Office Developers Are Adding Mixed-Use Components to New Office Buildings
A shift in office buildings and to an experience economy is underway, according to the Harvard Business Review, which is evidenced by people increasingly seeking experiences in every aspect of their lives—at a favorite coffee shop or bar, at the gym or at the shopping center.
The desire for uplifting experiences is now invading the workplace, and forward-thinking office developers/owners are cashing in on this trend by integrating office space into mixed-use environments, says Mike Hoeck, San Diego-based senior vice president specializing in office leasing and sales with real estate services firm CBRE. Office space within a mixed-used environment leases up faster and commands rents that are 22 to 33 percent above rents at stand-alone office buildings, he notes.
While office buildings within mixed-use environments isn’t a new concept, it is becoming more intentional as the experiential workplace concept gains momentum among employers as a way to attract and retain talent. “Developers are integrating new office projects with other uses because it creates a more authentic experience than adding retail to office buildings,” Hoeck says.
International design firm Gensler recently released its Workplace Survey 2019, which sought to better understand issues facing today’s workers and workplaces. The key finding, which resulted from analyzing responses of more than 6,000 full-time employees, was that workplaces with highly engaged employees can drive business productivity and profit. The survey also found that flexibility and choice in where employees work can drive productivity and innovation.
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