The Office of the Future Has Arrived

The commercial real estate industry has been forced to reinvent itself many times, but perhaps never as drastically as in this era of evolution in how and where we work and live. Landlords who lease office space, in particular, have been required to devise new models for utilizing their properties. The U.S. government’s Office of Financial Research estimates the current office vacancy rate at 16%; while, according to the Kastle Back to Work Barometer, a weekly occupancy report from a leading provider of property technology solutions, office occupancy is closer to 50%, a weekly average that doesn’t account for fluctuating daily rates.

These return-to-work challenges are faced by enterprise employers, as well. Companies are currently navigating uncharted waters regarding where their employees can and should work to meet new worker demands while maintaining productivity, encouraging engagement, and driving innovation and relevance. These workplace developments are tracked closely by employees and organizations, as well as the media and are now becoming increasingly predictable: Employees desire flexibility in their work schedules; meanwhile, employers want people in seats, ideally collaborating and feeling connected to the goals and values of the organization. 

The reality of hybrid and remote work is that the vast majority of American workers prefer the option and want those policies to remain in place at their organization for the foreseeable future. Perhaps more surprisingly, however, employers agree that this monumental shift has been largely successful.

Where does that leave the future of the commercial real estate industry and the outlook for office property owners and managers in particular?

The Preferred Solution

To satisfy this growing demand of companies, their employees, and the landlords who serve these organizations, Preferred Office Network is pleased to announce the launch of Preferred Suites, a new creative solution that provides clients with the same flexibility and speed of transaction they have come to enjoy through Preferred’s proprietary network of member centers. With Preferred Suites, Preferred Office Network is now bridging the gap between traditional office real estate and flexible workspaces by leveraging its exclusive coworking network to extend its flexible occupancy model in a product that delivers wins for landlords and tenants alike.

Preferred Suites is an exclusive new offering from Preferred Office Network that jettisons the extensive lease agreements, legal bills, and restrictive terms traditionally associated with direct lease space by allowing clients to lease standalone suites of their choosing through Preferred’s existing, pre-negotiated Client Agreement. This arrangement is made possible only by the Preferred coworking partner that already operates elsewhere in the same building. Partnering with the existing member center offers organizations the same all-inclusive services, amenities, and hospitality enjoyed by coworking clients, but in a standalone suite of their own.

Preferred’s onsite member can provide flexible, mission-critical support services directly to the client’s suite on an as-needed basis. This includes collaborative workspaces, in-person and virtual IT support, high-speed internet, on-demand meeting rooms, custom furnishings, and other elements of space or service customized to the client’s need with term commitments starting at just six months.

Clients now have the ability to choose between a workspace within a coworking center or choosing a space of their own within a building, both on the same agreement. Gone will be the days of lengthy leases that can remove barriers to transacting business as well as the extensive legal fees and time it takes to get a deal done. Simplicity has always been a key differentiator for Preferred; this new offering takes that brand promise to the next level of its evolution.

Contact us for more information.