Posted on May 29th, 2023
The concept of walkability is becoming increasingly discussed in urban planning and design environments, as it impacts well-being, health, livability, and real estate economics. In this article, we discuss the walkability trend in relation to the office market, and explore its benefits, as well as the amenities, data, and calculations used to generate a property’s walking score.
About the concept
In the United States, walking scores for real estate were first published by WalkScore, a company developed in the mid 2000s by former Microsoft developers that understood the importance of walkability and its connection to quality of life.
These WalkScore founders developed a tech-supported system that generated walkability scores for any given postcode. The overall score shows how easy and convenient it’s to live or work in a location without needing to drive or use mass transit.
Initially, walking scores were one of the criteria used to choose a residential property, but eventually they were applied to all kinds of real estate, including offices. Nowadays, it’s common to see walkability scores displayed in real estate listings. As time went by and people became more familiar with the importance of walkability and its connection to real estate, different walkability tools and calculators appeared in the market.
How do walking scores affect real estate economics?
There’s a strong correlation between walkability and commercial real estate economics. Researchers analyzed property price trends over a decade and uncovered wide gaps in price increases between highly walkable CBD real estate (which experienced 125% price increases) and those in car-dependent areas, where prices only rose by 20%.
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Tags: 2023, benefits, walk score
Posted in 2023, Office Health | No Comments »
Posted on May 15th, 2023
A return to the office is a reality in most US markets, but in 2023 work-from-home models are still common, since 27% of US office employees currently work from home. Not only that, but when surveyed, nearly 70% of US employees said they would prefer to work from home.
This raises an important issue for office facility managers: how to make in-person office work as attractive as the allure of the home office. In turn, this brings landlords into the equation, as they need to make their real estate offerings more competitive in a market where tenant demands have changed. In this article, we discuss the latest trends in office facilities and the best office amenities that can be found in 2023.
Latest trends in office facilities
Although office work has traditionally been confined to indoor spaces, the renewed focus on air quality and overall well-being during the pandemic has brought to light the crucial role outdoor spaces play in modern corporate buildings. Research shows that access to nature and outdoor environments can improve productivity, reduce stress, and enhance creativity among employees.
Patios, rooftop decks, landscaped terraces, and other outdoor areas are rapidly becoming some of the most sought-after amenities for office workers. These physical spaces not only provide a breath of fresh air and an escape from the indoor office environment, but also foster social interactions and collaboration among employees, creating a healthier and more dynamic workplace culture.
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Tags: 2023, biophilic design, building facilities, de-densification, office amenities, office facilities, outdoor space
Posted in 2023, Business Advice, Office Amenities | No Comments »
Posted on May 1st, 2023
Commercial real estate costs have been increasing in most US urban markets for a while, which has highlighted the need to be strategic about new office space investments.
For this reason, office-based businesses are rethinking their space allocation after making changes to work models and switching to hybrid or remote work.
Planning the optimal use of office space is a smart move. Not only can this help reduce costs, but it also ensures employees work in a more pleasant environment that is conducive to productivity and well-being. This means that office space planners are in high demand, however, not every company has the luxury of having an employee that is up-to-date on office space planning guidelines.
In this article, we look at 12 ways in which US businesses can optimize their office space planning. If you are looking to polish up on office space planning basics, then read on to find out more!
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Tags: 2023, flexible office space, office space planning, tips and tricks
Posted in 2023, Office Organization, Office Planning | No Comments »
Posted on February 28th, 2023
The United States is home to one of the world’s largest commercial real estate markets, with an estimated revenue worth of approximately $1.2tr. In terms of size, industrial space is the largest sub-market with 21.7bn square feet, followed by retail with 14bn, and offices, which account for 11.8bn.
In Q1 2023, the average price per square foot for US offices was just over $38. Retail averaged out to $18.09 / square foot, and industrial space came in at just under $8 / square foot. However, there are significant variations in average prices based on location and real estate class. Here is a summary of average commercial rates in key USA cities:
- New York: Average gross rates for metro New York offices are $77 / sq ft / year. Industrial space averages $19 / sq ft / year.
