Willis Tower’s Post

Office flex market to grow 6% to 20% even before 2030, as earlier research showed. Great time ahead of us in the #CEE region as this trend and demand is growing by the day. We can help you to add your property on the flex side of the market #futureofwork #iwgplc #partnership

As the expiration date of your workplace's commercial lease approaches, a critical decision looms large on the horizon - should you stay or go? 18-24 months before the end of a commercial lease is the perfect opportunity to review your business plan and future growth before committing to a lease extension or embarking on a search for a new space and office layout. Read our latest blog below. #growthworkplacedesign

Boston’s office market is starting to show signs of stabilization. Check out the recently released Colliers Greater Boston Office Market Report. Key Takeaways: The vacancy rate appears to be stabilizing. Office demand is trending upward. Sublease availability is decreasing in Boston, Cambridge, and the Suburbs. Investment sales remain sparse.

CBRE UK forecasts flex to grow from 6% to 20% by 2028 as a percentage of total commercial workspace as flex workspace becomes increasingly important for both landlords and occupiers. 🚀 🏢 An increasing amount of flexible workspace is also being delivered outside of core city centre locations, with centres recently opened in Stockport (Merseyway Innovation Centre), Rochdale (Fire-Up) and Scunthorpe (Enterprise and Innovation Hub) among many others; alongside numerous examples in the pipeline including Accrington (Burton Chambers), Blackpool (The Edge), Bolton (The Wellsprings) and Blackburn (the former St John’s Church) amongst many more. Flex workspace is increasingly being utilised as a key contributor within Local Authority town centre regeneration plans, with grant funding often available to support delivery – one such example being Greater Manchester Combined Authority allocating c.£15m of funding in 2023 for the creation of 280,000 sq ft of flexible workspace across 10 of Greater Manchester’s Boroughs. 💲 📗CBRE has been assisting a range of local authorities with their flex workspace requirements including feasibility analysis, soft market testing, design support and procurement of an operator. Our experience demonstrates that there is strong operator demand for flex workspaces when the offer is in the right micro-location, of a suitable size and benefiting from a well thought out commercially focused design. 💡 ✅ Please do reach out if you'd like to discuss your flex workspace ambitions. CBRE UK, Alex Andrews, David Messenger, Alistair Chapman, Simon Ross #flexibleworkspace #flexspace #innovationhub

The prevailing trend of prioritizing "trophy" office space has been a significant factor in corporate site selection decisions. However, this preference may be less about the specific amenities offered by a building, such as fitness centers or conference facilities, and more about the desirability of the location itself. This shift reinforces the enduring importance of location, with employees increasingly seeking vibrant neighborhoods that offer a range of amenities beyond what a Class A building can provide. As such, strategic location remains a critical factor in determining the long-term success of commercial properties. Read below for more insight from Moody's Analytics in The Business Journals.

What is wrong with #flexspace? For many, all the flexibility, inclusivity, quality and service in the world will not make the #coworking product a viable choice. It's worthwhile exploring some of the reasons. I won't rebut these here, there will be plenty of reasons why using #servicedoffices is an excellent idea. But here are six. #1 You do not own the space. Coworking is offered on the basis of a license agreement. This means you are just subletting it from the operating company who are in turn leasing or managing it on the landlord's behalf. #2 You can be moved. The operator's T&C say they can move you from one office to another. Clearly, the smaller an office you occupy the greater the risk. Typically the operator will promise to move you to a space of equal or larger size & quality as compensation. #3 They can close really quickly. Each building will be set up as a separate company and billing entity. This makes it easier for them to be closed at short notice. Whilst this happens rarely, it does happen. Operators are running a for-profit business aftewr all. You should expect some notice, but sometimes you'll only get 30 days. #4 Higher footfall = higher wear and tear. Let's tell it like it is: serviced offices pack desks in. A 250sqft space might be labelled a 5-person or 6-person office, so a typical flex space will have a higher per sqft headcount. This means more things breaking as more people use them. Lifts, coffee machines and toilets are the main culprits. #5 Sharing. The very thing that makes coworking so appealing (a melting pot of companies and people) can also make it pretty annoying. Toilet facilities on a floor supporting 200+ people. The lunch-time rush - from a noise, smell and space point of view. The phone booth walk of shame: where someone walks, laptop in hand, tying to find a free booth in time for their scheduled call. #6 Branding. Because of #1, you are not going to have a sign at the main building reception with your company. Within the room you pay for, you can do what you like. But anything brand-related externally will be restricted. External signage is definitely a no-go so if you rely on passing trade, this might be a big hurdle. Asking questions of your broker or the operator will give you useful information. There's nothing wrong with being more direct. - How many buildings have you closed in the last two years? - How big is this floor and how many desks does it hold - How many weeks out of the last year have lifts / toilets been broken? - What is the cleaning / maintenance schedule? - Do you own it? Do you lease it? Do you manage it on behalf of the landlord? - How long remains on the existing lease term? - Can I speak with existing occupiers about their experience? A large part of choosing the best operator lies beyond the aesthetic and service-led. You should take an active interest to eliminate potential surprises. #fuellingchange #digdeeper #askquestions

Already halfway through 2024, the Orange County office market continues to grapple with the aftermath of the pandemic and shifting workplace trends. Sublease inventory, which is the leading-edge barometer of the office market health, continues to surpass pre-Covid levels.   Whether you're looking to renew, downsize, restructure, relocate or expand, the abundance of available space in every major submarket is creating a generational opportunity for tenants across Orange County. Learn more on key submarkets in our latest office market report – I’d love to discuss further if you get a chance to review!

Are you ready for a workplace revolution? Explore JLL's article to discover five innovative ways under-utilized or vacant office spaces are being transformed. From strategic subleasing to artist studios and temporary galleries, this article dives into the exciting possibilities for revitalizing these spaces. 

Navigating the Shifts in Commercial Property Demand: A Guardian's Perspective The commercial property market is witnessing a transformative shift, particularly in the wake of increased remote work practices. This shift poses challenges and opportunities alike for property owners and managers. One significant trend we're observing is the evolving demand for office spaces. As more companies adopt hybrid work models, the demand for traditional office spaces has decreased, while there is a growing interest in flexible and shared office environments that cater to collaboration and occasional use rather than daily occupancy. At Global Guardians, we see this as an opportunity to reassess and repurpose commercial properties to align with the new realities of the workplace. Our property guardianship solution offers a unique approach to managing these shifts. By placing guardians in underutilised properties, we ensure these spaces remain active and maintained, reducing risks and costs associated with vacant properties. This approach not only provides security but also maintains the utility of the property, making it more attractive for future leasing opportunities adapted to new market demands. Furthermore, our model supports the transition of commercial spaces into multi-use properties. With the rise of urbanisation and the increasing need for mixed-use developments, property guardianship can play a pivotal role in the interim phases of redevelopment. It offers a sustainable solution by utilising existing resources and minimising waste, which is crucial as the industry moves towards greener and more socially responsible practices. In conclusion, the changing landscape of commercial property requires innovative and flexible solutions. At Global Guardians, we are committed to leading this change by providing property management solutions that are not only effective in the current climate but also pave the way for future developments. We invite property owners and managers to explore how guardianship can be part of their strategy to adapt and thrive in a rapidly evolving market. #CommercialRealEstate #PropertyManagement #FutureOfWork #GlobalGuardians #InnovationInRealEstate

Did you know that older commercial buildings can be transformed into modern, high-performance work workplaces? Discover how to revitalize these spaces for maximum efficiency and appeal. Read more here: Article by LoopNet