Tag Archives: Office space trends

Flexible Office Space is Creating Disruption in Midwest CRE

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By: Andrew Batson, Vice President, Director of Research

Flexible workspace is not just for millennial freelancers or tech startups anymore. Large, multinational companies are rapidly adding flexible workspaces to their global portfolios. Discover the global trends taking place within the flexible office sector and the implications for the Midwest, pulled from the complete Flexible Office Space Report.

The Ins and Outs of Flexible Office Spaces

Flexible space is a term used to describe a variety of office types used by occupiers to increase portfolio flexibility, reduce occupancy costs, and enhance collaboration. Co-working is the most common type, followed by executive suites and incubators. Co-working spaces and incubators tend to be located in downtowns or dense neighborhoods, while executive suites tend to be located in suburban areas near large employment centers.

Nearly half of corporations already use some type of flexible office solution, and by 2020, 65% of companies expect to incorporate co-working into their office portfolio.

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Commercial Real Estate News Brief: June 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 spotlights trends in shared workspace, the future of vacancy in downtown Pittsburgh, and Midwest Real Estate News’ latest CRE Summit in Cleveland. 

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

Proworking Takes Co-Working to the Next Level

JLL CRE News Brief

Newspaper image via NS Newsflash.

Shared office space is no longer a trend reserved for techy startups. Co-working environments are drawing in entrepreneurs across the globe, according to a recent article in Real Views.

Co-working allows small businesses, entrepreneurs and freelancers to work in a shared office space, each one leasing a small desk or private office month-to-month. Thanks to its flexible, collaborative nature, co-working is often the perfect scenario for startups and freelancers that aim to take their venture to the next level.

The next step: Companies can make better use of underutilized space and flip the concept, through what we call “proworking.” The approach, coined by JLL, encourages organizations to strategically share and lease unused space with business partners or vendors.

Related read — Proworking: 4 Ways Office Space Can Increase Employee Productivity and Retention

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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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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.

JLL-Survey-Space-Planning
 

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.

JLL-Survey-Space-Design
 

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

JLL-Mixed-Use-Space
 

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Keeping Pace with Millennial Impact on CRE Demand

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By: JC Pelusi, Great Lakes Market Director, JLL

Below is an excerpt from an article that was originally published by Heartland Real Estate Business (www.REBusinessOnline.com), reposted to this blog with permission from the Editor. Visit the full article for a more detailed look at how millennials are shaping  commercial real estate demand.

Downtown ClevelandIt’s no… Read More