Real Estate

WHAT BUZZFEED AND BLOOMBERG'S REAL ESTATE HEADS LOOK FOR IN OFFICES

WHAT BUZZFEED AND BLOOMBERG'S REAL ESTATE HEADS LOOK FOR IN OFFICES

As office space options have evolved, so have tenants’ expectations. Not only do tenants want a space they can easily access and can grow in, but a space that epitomizes their brand. 

This doesn’t just boil down to splashy paint, but everything from the electrical systems to the windows to the amenities needs to match a company’s perceived identity.

Finding and designing such spaces is BuzzFeed corporate real estate and facilities senior director Gabrielle Rubin Deveaux’s bread and butter. She didn’t find BuzzFeed’s current NYC digs, but she was tasked with designing and building it and helping the new media juggernaut move to it, all within 12 months.

That’s a lot to accomplish, but Gabrielle—who will be a panelist at Bisnow's Big NYC Office Event next week—tells us she was able to get significant headway when she asked BuzzFeed CEO Jonah Peretti for three adjectives the space needed to embody.

Via bisnow.com >

5 Futuristic Offices That Set Tenants Up for Success

5 Futuristic Offices That Set Tenants Up for Success

When we think of the coolest or most futuristic office spaces, it’s easy to get caught up in the awesome perks associated with companies like Google. And yes, while it would be undeniably great to work somewhere with a massage parlor, heated pool, and gourmet cafeteria, it’s also important to think about the office innovations that actually help people work better.

Via gethightower.com >

Creating A Better Workplace Experience

Creating A Better Workplace Experience

Measuring productivity in the workplace is the Holy Grail of performance metrics. But, as CBRE points out in the second Paper in its three-part thought series, Better Business Performance Through Better Workplace Performance, it might be easier to measure barriers to getting work done than it is to measure productivity.

The trouble is, most workplaces haven’t kept up with either the technological or social changes that have redefined how we work. “In the course of a 10-year lease,” the Paper explains, “it is likely that the technology that enables our work will materially change two, maybe three, times. Occupiers coming to the end of their lease term in 2017 likely made decisions about their current work environment before the release of the first iPhone in 2007, which fundamentally changed how we consume information.”

Via globest.com >

5 Office Buildings Raising the Bar on Green

5 Office Buildings Raising the Bar on Green

Corporate users and office developers are continuing to go above and beyond when it comes to green building. Sustainable design features such as rooftop gardens, wind turbines and recycled graywater aimed at increasing energy efficiency and reducing water consumption are increasingly becoming mainstream building practices.

There are a number of industry standards and benchmarks that are tracking that progress and trumpeting the success of best-in-class projects. Notably, the U.S. Green Building Council estimates that about 1.85 million square feet of space globally achieves LEED certification each day.

Via gethightower.com >

How tech giant EMC standardised the design and management of its office portfolio

How tech giant EMC standardised the design and management of its office portfolio

This summer’s headlines have been full of discord, a cacophony of angry voices either directed at continental Europe, or at the Brexiters who voted for Britain to leave the European Union. But EMC, a global leader in information technology-as-a-service which has recently been acquired by Dell, is a leading light of European integration through its One Team approach to workplace management and design across Europe, the Middle East and Africa (EMEA). Over the past three years, the EMC Global Real Estate and Facilities Team (GREF), which supports more than 12,000 people in around 130 office locations across 50 countries in EMEA, has transformed from a group operating independently, to a fully-aligned team which provides a uniform and standardized approach to workplace delivery and management to enable greater business success.

Via workplaceinsight.net >

New construction starts in 2017 to increase 5% to $713 billion

New construction starts in 2017 to increase 5% to $713 billion

Dodge Data & Analytics today released its 2017 Dodge Construction Outlook. The report predicts that total U.S. construction starts for 2017 will advance 5% to $713 billion, following gains of 11% in 2015 and an estimated 1% in 2016.

“The U.S. construction industry has witnessed signs of deceleration in 2016, following several years of steady growth,” says Robert Murray, chief economist for Dodge Data & Analytics. “Total construction starts during the first half of this year lagged behind what was reported in 2015, raising some concern that the current construction expansion may have run its course. However, the early 2016 shortfall reflected the comparison to unusually elevated activity during the first half of 2015, lifted by 13 very large projects valued each at $1 billion or more, such as a $9 billion liquefied natural gas export terminal in Texas and a $2.5 billion office tower in New York City. As 2016 has proceeded, the year-to-date shortfall has grown smaller, easing concern that the construction industry may be in the early stage of cyclical decline. Instead, the construction industry has now entered a more mature phase of its expansion, one that is characterized by slower rates of growth than what took place during the 2012-2015 period, but still growth. Since the construction start statistics will lead the pattern of construction spending, this means that construction spending can be expected to see moderate gains through 2017 and beyond.

