Rethinking Real Estate to Fuel Future Success
Here is a White Paper from our top-notch team of researchers featuring some thoughts about the future of commercial real estate. Though it focuses on the Bay Area market, the ideas translate to other markets including the D.C. Metro commercial office market. The key takeaways are:
·
Asking the right questions now is critical to
the long-term success of your organization.
·
One size does not fit all. Every organization is
unique and requires a custom solution.
·
Achieving economic and functional flexibility
safeguards your company from future uncertainty.
·
An upfront investment may be necessary to
optimize or shed space, but it is offset by the long-term savings achieved.
·
Employees have more choices than ever and your
real estate strategy will drive retention and recruitment efforts.
If Cresa can help you ask the right questions and examine
your current commercial real estate, we will represent your interests 100% of
the time. Let’s talk – www.tenant-broker.com
Rethinking real estate to fuel future
success
The COVID-19 pandemic has transformed the way we work,
prompting office occupiers across all industries to reevaluate their real
estate strategies.
Cresa provides occupier-only corporate real estate services
to a wide range of companies throughout the Bay Area. After nearly two years of
remote work brought on by the pandemic, many companies are eager to return to
the office. While understandable, we recommend pausing to reflect on all that
has transpired during the most notable workplace transformation of our time.
Our advisors can help you rethink your space, adjusting your real estate
strategy to support your business and talent in this new era of work.
Rethinking your space Collectively, our initial response to
COVID-19 was similar: companies quickly shifted to remote work wherever
possible, prioritizing social distance and elevated sanitization protocols. Many
were quick to call these short-term remedies the New Normal but, as we now
know, that was just the beginning.
As the pandemic continues, companies are beginning to
question the very purpose of the office. While the efficacy and appeal of
remote work is undeniable, employees also miss the opportunities for
spontaneous collaboration only possible in a shared workplace. This has given
rise to the hybrid work model, which means most companies will need a
comprehensive plan to support both in-office and remote workers.
However, there is no uniform solution. COVID-19 has impacted
each company differently and it’s clear the Great Return to Office is not a
collective, one-time event. Instead, occupiers are presented with an
opportunity to reassess and reinvent they way they work, crafting a real estate
strategy uniquely suited to their team and business. With a range of in-house
expertise, our advisors help you navigate this journey. Whether we’re
conducting space evaluations or negotiating lease terms on your behalf, Cresa
is your unbiased advocate.
Creating value throughout every phase of the journey Though
the pandemic impacted each company uniquely, we identified three common
profiles that represent clients looking to optimize their space: High Growth, Static and Distributed Workforce.
On the following pages are success stories showcasing our ability to create
economic and functional flexibility for clients of every profile.
High Growth
Some companies powered through the economic disruption
wrought by COVID-19, growing rapidly in spite of the pandemic – and
occasionally, because of it. Companies in this profile often struggle to
accommodate their growing workforce and need to increase their footprint or
implement creative workplace strategies.
Opportunities for optimization
To accommodate growth, occupiers in the High Growth profile
often relocate to a new, larger space or adjust their workplace strategy – or
both. Implementing agile or activity-based working allows occupiers to optimize
their space by creating a flexible environment where employees choose
workstations suited to their current task.
Static
The COVID-19 pandemic posed plenty of challenges to
occupiers. Shutdowns and emerging variants are only a couple of reasons
companies experience stagnation. Companies in this profile especially need to
focus on flexible, cost-effective solutions.
Opportunities for optimization
Unsure whether stagnation will continue or business will
rebound, companies in this profile need to be prepared for both scenarios.
Implementing a hybrid workplace strategy allows occupiers to reduce their
footprint while remaining flexible and enhancing the employee experience.
Distributed workforce
The rise of remote work has left many occupiers with an
abundance of underutilized space. For companies with multiple locations,
rightsizing is the most impactful way to mitigate risk and achieve cost
avoidance.
Opportunities for optimization
Occupiers in this profile need to understand their space
requirements post-pandemic. Space evaluations help inform new, flexible
workplace strategies and illuminate opportunities to rightsize or consolidate.
Key takeaways
Asking the right questions now is critical to the long-term
success of your organization.
One size does not fit all. Every organization is unique and
requires a custom solution.
Achieving economic and functional flexibility safeguards
your company from future uncertainty.
An upfront investment may be necessary to optimize or shed
space, but it is offset by the long-term savings achieved.
Employees have more choices than ever and your real estate
strategy will drive retention and recruitment efforts.
Conclusion
Regardless of how you were impacted by COVID-19, the
pandemic presents occupiers with an opportunity to rethink how and where you
work. Making informed adjustments to your real estate strategy today can
position your business for success in the future.
Our advisors’ market insight is complemented by the in-house
expertise of our Hybrid Workforce Services, Workplace Solutions and Project
Management teams. Together, we’ll help you develop a real estate solution
uniquely suited to your organization.
End of Whitepaper
I specialize in providing comprehensive real estate services,
exclusively representing corporate tenants on all commercial real estate needs.
Commercial Tenant Broker
2 Bethesda Metro Center, Suite 900
Bethesda, MD 20814
301-842-6542
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