Miami’s office market continues to be dependent on coworking firms to fill their spaces, but some landlords are concerned that their absorption rate is becoming too much.
It’s going to take more than free beer to attract and retain talent
Amenities such as beer-on-tap and game rooms are being trumped by practical services like gyms, cafeterias, dry cleaners and more.
“Spaces that provide a great experience, prioritise technology, promote wellbeing and diversity and create a connection with the external community are rising up the agenda as companies recognise the role real estate plays in attracting and retaining the right talent,” said Lee Daniels, Head of Workplace, JLL UK. “Companies are doing this because it’s what their people want rather than following trends.”
JLL has found a direct correlation between workplace design and a productive staff. But now, many offices are bumping up rent prices in order to make room for more recreation and entertainment options.
Despite this, some amenities that work at one location may not necessarily work at another. Daniels said that some people say services such as gyms are underutilized because employees prefer to use facilities near home.
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Therefore, it is important to understand what employees want first, then using the space accordingly.
According to JLL’s Premium Office Rent Tracker (PORT) report, banking and financial services firms are driving demand for top-of-the-range office spaces, occupying more than half of the world’s priciest office locations.
“The most-forward thinking firms aren’t necessarily the major tech companies of Silicon Valley or trendy startups,” said Daniels.
More new premium buildings are expected to open this year as the focus on services grows, but the move towards high-quality, practical amenities could trickle down to lower grade spaces.
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Gym-coworking hybrids have gained traction recently, allowing members to be productive at work while encouraging them to take care of their physical and mental health.
The 2019 Global Coworking Survey has revealed that there is to be 2.2 million coworking members by the end of this year and identified the state of the industry so far.
Office Depot has been testing out coworking spaces within three of their existing locations in an effort to expand its current services and drive traffic into stores.
Just ahead of its IPO, WeWork has signed four new Manhattan leases to open its “Headquarters by WeWork” offering dedicated to providing un-branded spaces for clients.
Despite the coworking industry seeming congested, operators are not concerned about the competition as each coworking space gears its services to a specific audience.
Flexibility in the workplace has become a common option for workers, but some firms are going further by becoming 100% remote so staff can work from wherever they please.
Coworking firms, such as WeWork and Knotel, have been rapidly expanding their footprint in New York’s Flatiron District as it becomes the city’s hub for shared offices.
British brand Established & Sons have introduced four new furniture designs that aim to create a more comfortable workplace, while also being functional to homes.
Condeco’s newest research paper found that 41% of employers offer remote working, thanks largely in part to major technological advancements that are sweeping workplaces.
Industrious is partnering up with national retail and mixed-use developer Seritage Growth Properties to brings its coworking spaces into five of the retailers locations.
Companies have accepted that wellness in the workplace should be prioritized, but the trendiness of it can overshadow what is most effective — starting from the basics.