitures, currency translation effects, and the impact of an extra week in the prior year) declined 31 percent in the fourth quarter compared to the prior year, driven by broad-based declines in the Americas and EMEA. The Americas declined 32 percent compared to the prior year, reflecting a 2 percent sequential decline from the third quarter, compared to larger seasonal declines historically. EMEA declined 38 percent compared to the prior year with broad-based declines across all markets. In the fourth quarter of fiscal 2020, EMEA grew 12 percent compared to the prior year. The Other category declined 14 percent compared to the prior year and included growth of 11 percent in China compared to the prior year.

"We delivered better than expected revenue and earnings per share in the fourth quarter while navigating multiple supply chain challenges in addition to the resurgence of COVID," said Jim Keane, president and CEO. "As we move through what we believe could be the bottom of this cycle over the next quarter, I'm confident our people will continue to maintain strong cost controls, help our customers design their return to office plans, and position us to lead our industry in the expected recovery."

Introducing Herman Miller Group at Fulton Market

Herman Miller this week announced the opening of a standalone location in Chicago’s Fulton Market. After transitioning from a traditional trade-only showroom in the Merchandise Mart, “Herman Miller brings the power of its growing family of eight brands together under one roof in its new retail, showroom and exhibition space.”

“Today, more than ever, our customers are focused on creating useful places that matter,” said Andi Owen, Chief Executive Officer, Herman Miller Group. “Our integrated approach blends home and work environments to respond not just to the needs of our core A&D customers, but also business leaders grappling with how to evolve their offices for tomorrow. Likewise, we’re also meeting the growing demands of consumers who now, perhaps more than ever, have a heightened need, awareness and appreciation of good design at home.”

The 45,000-square-foot location occupies a landmark 1920’s brick building with an adjoining five-story newbuild, complete with a rooftop and outdoor pavilion. Developed by Fulton St. Companies in close collaboration with Herman Miller’s in-house design team, the structure retains the original façade and seamlessly blends into the surrounding historic meatpacking corridor, turned tech hotspot.

“There is a lot of momentum in this neighborhood,” said Tim Straker, Chief Marketing Officer, Herman Miller Group. “As people continue to invest in living, working, and shopping in the West Loop, we saw an opportunity to be one of the first-movers and major anchors in the neighborhood. Whether a retail or trade customer, visiting a vibrant space in a vibrant neighborhood creates the kind of experience our customers crave.”

Herman Miller has designed a customer-first experience to empower every client with a breadth of product unlike any other in the industry – all in one place. The result embraces the collective synergies of the entire family of brands across retail and trade.

On the ground floor shoppers will discover Herman Miller’s three, distinct retail brands – Design Within Reach, HAY and Herman Miller – side by side.

“We’re thrilled to be one of the first retailers in this developing business and residential district within the city of Chicago.” Debbie Propst, President, Herman Miller Group Retail. “We’ve built a destination, and as the neighborhood evolves, we will continue to serve as a resource for the people who live and work nearby and look forward to helping them create a space that they’ll love to call home.”

Haworth announces new strategic partnership

A recent joint statement announced a strategic partnership between Haworth, the world's third-largest office furniture supplier and a major Holland employer, and Danish furniture design brand BoConcept.

The partnership, two years in the making, will combine BoConcept's industry-leading furniture collections with Haworth's furnishing solutions and workplace knowledge.

BoConcept will become part of the Haworth Collection, an extensive global network of partnerships. The collaboration "represents a step change in the way both businesses address the needs of the workspaces of tomorrow," a statement read.

“Partnering with BoConcept to deliver transformative solutions to our existing client base and will allow us to provide the very best solutions and standards," said Henning Figge, president of Haworth International. "[It will enhance] workspaces with their affordable premium collections of celebrated Danish design while pioneering as partners."

BoConcept was founded in 1952 in Denmark. It now has close to 300 stores across 64 countries.

Employees call for help to reduce cost and environmental impact of working from home

New research by environmental charity Hubbub suggests that workers want to almost double the time they work from home compared to life before COVID-19 arrived – from 35 percent to 63 percent of their working week. However, the increase in household energy use associated with working from home is a cause for concern.

Of the 3,000 UK residents polled, 68 percent of workers have noticed an increase in how much electricity their household has used compared to the same time last year and 54 percent have noticed an increase in gas use. Support from employersappears minimal with only 15 percent of workers saying their employer has contributed money to help them pay their household energy bills. This is a particular concern for younger generations with 3 in 5 workers aged 16-24 agreeing they’re worried about the impact of working from home on their household bills.

