Cushman & Wakefield’s recent Space Matters survey report provides key insights into four trending areas of the U.S. office space market. As companies increasingly recognize the value of retaining top talent, there is an important synergy between real estate and business strategy that is impacting office space in 4 main ways:
1. Office Space Density – more employees in less space; however, this trend is anticipated to slow as the need for balancing private use areas and common areas is being recognized. While space square footage per worker has decreased over the last few years, this is primarily driven by supply, not rental rate increases as one might assume.
2. Amenities – occupiers recognize that amenities are a great tool to attract and retain talent, and this is pushing the market towards a “real estate as a service” model, where users can expect on-site products, services, and technology to enhance the workplace environment. Fitness centers, conference space, parking, and dining options ranked highest on the list of desired amenities.
3. Parking – parking space remains a relevant concern despite public transportation, ride share, and other forms of alternative transportation. Users can expect increased parking costs as high-density areas specifically have a short supply of parking available.
4. Concessions – concessions, along with tenant improvement allowances will increase as some U.S. markets begin to soften. Concessions are linked to new construction with increased concessions in Manhattan, DC, and San Francisco.
Preferred Office Network specializes in working closely with enterprise clients as they occupy new markets. We simplify the process of locating office space and negotiating lease terms, and then manage your entire lease portfolio so that you receive one monthly invoice for all the markets you occupy. Our dedicated account managers are always just a phone call away to guide you through the process and any relevant industry trends.
To learn more about the benefits of partnering with Preferred Office Network for your office space needs, contact us now at:
1-855-4-NOTERM or firstname.lastname@example.org
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