The commercial office landscape has been changing throughout the years. The center of this change has been the introduction of coworking spaces, such as WeWork. In a report from Cushman & Wakefield, a global brokerage firm, they analyze markets from over 40 US cities and then detail some of the reasoning behind the shift from traditional office spaces. The report outlines four of the top elements that are contributing to the office space decisions made by real estate executives.
The trend of having more office density is becoming less and less popular. Rather, many companies are starting to favor having more square footage per employee. The open space trend of offices today has caused occupiers to rethink how to divide up each area, with more choosing to incorporate large collaboration spaces.
Due to the popularity of coworking spaces, many employees are wanting large common areas to provide space for collaborating and holding meetings. Topping the list, though, is close proximity to places to eat and exercise. Technology is also quickly gaining importance, as space occupiers desire the level of convenience and connectivity it can offer.
Everyone knows how stressful parking can be in populated areas. This report finds that many office buildings do not have sufficient parking available, and adequate parking options are getting very expensive. Occupiers are searching for better options that will allow them to save money.
Landlords are allocating more money towards rent concessions, which are used as a way to attract new occupants and keep current ones happy. Landlords in New York City have given 42 percent more concessions, while concessions in Los Angeles have dropped by almost 11 percent. The importance of concessions seems to differ from market to market.
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