It’s not just people’s finances that are feeling the strain from the rise in home-working. Many organisations had made great strides in developing plans to achieve net-zero, but scant regard has been paid to adapting these for a post-Covid world of work. Hubbub’s research claims 61 percent of workers agreed they would like to help reduce the environmental impact of working from home.

Only one in five (21 percent) workers agree they are getting support from employers to work and live more sustainably at home and many are left in the dark about their employer’s approach to the environment. Just over a quarter (28 percent) of workers said their employer has communicated the organisation’s sustainability strategy to them and how they can play a role.

How the Biggest Commercial Brokerages Are Incorporating Co-Working

Co-working has been ‘stealing’ clients from the nation’s top firms for years. The relatively new form of office space has created a fundamental shift in the tides that the top brokerages are struggling to adapt to. Now that flexible office space is set to grow thanks to many companies’ need for a more distributed workforce, brokerages are finding ways to work with or in some cases acquire co-working providers to tap into this growing market. We break down each brokerage’s effort to bring co-working in-house.

CBRE

One of the biggest deals of the year kicked things off early when CBRE announced it was acquiring a 35 percent stake in Industrious for $200 million in cash with plans to take an additional 5 percent in the near future. The deal made CBRE Industrious’ largest shareholder overnight, folding the brokerage’s established Hana flex-space brand into Industrious. The defining factor in CBRE’s deal is the fact Industrious doesn’t lease co-working space, they manage it. That will allow CBRE to expand its Hana brand into the more than 100 locations where Industrious operates. The deal is unique because Industrious and Hana aren’t co-working providers in a traditional sense, they specialize in private offices and suites, leaning more towards flexible-office space than outright co-working. Industrious also partners with landlords, offering a share of profit in exchange for lease flexibility. With success, that model could create a new industry standard.

WeWork Tells Investors It Lost $3.2B In 2020 As It Angles For SPAC Deal

Coworking giant WeWork told existing and potential investors during a presentation that it lost $3.2B last year, Reuters reports, citing an anonymous source familiar with the matter. The company wants to go public via a merger with a special-purpose acquisition company, or blank check company.

That loss is less than the company suffered in 2019, when $3.5B in red ink helped torpedo WeWork's planned initial public offering. A merger with a SPAC would reportedly value the company at $9B, a steep decline from the $47B WeWork was valued at in early 2019 after raising $1B in a round of funding led by Japanese conglomerate SoftBank Group.

WeWork reported third-quarter revenue of $811M, which represented an 8% drop from Q2, while spending $517M of its cash reserves, down from a $1.2B burn during Q3 2019. Though the company still had about $3.6B left at the time, its problems led credit rating agency Fitch to downgrade WeWork to CCC, meaning at serious risk of default.

Only 17% of CEOs Now Plan to Downsize Their Office Footprint

As office re-openings get closer, a surprising number of CEOs are looking for a return to pre-pandemic office uses, according to the 2021 CEO Outlook Pulse Survey from KPMG.

Only 17% of respondents said that they will downsize their company’s footprint. In KPMG’s August 2020 survey, 69% of CEOs said they would reduce their office footprint. On top of that, only 30% said they will have most employees working remotely between two and three days for a week.

Only 14% of respondents said they will examine shared office spaces to increase employee workplace flexibility.

For office landlords, these findings are good news, especially in light of the more pessimistic predictions of what will happen to office space once the world returns to normal.

One open question in the KPMG survey is exactly when life will return to normal, even with vaccinations ramping up. Thirty-one percent of respondents anticipate a return to normal in 2021, while 45% expect normality in 2022, according to KPMG. Twenty-four percent of respondents say their business will change forever.

Sixty-one percent of companies said that they are waiting for a successful vaccine rollout in their key markets before they ask staff to return, according to KPMG. Three-quarters, 76%, say they will wait for governments to encourage businesses to return to normal, while only 5% will initiate returns based on competitive factors.

Amazon Global Real Estate Chief: Company To Return To Office ‘Pretty Much As We Were Pre-Covid’

Amazon occupies more than 44M SF of offices across the world, and like many workplaces throughout the last year, they are still mostly empty.

Roughly 90% of the company's office-using employees are working remotely today, but the company hopes to bring people back by the fall, Amazon Vice President of Global Real Estate and Facilities John Schoettler told Bisnow in an interview Monday. 

