As we begin to wrap up the first quarter of 2016, I’d like to reflect on the topics that are on the minds of my clients. Let’s discuss.
Culture, brand and wellness
As suggested by Keith Perske, Executive Managing Director of Workplace Strategy & Innovation here at Colliers, tenants usually focused on three key aspects of the workplace: design, HR and technology. These three cultural attributes are still vital to success, but Perske further points out that there are three more to add to the list: culture, brand and wellness. By focusing on the latter three, business owners are able to create a workplace which is more engaging and productive than previously imagined, promoting growth in their business. Consider this quick stat: disengaged workers costs $450-$550 billion in productivity annually in the United States. How much of that sum is coming from your business? Creating a more viable workplace could certainly help rid your business of lost productivity.
Staffing determines office location
Millennials officially became the majority of the US workforce in 2015. They (or we, in my case) don’t think like Baby Boomers or members of Generation X. We want the focus to be on the entire workforce, not just the C-suite. So when it is time to think about relocating your office, don’t just think about where your decision makers live. Take into account the entire office. Think about how each and everyone’s commute might be affected by moving. Additionally, don’t get caught up just thinking about your current staff; think about where your future staff might live. Depending on your business, you might be trying to pull talent from certain areas, like a particular city or a university. Make sure you’re moving to an area that will make both your current and future staff happy.
The revolution of office space
Whether we like it or not, the closed-off office space is a thing of the past. I’ll admit that I long for a private office of my own, but forward-thinking business owners recognize the importance of a more shared and collaborative office space. New innovations in office space don’t stop there, though. The workplace is an opportunity for a company to make a difference in the lives of its employees. What is your brand and is it reflected in your workplace? What does your workplace say about your company? Does it align with who you claim to be? If not, it might be a good idea to hire a design team to help you redesign your space. Your mission/culture and office space should be aligned.
Your landlord wants you to work with a broker
As brokers, we engage with landlords every single day. Whether we represent them or are negotiating with them, we are asking engaging questions to figure out what is important to them. It’s no surprise to me that most landlords prefer their tenants to hire a tenant rep broker. Of course, not every landlord feels this way. If they don’t then they might not be the right partner for you.
Companies are transforming their brands and therefore transforming their office space; hopefully I’ve helped you realize that the two go hand-in-hand. Call your local broker and schedule a time to talk about what’s changing in your industry!
The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.
Based in Princeton, N.J., Vinny specializes in tenant and landlord representation for Colliers International, working directly with his clients in the acquisition and disposition of office space. For more commercial real estate insight and trends, follow Vinny on Twitter.