CRE Insights & Trends: Stodgy Office Towers, Millennial Makeovers

Photographer: Adam Glanzman/Bloomberg

Written By Matthew Myers, Strategic Advisory Services

An article I recently read in Bloomberg Businessweek highlighted an interesting dynamic happening in the office sector. Vintage office towers, the kind that have seen few remarkable alterations in recent decades, the kind that have been around since office towers first started being built, are catching up with the tidal wave of change that has accompanied the Millennial generation. There are three primary components to these makeovers:

  • Connecting with the Talent: Amenities, particularly in urban areas, must be carefully considered. They can help you win the talent war.
  • Space Design: How does your space reflect your company’s culture? Some large firms have found that efficiencies can be developed through focused client-facing space and collaborative team space. This may work for some, but the optimal design is individual to each different firm.
  • The specific towers mentioned are all in high-priced urban markets, where the scale of pricing and demand allow landlords to employ such a strategic makeover. It’s also these areas that tend to attract the best young talent.

Ultimately, to thrive in the most competitive of marketplaces, these towers are being redefined in a way that connects with a new era of employees. Perhaps desperate times call for desperate measures! It will be fascinating to see how widespread a trend like this could become. On a somewhat related note, some very fascinating work in the field of augmented reality is being leveraged to produce unique modern marketing collateral for projects like those described in this article.

Just like the needs of these office towers, the needs of your business are unique and deserve their own tailored real estate strategy. Our Baltimore team has the unique advantage of blending local expertise with global scale to any extent that will help elevate your business and, if need be, transformed your owned real estate assets. We look forward to continuing the pursuit of improvement with you.

Matthew Myers
Strategic Advisory Services
matthew.myers@cushwake.com
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By | 2018-04-09T15:52:20+00:00 March 13th, 2018|In the News|0 Comments