Via bdcnetwork.com >

Workplace Strategy Isn’t Just For Large Companies

Workplace Strategy Isn’t Just For Large Companies

The elements of mobility, wellness, choice of space, amenities and technology are universal to all size companies, CBRE’s managing director Paul Komadina tells GlobeSt.com. He says that today’s workplace experience is transforming, and CBRE’s workplace-strategy services are a value-add to tenants, are scalable and help create an environment that will attract and retain a talented workforce.

Read more about this on globest.com >

Everything You Need to Know About Building Certifications

Everything You Need to Know About Building Certifications

Today’s developers have a lot more to consider than just the local building code and the laws of physics when designing a new property or renovating an existing one. Working through the seemingly endless list of building certifications can become a massive project in its own right. That’s why below, we’ve broken down the major certifications by category and their major benefits.

Via gethightower.com >

New CoreNet Global / HOK report explores impact of coworking on corporate real estate

New CoreNet Global / HOK report explores impact of coworking on corporate real estate

The UK Chapter of CoreNet Global, in partnership with HOK’s WorkPlace practice, has released a new report that studies the impact of coworking from a corporate real estate (CRE) perspective. With coworking now one of the fastest-growing sectors of the commercial real estate market, the new report, Coworking: A Corporate Real Estate Perspective, examines the drivers of coworking from the demand and supply side, the industry risks and implications for corporate real estate, as well as information about the owners, coworkers and centres. The CoreNet Global / HOK Coworking report highlights the ideas that changing business priorities and the need to attract talented people, reduce real estate costs, improve speed to innovation and increase productivity are driving corporations to consider different workplace models, including on- and off-site coworking.

Via workplaceinsight.net >

NYC Owners Not Fearful of a WeWork Failure

NYC Owners Not Fearful of a WeWork Failure

New York City landlords have thick skin. It comes with the territory. And that’s why none of them seem too concerned (if at all) about WeWork, even with the rough summer the $16 billion shared-space startup has just put behind itself.

When we asked Larry Silverstein, the chairman of Silverstein Properties, what would happen if the startup flopped, he said, “Oh graces. I don’t know. WeWork is doing very well. They’re in a number of locations with significant investment in each of those locations. I can’t see any reason why they should go belly up. I hope they don’t.”

Indeed, WeWork, which was founded in New York City in 2010, has locations in 83 buildings in 22 cities across seven countries—and will soon grow to 111 buildings in 30 cities across 13 countries. Even though it remains in growth mode—and has even launched its co-living concept WeLive at William Rudin’s 110 Wall Street—how the company will fare through a downturn remains unclear at this point.

Via commercialobserver.com >

WeWork Looks Into The Real Estate Biz

WeWork Looks Into The Real Estate Biz

To further their ongoing goal of delivering co-working and co-living spaces, multi-billion-dollar company WeWork is preparing to launch an investment vehicle to buy its own real estate properties.

This is a major strategic shift for WeWork, which has stuck to a more “asset-light” model that steers away from purchasing any of the physical spaces that it rents to short-term office tenants.

The current model has allowed the once ambitious start-up to avoid massive expenses on up-front capital investments for every dollar of revenue it makes, and it has given them the ability to stay away from dealing with acquisition costs and interest payments on mortgages.

WeWork Vice Chair Michael Gross said the company is in the process of working on a vehicle that would acquire buildings for WeWork and WeLive, in partnership with outside investors.

Via theurbandeveloper.com >

4 Baseless Myths About the Future of Office Space

4 Baseless Myths About the Future of Office Space

We’ve been hearing several things about the future office space trends and how the work strategies would evolve in the near future. But what we need to see is that if those trends make some sense or they are just the baseless myths. Yes, several sources have brought to you the future trends which seem to have no sense at all. May it be because of the lack of experience in the commercial real estate sector or the poor understanding of workplace statistics; but the business owners must be aware of the real trends and the myths that are making rounds.

Via furnishedofficebangalore.com >

The 4 Most Common Tenant Improvements for Today's Office

The 4 Most Common Tenant Improvements for Today's Office

We know that millennials are already making a big impact on office life and work style. But, since many offices have come to be a reflection of the company culture, the millennial effect is also impacting the physical office, interior design, and furniture.

These trends are influencing some of the most common tenant improvements (TIs). As visual inspiration, we've included a few links to Office Snapshots, essentially the Pinterest of incredible new office spaces. Take a click and see the vast array of implementation of these trends.

Via gethightower.com >

The global uberification of commercial property and the workplace

The global uberification of commercial property and the workplace

Technology doesn’t just transform the world, it reshapes our language. So, we all need to get used to the word uberification as well as the idea of it. Based on the success of the on demand taxi service Uber, the word refers to the way a product or service becomes available to customers on demand via the Internet. Customers book a service only at the point of consumption. This represents an entirely new commercial model and is the defining characteristic of the new 21st Century economy. Uber may have provided the tipping point, going from start up to market valuation of $66 billion in just 7 years, but its success has given us a name for a process that is reshaping businesses and customer experiences across the entire economy, including in the commercial property sector.

