Tag Archives: Office Space Planning

New Lease Accounting Standards Are Taking Effect. Are You Ready?

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By: Jeff Karger, Senior Vice President, JLL and Bob Horn, Senior Vice President, JLL 

Between now and 2019, new accounting standards from the Financial Accounting Standards Board (FASB) require companies to cite their corporate leases of 12 months or more on their balance sheets.

In the past, companies were able to list their building and equipment leases as operating expenses. Now, in an effort to be more transparent, these companies will be required to include their leases as line items.Read More

Your Startup Needs an Office Space. Now What?

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By: Andy Effler, Senior Associate at JLL

JLL Senior Associate Andy Effler speaks at Columbus Startup Week. Courtesy of Columbus Startup Week

You’ve launched your startup, and so far, you’ve enjoyed the advantages of not necessarily needing a formal office space: cost savings, convenience, and no commute. But, growth is a milestone worth celebrating, and with that comes the need for a space for your business to thrive.

If your startup is fortunate to experience growth, the move to an office space can provide significant benefits. As your startup graduates from a garage or co-working space to that first office space, the move can also be a bit complex.

Researching, finding and finalizing contracts for an office lease can seem like a daunting task. To simplify the process, we created this list of five questions you should be asking when securing that first office space.

1. How long will the process actually take?

Startups often underestimate the time it takes to ultimately move into an office space for the first time. Keep in mind that several steps can take varying amounts of time, including:… Read More

Co-Working Sparks a Real Estate Revolution

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By: Nick Francic, Senior Vice President, JLL

The co-working industry is thriving. More than 27 million square feet of space is home to co-workers across the U.S., according to a new report from JLL research. Many small businesses, startups and entrepreneurs are leaving the traditional office setting behind in exchange for the convenience, perks and community that come with a shared workspace.

Shared Work Spaces

And, with more and more emphasis on workplace design and strategy, the industry’s growth is no surprise. Companies like Regus, WeWork, Industrious, MakeOffices and others provide popular shared spaces packed with trendy amenities and the latest technology.

Bottom line: we don’t foresee the trend toward shared spaces slowing anytime soon.

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Is Your Workplace Culture-Friendly?

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By: Tim Kay, Managing Director, Project and Development Services, JLL

There is no singular, prescriptive answer to the question: what is the ideal office design? Every business demands custom design and functionality, all reflective of brand image.

One universal office space trend has emerged, however, and that’s culture. Next generation talent gravitates toward companies that emanate established, strong cultures. It’s also what keeps the current workforce there for the long haul.

Does your office space drive innovation, and reflect true brand identity and culture? If the answer is no, read on for insight into workplace trends that might (or might not) work for your business, as well as actionable tips for better alignment.

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Commercial Real Estate News Brief: February 2015

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In the latest edition of our monthly news brief, JLL’s regional team curates the top industry articles to keep you in-the-know. In this month’s edition, JLL examines global CRE investment, workplace strategy tips, and the revitalization happening in Detroit.

Keep up with Spaces’ monthly recaps, and subscribe to JLL Spaces today.

The State of Global Real Estate Investing

JLL CRE News Brief

Newspaper image via NS Newsflash.

Many were apprehensive to invest in commercial real estate after the recession. But, according to an The New York Times, it still makes sense to own properties through real estate investment trusts, called REITs, and exchange-traded funds.”

Why? Global REITs performed extremely well in 2014—setting the stage for success in 2015.

In other global news, Chinese buyers have been pouring money into U.S. properties.” Major deals include a $120 million investment from the Bank of China in a Chicago property (i.e. the future home of Google), as well as $296 million sale in San Francisco to a Chinese real estate firm. National Real Estate Investor has the details.

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Reinvent Your Office in 2015: Workplace Strategy Tips

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By: JC Pelusi, Market Leader, Managing Director, JLL 

Incredible, innovative and intelligent workspaces exist in our own Midwest backyard. Fast Company highlighted the recently renovated and re-designed Quicken Loans office in downtown Detroit, for example.

The physical workspace is an indisputable factor in employee satisfaction and production. A strategic office space can drive cost reduction, attract and retain talent, and fuel employee engagement. It’s the backbone of any business, and the home-base for big decisions and milestones.

That’s why JLL’s regional team decided to conduct a survey to learn more about what businesses in Ohio, Michigan and Pennsylvania prefer when it comes to office space.

Pinpointing Trends: Open vs. Closed Office Space

Do cubicles accelerate actual production of work, or do they limit creativity? Does real estate even matter when professionals are job searching? These are the types of questions we asked local professionals. We weren’t surprised that 80 percent said their dream office would include a good mix of open and closed space.

A few other trends uncovered include:

  • Fifty-one percent of respondents work within a mix of open and closed space, and another 36 percent work in a traditional office.
  • Thirty-five percent said open, collaborative office space hinders individual productivity. But, 16 percent said it fuels productivity.
  • When considering a new employer, real estate is a factor in 70 percent of respondents’ decision-making process.