The shift to remote work during the coronavirus pandemic has led many companies to rethink their office needs and downsize their footprints, causing concern for office building owners. A CoreNet Global survey in January found that 59% of businesses expect their office footprints to shrink. But the Seattle-based e-commerce giant isn't one of them.

Hub-And-Spoke Panned, Return To Office Embraced: How 1,200 Bisnow Readers Responded To Survey On Work

The coronavirus pandemic has spurred commercial real estate professionals to change their tune about working remotely, with some recognizing for the first time the productivity it allows and many valuing the flexibility that comes with it, but access to the office remains a high priority for many.

Bisnow surveyed 1,200 commercial real estate professionals about their own preferences to gauge how people feel about returning to the office, how ideas around company culture have evolved and what working life could look like in the future.

The largest share of respondents — 45.8% — said they think employees should be allowed to work from home multiple days a week even after the pandemic is over.

Prior to the pandemic, working from home was not the norm for most CRE professionals.

About 48.2% of survey respondents said that pre-pandemic, they never worked from home. Another 21.6% said they worked from home one day a month, and 13% said more than once a week. Only 9.2% said they worked from home full time.

Why collaboration, community and connection enhance mental and physical health in the workplace

What sort of workplaces should we be creating to support physical wellbeing and mental health? This was the topic of conversation in the ‘Health Workers’ panel discussion I spoke at (chaired by OnOffice’s Editor), as part of January’s Architect@Work digital summit.

As Director of research and strategy at spacelab_, a design and architecture studio with a research-driven, human-focussed approach to creating spaces, my work is all about understanding what people want and need, in order to design the very best space for them – and of course for their health.

What do we need to consider when creating working environments that support physical and mental wellbeing? In addition to providing spaces for collaboration and providing a rich choice of settings for people to work from, our workplaces need to help us build community. Being part of a community gives people a sense of identity, belonging, and often a wider purpose.

This company started giving employees Mondays off

Summer Fridays and four-day workweeks aren’t a new idea. Plenty of companies offer these time-off perks, especially as employees shifted to remote work during the pandemic. But one New England-based outdoor tech company found that a better plan is giving employees Mondays off.

“We were all spending an astronomical amount of time in front of screens,” says Mike Melillo, CEO of the Wanderlust Group, parent company to Dockwa and Marinas.com, which are platforms similar to OpenTable where consumers can reserve and book slips at marinas. “Boating was one of the few socially acceptable activities, and by the middle of May we were burnt out.”

Melillo decided to enact his “Game of Thrones” clause. “I always said, if on Sunday night while watching Game of Thrones I was dreading going to work the next way, I should not go to work. Work should be something you’re passionate about.”

Work From Anywhere: Comparing Facility Management Costs and Requirements

Considering our present day workplace realities, more businesses are seeking alternatives to the traditional idea of having a fixed work location. The time is right for forward-thinking employers to seriously consider the work from anywhere (WFA) approach. But, no matter how workplaces evolve, one thing that remains the same is the need for orderly and well-maintained workspaces.

Organizations have to invest in facilitating a productive work environment, regardless of where these spaces may be. This is where facility management becomes an issue that needs to be addressed.

Under a WFA policy, employers might allow any of three different working arrangements. Below, we look at how building maintenance can impact workers’ productivity under each arrangement, and how maintenance cost and responsibilities change, depending on the working arrangement.

An Interactive Tool For A Circular Economy In The Built Environment

Imagine if all built environment projects eliminated waste, preserved the value of materials and restored natural ecosystems. If you are responsible for designing or managing work environments, now is a critical time for you to understand what the transition to a Circular Economy could mean for your business and the role you play in overall value creation. Design stage decisions have major consequences for managing buildings-in-use and post-use recovery of materials. Those who seize this opportunity will be heroes for achieving sustainability commitments that are targeted for 2030 and beyond.

According to the Ellen MacArthur Foundation, a circular economy is based on the principles of designing out waste and pollution, keeping products and materials in use, and regenerating natural systems. Compared to a linear economy of “take-make-waste,” a circular economy is based on “reduce-reuse-recover” strategies for materials in closed-loop systems. In a linear economy, resources are taken from the ground to make products which are used until no longer needed, at which point they are discarded — i.e., “thrown away.” The circular economy, however, acknowledges that there is no place on our planet called “away” to responsibly dispose of these products. Thus, in a circular economy, products and services are designed with materials that are upcycled or recycled at the end of their useful life.