What we are experiencing is a new era of work that is so profound it will change economic structures and require individuals, firms and governments worldwide to readdress how people work. A growing number of people appear to be aware of this and we are already witnessing rapid expansion of the structures needed to serve it.

Via workplaceinsight.net >

The Next Evolution Of Creative Space

The Next Evolution Of Creative Space

As even more-conventional users begin to seek creative space for their offices, what will truly creative users do to distinguish themselves from the pack? As GlobeSt.com recently reported, international building contractor Balfour Beatty Construction has signed a seven-year lease with Bixby Land Co. to occupy 9,875 square feet at Avalon, the innovative office building developed by Bixby at 1501 Quail St. here. Bixby told us exclusively that Balfour Beatty liked the creative buildout Bixby had designed for its own offices at Avalon enough that this became the space the new tenant chose to lease, furnishings included. We spoke exclusively with Aaron Hill, Bixby’s EVP and COO, about what this lease says about the office market and how more-creative users will distinguish themselves from conventional users by way of their space.

Via globest.com >

Tech Disruption’s Next Target: Office Buildings

Tech Disruption’s Next Target: Office Buildings

Great technology in the workplace should have a positive impact on those running the building as well as employees in the tenant spaces, Comfy president Lindsay Baker tells GlobeSt.com. Baker, whose firm provides office technology geared toward keeping employees productive and comfortable, will be speaking during the session “Disruptive Technology” during NAIOP’s O.CON conference here in November. We spoke with her exclusively about the technologies shaping office product today and in the future, as well as how tech solutions are changing the way the office environment is managed and perceived by tenants.

Via globest.com >

Co-Working Is Evolving Beyond Shared Space

Co-Working Is Evolving Beyond Shared Space

Sharing of HR and admin services, networking parties and encouraging synergies among tenants is the next phase for the growing co-working segment of the office sector, Gensler’s director of workplace Maria Martinico tells GlobeSt.com. Gensler and ICE hosted an event last Thursday titled “Future of the Workplace Ecosystem,” a discussion with local and national industry experts.

Much of the discussion was based on Gensler’s 2016 US Workplace Survey data, which provides a window into the workplaces of “top innovators” as measured by Gensler’s Innovation Index—an average of six tested and validated questions—focused on innovation, leadership and creativity. Top innovators are determined by segmenting respondents into four groups based on their Innovation Index scores and identifying those employees ranking their companies as the most innovative in the sample. By comparing employees with the highest innovation index scores—those in the top quartile or 25%—to those in the bottom quartile, Gensler’s Survey identified a suite of behaviors and spatial attributes that markedly increase innovation.

Via globest.com >

Mix of core and flexible workspaces will shape real estate by 2030

Mix of core and flexible workspaces will shape real estate by 2030

Thanks to the combination of a changing workforce and greater connectivity, up to 30 percent of corporate real estate portfolios will incorporate flexible workspaces by 2030, with offices more likely to be built around core hubs and comprising fewer locations. Along with this the Internet of Things and smart buildings will create new ways of managing productivity, sustainability and the user experience. These are some of the key findings of JLL’s new report series ‘Workspace, reworked: ride the wave of tech driven change’; two reports exploring the impact of technology, data and digital disruption on work spaces and real estate investment strategies. The series focuses on the office sector over the next 15 years, looking at how occupiers, developers and investors will need to view real estate differently and adapt in order to enhance investment returns and create work spaces that are fit for purpose in a rapidly changing, highly-connected world.

Via workplaceinsight.net >

When Will Office Leasing Pick Back Up?

When Will Office Leasing Pick Back Up?

It is no secret that the U.S. office market has been lagging behind in the broader commercial real estate recovery. The sector has struggled to regain its footing in a few key areas.

The biggest impediment to recovery continues to be tepid demand for space – primarily due to greater tenant emphasis on workplace efficiencies, corporate downsizing and lower levels of growth for office-using jobs specifically. “Tenants have gotten much more focused on space efficiency this cycle and packing more folks into a smaller number of seats,” said Jed Reagan, a senior analyst at Green Street Advisors. Green Street hosted a webinar on “US Office Real Estate: Fundamentals & Valuation” in early October that highlighted current conditions along with a look at what’s ahead for the market.

Via gethightower.com >

Industrial Commercial Real Estate Enjoys Record-breaking Second Quarter

Industrial Commercial Real Estate Enjoys Record-breaking Second Quarter

Colliers just released its national report on what happened with the industrial real estate market in the second quarter.

And what a quarter it was. The research shows lower vacancy rates and higher net absorption, new supply growth, and higher asking rents than ever before. The only downside was a decrease in new investments in industrial spaces, this coming after 2015 saw record-breaking numbers in industrial site sales. However, the decrease in sales was more a symptom of how strong the industrial leasing market has been.

Via gethightower.com >