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.
Healthy work environments no longer a luxury
The commercial space wellness movement has recently come into focus thanks to the International WELL Building Institute’s certification program (IWBI), the WELL Building Standard, has caught traction.
Owner-occupiers are increasing the inclusion of active stairways, biophilia and other practices as another way to attract and retain younger employees who prioritize healthy work environments.
“We pride ourselves on creating unique places to live and work, and today the appropriate focus is on people inside these spaces and how their health is affected,” said Charlie Kuntz, Innovation Officer of real estate and development firm Hines.
Hines has long supported IWBI and was a founding member of its WELL Living Labs, a sector that studies how indoor environments can boost health and wellbeing.
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The spike in demand for wellness in the workplace most likely has to do with the insurmountable evidence linking productive workplaces with public exposure of research on the topic.
A study released by global real estate service provider Stok scrutinized the lack of wellness research that could calculate the financial benefits. Research such as this “touched on the Holy Grail which joined research with practice,” according to Rachel Gutter, IWBI’s President.
As more developers and owners embrace wellness, it leaves the importance of certification up in the air. Some see WELL and Fitwel certifications as being like badges, but as wellness becomes a standard in spaces, firms will less likely depend on them.
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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.