REIS Revises Office Forecast But Still Expects Significant Rent Declines

Office demand may not “die” anytime soon, but it’s definitely changing, with big shifts expected to play out in the intermediate to long term and the national vacancy rate forecast to rise to “near-record levels” in 2021 before beginning a slow decline starting in 2024.

A new report from Moody’s Analytics REIS predicts effective rents will decline 7.5% this year—a significant number, to be sure, but not quite to the level of the Great Recession, when effective rents fell 8.9% in 2009. REIS analysts point out that even in New York City, a metro that’s been synonymous with the precipitous declines wrought by COVID-19, effective rents showed a fraction of the declines they expected last year: asking rents fell by 1.0% (after they expected a fall of 4.4%) and effective rents declined by 2.4% (versus an anticipate decline of 8.6%).

Manhattan’s Office Market Slump Got Even Worse in Q4

The Manhattan office market continues to reel from the impacts of COVID-19, with net absorption in the fourth quarter of 2020 clocking in at negative 10.6 million square feet, the highest negative total recorded since early 2009 at the peak of the Great Recession.

A new report from Colliers shows that overall, the Manhattan office sector showed rising vacancy (an uptick by 40 basis points to 8%), a 3.5% fall in asking rents to $75.39 per square foot, and the aforementioned negative absorption, which Colliers deems “significant”. (Despite that, Manhattan has the lowest vacancy rate of the markets tracked by the Colliers report.)

LINAK’S New compact desk frames – bring ergonomics to smaller spaces

When space is at a premium, the new Desk Frame 1 Compact from component supplier LINAK is a perfect choice for use in smaller spaces thanks to its compact footprint. This new addition to the Desk Frame 1 (DF1) series can accommodate tabletops down to 100 cm, offering a perfect solution for both home-offices and space-conscious working environments, such as kiosks, hotel lobbies, libraries, and even educational institutions.

Don’t leave your ergonomics at the office!

Companies are finding they not only have a commitment to their employees’ well-being at the office but now also an increasing responsibility to them at home. The more time they spend with poor home-working conditions, the more risk of long-term health challenges they will have. Therefore, companies need to explore options that provide their employees with better ergonomic furniture solutions.

Same benefits, new proportions

The Desk Frame 1 Adjustable Compact (fitting tabletops from 100 to 130 cm) gives employers the chance to offer the same degree of ergonomic comfort their employees enjoy at work in a compact edition more suited to the scale of most home offices. This means you can deliver the same experience your customers’ end users are familiar with at work – but with proportions more suited to a home office environment.

The Compact edition builds upon the well-known DF1 concept, allowing you to use most of our vast DESKLINE product portfolio to create your very own, unique sit-stand desks. The DF1 makes it easy for you and your customers to create the perfect desk solution that any end-user will appreciate, helping improve the working conditions and health of office staff – both those who work in the company office and those who work from home.

Track it, unpack it, and get a head start

The quickly delivered and easy to assemble DF1 allows you to move fast and take advantage of the opportunities presented by today’s changing market. Design flexibility and ergonomics rule in a world where working from home is becoming the new normal. The Desk Frame 1 Compact edition gives you a fast and easy to implement desk solution with flexible design options for the booming work from home market - without compromising on design or quality.

The "Lighting Pad Lounge" brings living and working together

“It was a major challenge for our development team,” explains Dietrich F. Brennenstuhl, founder and CEO of the NimbusGroup, talking about his latest product. That said, their efforts paid off at the end of the day. In the form of the “Lighting Pad Lounge” the Stuttgart-based specialists in LED lighting systems and acoustically effective space-structuring elements are now presenting nothing less than a new archetype. With its organically curved shell made of real wood veneer, this cross between a luminaire and an acoustic panel cuts a fine figure, both in the office and at home, melding cozy elegance with down-to-earth functionality.

For the underside of the “Lighting Pad Lounge” Nimbus uses a sound-absorbing molded non-woven with integrated lenses that focus light while avoiding glare. Additional lenses on the top make for atmospheric ceiling illumination. Integrated into the “Lighting Pad Lounge” are smart functions including control by means of the “Häfele Connect Mesh app” based on Bluetooth low energy technology. Now, for the first time, it all the digital technology expertise at the Nimbus Group and developed in its new competent center has been brought to bear in combination with the technical know-how of Häfele, a fittings technology and electronic locking systems specialist in Stuttgart. Conventional operation by means of a wall switch, sensor or remote control are not the only options here, the app also creates new opportunities, for instance, altering the luminaire’s color temperature, thus making all kinds of lighting scenarios possible.

