Commercial Investment Real Estate is the magazine of the CCIM Institute, the leading provider of commercial real estate education. CIRE covers market trends, current developments, and business strategies within the commercial real estate field.
Issue link: http://cire.epubxp.com/i/206598
INVESTMENT ANALYSIS Workplace trends influence common-area renovations. m by Donald Cartwright Much is written in the media on how today's workplace has changed, becoming a hub for collaboration and socialization, but there has been little focus on how this affects the office building. Thinking has shifted away from the traditional paradigm of office design — corner offices, dark wood, and separation following organizational hierarchy — to a more modern concept that includes clustered conference rooms, open workstations, and an increased focus on amenities. Furthermore, companies are realizing that environmental aesthetics, flexibility, and convenience are often important to motivate and drive innovation, as well as to retain talented employees. By implementing interior design elements refective of hotels, companies create purposeful in-house workplace amenities, such as cafeterias, lounges with baristas and TV monitors, and Wi-Fi throughout the space. In keeping with the trends that are driving innovation in ofce design, buildings can beneft from an allotment of capital improve- 16 November | December | 2013 ments to modernize and create efciencies in common areas such as lobbies, which ultimately can help retain and attract ofce tenants. The Modern Building Even the most iconic of buildings beneft from meaningful upgrades that are attuned to tenant perspectives — a worthwhile investment in terms of diferentiation. Tenants are paying closer attention to what a building has to ofer employees and clients and weighing those factors just as heavily as curb appeal and prominence when it comes to representing their brand. For example, an "at home" feeling at the job can help to reduce stress and give employees a sense of improved work/ life quality. As such, the incorporation of residential design elements such as luxurious yet durable upholsteries, wood, or marble details; interior landscaping; and modern art throughout common areas is popular among office spaces, although still a fairly new concept in ofce buildings. Lobbies are generally perceived and treated as mere "walk-through" areas. However, buildings that ofer more contemporary designs, utilize hospitality characteristics, and incorporate architectural elements appeal to tenants and building visitors. In demand by tenants are a greater variety of meeting spaces, mobile technology supports, increased use of video and teleconferencing due to dispersed work groups, as well as use of the facilities beyond normal working hours. With tactical lobby redesign and technological advancements, commercial buildings can assist with meeting tenant pressures for communication and information fow. Providing spaces to interact or enjoy meals is very much inspired by the residential elements of dining and living rooms, traditionally places where people gather and enjoy time together the most. Te goal in ofce buildings is to achieve fexible, adaptable, multipurpose spaces for the use of tenants and the local professional community. In urban areas, in addition to technology and modern interiors, amenities that further allow for social interaction and a balance of work and play are in demand. Capital improvements of ofce buildings attract com- Commercial Investment Real Estate Mikhail Kalakutskiy/Thinkstock Lobby by Design