The future of your business will be influenced by your space, but remember that there is no universal rule for the perfect space. Every business should observe its particular work styles, and build in amenities and features that cater to those preferences.

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Commercial Real Estate News Brief: October 2014

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Commercial real estate is a dynamic industry. Keep up with Spaces’ monthly recaps of the most valuable industry articles we’ve recently come across, focused on news in Ohio, Michigan and Pennsylvania.  

The Link Between Wellbeing and Green Office Design (REPORT) 

JLL CRE News BriefGreen, energy-efficient office space is more than a trend. In fact, research has shown that certain office design features can have great impact on employee health, happiness and productivity. A few of these features include thermal comfort, noise and acoustics, lighting, look and feel, and location.

Are you updating your space, or going green? Below are common office features that limit productivity and workplace satisfaction, reported by Fast Company.

  • Extreme office temperatures (either too hot or too cold);
  • Using more electric lighting than natural lighting;
  • Lack of exposure to plants and nature; and
  • Closed, non-collaborative workspaces.

For more information about the benefits of environmentally friendly office spaces, download JLL’s full report, compiled in partnership with the World Green Building Council: Health, wellbeing and productivity in offices: The next chapter for green building. Read More

Open vs. Closed Office Space: OH, PA & MI Businesses Deliberate [Survey Results]

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By: JC Pelusi, Market Leader, Managing Director, JLL 

The New Yorker called it the “open-office trap.” Inc said, “…open plans are better after all.” The debate over open versus closed workspaces is far from over.

Naturally, we wanted to know firsthand: What do business professionals in our neck of the woods prefer? Do they feel more productive in a cubicle, or a shared area?

Between September 23 and October 10, JLL’s regional office conducted a survey—targeting local business professionals in Ohio, Michigan and Pennsylvania—to find out what’s really trending in office space. Out of 100 survey recipients, 84 percent said their office environment is either very important (42 percent) or important (42 percent) to individual success. So, it’s critical that employers pay attention and provide a desirable, attractive place to work.

What’s Trending in Office Space?

Of those surveyed, just over half (51 percent) currently work in an environment with a good mix of open and closed space. Another 36 percent work in more traditional offices, and only 10 percent reported working in an open office, with no private zones.

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Survey Findings: Leading Trends

1. A majority of survey respondents (35 percent) said open, collaborative office space hinders individual productivity. Another 16 percent said these types of workplaces fuel their creativity and productivity.

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2. When considering a new company or employer, real estate is definitely a factor (but not critical) in 70 percent of respondents’ decision-making process.

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3. Eighty percent said their dream office would include a good balance of open and closed space.

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Your Next Move: A Guide To Your Corporate Office Relocation [FREE DOWNLOAD]

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 By: JC Pelusi, Market Leader, Managing Director, JLL 

Your office space has the potential to drive employee productivity, retention, recruitment, and overall company performance.

Bottom line: Your space impacts your bottom line. 

But don’t take our word (or commercial real estate bias) for it. JLL recently helped Oswald Cos. secure new space in Cleveland. Oswald President and COO, David Jacobs, told us:

“Our new environment instills collaboration and has that open feeling; enabling all of us to do our jobs better. The new space has been an absolute godsend to our business.”

Finding and designing the perfect space in the right location at the right price is not easy. So, it’s more critical than ever that you take a strategic approach when executing a corporate move.

JLL follows a proven step-by-step process to help leading organizations find space that not only suits unique bottom-line objectives and requirements, but also sets the stage for future growth.

Are you approaching your next move, or is it time to put the building blocks in place to start a conversation about your current space? Below, I’ve included a snapshot of the 9-step journey to a corporate relocation.

9 Steps To Guide Your Company’s Next Move 

1. Build a team of trusted expert before you begin.
2. Set objectives and requirements.
3. Map out a custom timeline.
4. Determine a preliminary project budget.
5. Identify prospective spaces.
6. Tour the market.
7. Evaluate properties on your shortlist.
8. Finalize letter of intent and negotiate your lease.
9. Plan and implement your next move.

Download the Your Next Move eGuide for a snapshot of each step in JLL’s strategic approach. Keep in mind that this is a general guide, which is adjusted to accommodate your unique business needs.

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Commercial Real Estate News Brief: September 2014

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Commercial real estate is a dynamic industry. Keep up with Spaces’ monthly recaps of the most valuable industry articles we’ve recently come across, focused on news in Ohio, Michigan and Pennsylvania.  

Commercial Crowdsourcing: Hotels Respond & Renovate JLL CRE News Brief

Good or bad, short-term or long-term, travelers are talking about their hotel experiences on forums and review websites. And, according to a recent article in The New York Times, hotels are finally listening.

Hotel brands are reading what travelers say about them — and their competitors — and planning their investments accordingly.” 

A recent example: When prepping for renovations, Omni Hotels and Resorts trolled reviews, specifically TripAdvisor, to see what their guests had to say. Why? Review and booking websites have more clout then ever before, and executives are taking interest in direct feedback when it comes to property investments.

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