Why you might want to rethink your air purifier

Air purifiers have been a hot commodity over the past year, as people attempt to combat the fact that COVID-19 can spread through aerosol transmission. But a new study shows that some of these gadgets can create air quality problems of their own.

The study, conducted by researchers at the Illinois Institute of Technology, Portland State University, and Colorado State University, looked at a particular kind of purifier, called a bipolar ionizer, which is often marketed as a way to disinfect air from viruses like COVID-19. (Last year, Business Insider called the device a “secret weapon.”) But this study shows that while bipolar ionizing devices sound appealing, they can increase the presence of harmful volatile organic compounds (VOCs) and create side effects that far outweigh the benefits.

Researchers conducted a “field test,” for which they installed a bipolar ionizer inside an air handler (basically part of the HVAC system) in two spots: One fed into a controlled room they set up, the other into an occupied office building. Unlike air purifiers that use a filter, ionizer air purifiers disinfect air by electrically charging particles, causing bacterial, fungal, and viral particles to drop out of the air faster. They’re already installed in large buildings like airports across the country.

But should they be? There are three ways to improve the quality of indoor air, according to Brent Stephens, chair of the department of civil, architectural, and environmental engineering at Illinois Tech and a member of the research team. You can remove VOCs; kill microorganisms like bacteria or viruses; or remove particulate matter like dust or pollen. This study, published in the journal Building and Environment, looked at the first and last of these: the device’s ability to remove VOCs, and its ability to reduce particulate matter. (It did not examine the efficacy of air purifiers’ ability to filter COVID-19 virus particles.)

This Orange County office combines bold graphic murals with bright pops of color

Design agency Rapt Studio has unveiled its project for California-based company Happy Money who enlisted the practice to conceive a new multi-level headquarters for its youthful firm.

The designers focused on creating a space that embodied, evoked, and promoted the fundamental principles of happiness, while also bringing Happy Money’s playful, effervescent brand to life.

Translating Happy Money’s newly refreshed visual identity into three-dimensional space, the bright Orange County office features clever wayfinding to help with navigation and connect the company’s various internal teams.

Upon entering, visitors are greeted by a vibrant colour palette and style, which challenges the more traditional aesthetics one would normally expect to find in financial institutions. As such, Rapt Studio combined bold graphic murals – inspired by the brand’s iconography – with bright colours, wrapping around walls and doorways.

My Treadmill Desk Made Working From Home a Cakewalk

A strange side effect of the pandemic year has been the gradual, reluctant adjustment “ to a new normal.” Things that would’ve seemed absurd a year ago now seem ordinary: approximating a birthday party over Zoom, covering your face in public, turning the kitchen table into a home office, or greeting loved ones with that weird ghost-hug gesture to maintain 6 feet of distance. It’s strange, but not surprising, how quickly you can get used to things.

Much of my “new normal” has involved moving my inside life outdoors and my outside life indoors. Dinner parties are now picnics, but my office is contained within my apartment. I meet up with friends for weekend hikes but see the doctor for virtual visits through my phone. The most ridiculous example of this is probably that I have now replaced my commute, and the ancillary exercise of being a person in a city, with a miniature treadmill that I walk on throughout every workday. A year ago, the image of myself marching on it from my makeshift “home office” would have seemed like a joke. Now, it seems like a very nice part of my day.

At first, the reasons for buying a tiny treadmill were practical. I wanted to revive my step count, which used to reflect a life of urban splendor but now reflected the laps I took between the bed, the refrigerator, and the dining table turned desk. I channeled visions of Steve Jobs, who liked to take his meetings while strolling around Apple’s campus in Cupertino, and Joanna Coles, who famously ran Cosmopolitan from the treadmill desk in her office, further intimidating colleagues by walked on it *in heels.* Nellie Bowles, a reporter for The New York Times, described her working life on a treadmill desk as “ideal” in 2018. I imagined how accomplished I would feel after a day of walking, knowing that I had collapsed hours of exercise into the workday.

Like Bowles, I opted for a portable model, designed specifically for walking. (Coles used a standard treadmill, the kind you can jog on.) The WalkingPad A1 Pro is about 4 feet long and 2 feet wide. You can fold it in half, and it's still short enough to fit under a couch. That’s an advantage over a full-capacity treadmill, as is the price: Mine came in just under $600. It has no handlebars. A miniature remote controls its speed, which maxes out at 3.75 miles per hour—about the pace of a speed walk. I slid it under a standing desk and stepped on.

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