- Los Angeles: $44 / sq ft / year for offices in the metropolitan area and $11 / sq ft / year for industrial premises.
- Miami: In the same range as Los Angeles, at $46 / sq ft / year for offices and slightly lower for industrial space ($8 / sq ft / year).
- Boston: $38/ sq ft / year for metro offices, rising to $80 in Cambridge. Industrial properties average $10 / sq ft / year.
- Philadelphia: $32 / sq ft / year for city center offices, $27 for suburban space, and $6 / sq ft / year for industrial properties.
- Atlanta: Slightly under $30 / sq ft / year for offices with a rate of $35 in Downtown Atlanta. Industrial space is charged at an average of $5 / sq ft / year.
- Chicago: Approximately $33 / sq ft / year for office space, rising to averages above $40 in The Loop. Industrial premises average $6 / sq ft / year.
- Dallas and other urban centers in Texas: between $25 and $30 / sq ft / year, whereas industrial rates are below $5.
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Tags: Business Advice, commercial property, Commercial Real Estate, Office Market Trends, Office Rental, Office Space Trends and Forecasts, Office Talk, prices, statistics
Posted in Office Space Forecasts and Trends, Real Estate, Trends and Statistics | No Comments »
Posted on January 31st, 2023
The use of color in an office space has a significant impact on the atmosphere of the workplace and on those that occupy it. The right combination of colors can enhance the overall design, improve the functionality of the space, and create a more positive and productive work environment.
According to the Institute for Color Research, within 90 seconds of first viewing, people make a subconscious judgement about a space or a product, and between 62% and 90% of that evaluation is based only on color. Additionally, in a ground-breaking study, the University of Texas discovered that when presented with different colors, varying brain responses can affect employee productivity and attitude.
In this article, we will discuss the power of color in offices by delving into the evidence surrounding color psychology, and the impact lighting and materials have on color, and how this should combine to be applied to office design. So, after reading, office interior designers, occupiers and landlords should gain some insight into how to use color to enhance the overall design of spaces, and improve the functionality and productivity of the office environment.
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Tags: 2023, Business, Business Advice, commercial property, Commercial Real Estate, Office Health, Office Organization, Office Space, Office-tips
Posted in Office Health, Office Renovation | No Comments »
Posted on January 24th, 2023
The Midwest region of the United States is home to some of the most impressive and versatile event spaces in the country. Whether you’re planning a large corporate conference, a small business meeting, or a full-scale trade show, the Midwest has something to offer for everyone. In this post, we’ll be highlighting the top ten Midwest conference and convention centers that will be sure to impress your attendees and make your event a success. From state-of-the-art facilities with stunning architecture to versatile and modular spaces, these centers have it all. So, without further ado, let’s dive in and explore the best conference and convention centers the Midwest has to offer!
The Full List
With more than 2.6 million square feet of space, McCormick Place is one of the largest conference venues not only in the Midwest, but in North America. The venue is located 3 miles away from Chicago’s Magnificent Mile, and can be easily accessed from the downtown area and from O’Hare and Midway airports.
McCormick offers conferencing and convention space in four buildings, which are interconnected for the convenience of visitors. The venue can accommodate assembly-style seating for 18,000 people, and additionally offers a 10,000-seat arena, three theaters with a capacity of 300 seats each, and a large theater that sits more than 4,000 attendees.
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Tags: chicago, Cobo Center, Collinsville, conference center, convention center, detroit, DuPage Expo Center, exhibition, expo, Frontier Airlines Center, Gateway Center, Illinois, Kellogg Hotel and Conference Center, Meetings, michigan, Midwest Conference Center, Ohio, oklahoma, presentation, Sawmill Creek Resort, seminar, St. Paul River Centre, state, The Reed Center, Tinley Park Convention Center, wisconsin
Posted in Cities & States, Meetings | No Comments »
Posted on January 9th, 2023
New York City’s Central Business District is the largest of its kind in the United States and is one of the world’s most prosperous and resilient business hubs. Although there are several designated business districts in New York, the city’s primary Central Business District (CBD) refers to the area consisting of Midtown and Downtown Manhattan. This area has been an influential economic and financial center since the 19th century, mainly thanks to the presence of the New York Stock Exchange and other important financial institutions.
