Jun 25, 2019
June 05, 2019 - Arminco Inc.
Offices are starting to look more and more similar to hotels and homes.
Shuman, a new commercial building in the upscale Chicago suburb of Naperville, is looking more and more like a luxurious hotel; with a reworked lobby, a new fitness club, and an engaging entrance. Roger Heerema, principal of Wright Heerema Architects, claims that this building is the epitome of high-end hospitality.
Heerema stated that over the years, with certain changes to our work habits, workplaces have begun to change. What was once exceptional has become commonplace now. Heerema said that ten years ago, it was enough to have anything, such a fitness center, in order to appeal to the landlords; but now, standards have changed and they are looking for more.
Predictions estimate that 59.7 million square feet space will open next year for office usage, and this increased demand is leading landlords to invest more in making their spaces charming and inviting. The rising tech sector, which most of these playful changes originated from, accounts for nearly 27 percent of the available space.
This competition even includes smaller offices. Even class-B buildings are renovating their space in order to attract more tenants.
Hereema said that nearly any aspect of an office could get amenitized. Owners are looking to make commercial investments on their buildings, and amenities are a quick way to add to that value. For example, A top-floor tenant lounge at 123 North Wacker Drive in Chicago that Heerema designed for Lasalle Investment Management features a two-story, 5,000-foot lounge with a glass wall that opens to the outdoors.
Choosing the right style office has a real impact on the tenants, and therefore, talent is the primary dynamic driving this market.
A good way to measure the increased investments in amenities is to look at tenant improvement, or TI, allowances. TI is the sum landlords agree to spend on updating a space during negotiations with tenants. This sum rose 10 percent in 2017 and 13 percent in 2018. The competition is going up because more space is available to tenants, and owners are trying to appeal as much as possible. This means that tenants will get almost any amenity they desire in buildings!
Some owners choose to invest on making the office green and more sustainable. Others choose to bank on tech, such as providing ultra-fast broadband and wireless connections. Cushman & Wakefield announced a partnership with Stanford University’s Disruptive Technology and Digital Cities Program to start working on transformative technologies within the commercial space.
NOVA Plastic Surgery
Similarly, with increasingly competitive healthcare, dental and medical practice owners are searching for ways to attract patients into their offices. Spaces with comfort, charm, and playfulness are just ways to allow people to forget they are waiting for an appointment and to ease any patient anxiety. At the end of the day, practice owners are competing with the couch and need to figure how to bring patients into offices for much needed healthcare.
To see more home and hotel inspired dental and medical office designs, visit our portfolio.
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