Key Facts & Figures
The CBD consists of three sub-districts: Midtown, Midtown South, and Downtown, which are further divided into 18 submarkets. 2022 data from the NY State Comptroller shows that the city is home to more than 250,000 registered businesses, including 43 S&P 500 corporations.
The CBD has more than 617,000 residents and local companies provide employment to 1.5 million people.
NYC attracts more than 30 million visitors per year, including leisure and business travelers. Visitor numbers are projected to exceed 70 million by 2025.
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Tags: Business Start Ups, CBD's, Central Business Districts, Manhattan, new york
Posted in Best Cities for Business in the USA, Business Districts, Business Spotlights, Business Start Ups, CBD's, Manhattan, New York | No Comments »
Posted on December 23rd, 2022
Fun office events are a great way to improve team cohesion and general workplace wellbeing, all while building a sense of belonging amongst employees. These events can also be an opportunity to develop interpersonal skills and further instill your company’s values, particularly when they align with your overall ethos. A great example of this would be a wellness brand opting to take employees through a guided meditation or in-office yoga session.
Despite the recent rise of remote and hybrid work schedules, there is still a lot of importance placed on engaging staff through team building and promoting happy and inclusive work cultures. However, it’s important to note that best practices have shifted somewhat in recent times – away from standard corporate event ideas like Friday night work drinks or team lunches and towards more inclusive, diverse activities.
So, to inspire a packed calendar of enjoyable and engaging office events for your teams in the new year, we’ve curated a list of fun office events that stray away from tired and low-effort happy hours.
Hopefully, a few of these ideas can make an appearance in your office’s social calendar and, after their success, be recurring events that your employees will continue to look forward to during their many years of tenure. Looking for some fun corporate event ideas for your office to implement?
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Tags: 2022, ideas, office events, Office Talk, team building
Posted in 2022, Events, Office Relations, Office Talk | No Comments »
Posted on December 8th, 2022
If you’re a remote worker, you know the importance of finding a good workspace. While home offices or public spaces can be great places to get work done, they often lack the necessary tools and facilities to help you be at your most productive. That’s where coworking spaces come in. Coworking spaces offer all the benefits of traditional office spaces, without the limitations of long lease terms. For a relatively low cost, coworking spaces provide remote employees with an oasis of productivity from which they can network, complete tasks, or even launch entirely new entrepreneurial endeavors, all whilst working alongside others and bouncing ideas off like-minded people.
A recent study by Zippia shows that, as of 2022, 66% of U.S. employees work remotely in some capacity, with roughly 36 million people expected to be working remotely across America by 2025. Moreover, this same study outlines that 16% of companies in the U.S. are fully-remote, a number that is expected to increase in years to come.
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Tags: coworking space, digital nomads, flexibility, networking, remote work, remote workers
Posted in Coworking Space, Office Talk, Remote Workers | No Comments »
Posted on November 30th, 2022
The impact of the pandemic can still be felt on multiple fronts, almost three years after its emergence in early 2020. One of the most noticeable of these impacts has been the proliferation of remote work and its influence on where people choose to live and work. Not so long ago, most people chose where they lived based on where they worked or where their industry was focused. Fast forward to the end of 2022, and it’s no longer as cut and dry as it once was.
In recent years, large cities and their suburban rings have lost some of the appeal that previously allowed them to attract employees and homeowners. Today, the rise of remote work and the decentralization of talent that it provides has given way to a surge in demand for both residential and commercial properties in areas that had previously flown under the radar.
Some pundits are saying that these changes are here to stay, so the question is – where are people living and working in a post-pandemic United States?
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Tags: 2022, austin, Dallas, decentralization, housing, Miami, mobility, Office Space, San Antonio, statistics, Texas, trends
Posted in Best Cities for Business in the USA, Office Talk, Trends and Statistics | No Comments »