Feb 03

More Offices Lease ‘Trophy Spaces’

More businesses are hoping upscale workspaces will lure workers back to the office, hunting for new spaces or looking to upgrade existing ones with amenities and perks such as custom-built lounges, game rooms with ping-pong tables and foosball, outdoor space that includes dining areas with fire pits, upgraded ventilation and sanitation systems, and apps that allow workers to contact building security or order food instantly.

“It’s all about how do we as landlords create an environment that gives their tenants and their employees no excuses not to show up,” Jeff Eckert, the head of JLL’s U.S. office landlord representation business, told The Wall Street Journal.

Amenity-rich headquarters and office spaces are driving a rebound in the sector. Leasings had plummeted early during the pandemic as remote work took root. The office vacancy rate is still at 16.8%, the highest since 2010, according to CBRE.

Now, as companies set up for a return, they are realizing they may need to entice employees to come back to the office.

“The top of the top has just gone crazy,” adds Mary Ann Tighe, chief executive for the New York region of the CBRE Group Inc., a real estate firm.

At 730 Third Ave. in New York, the owners, Nuveen Real Estate, are upgrading the space to woo workers back. The building includes outdoor terraces, a food hall, and a fitness center—and two beehives on a seventh-floor terrace for bees to produce honey for workers to take home for free. A lounge area also offers two full-swing simulators to hit a real golf ball to play virtual golf. They’re also hosting karaoke nights and wine tastings and offering electric scooters.

“It’s about making tenants comfortable,” Brian Wallick, director of New York investments, office and life science for Nuveen, told the Commercial Observer. “Certainly with what’s gone on in the last one to two years, you need to have amenities in your building that excite people who are coming back to the office.”

The law firm Venable LLP recently signed a New York City lease for five floors to upgrade its space to win back its employees. Its new space in New York will include a private balcony with a view of the Empire State Building and a cafeteria with a menu overseen by star chef Charlie Palmer.

Image by StartupStockPhotos from Pixabay

©National Association of REALTORS®
Reprinted with permission

admin

For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both.

Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary.

Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that “perfect” property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently.

When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting – or exceeding – his clients’ expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame.

For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania… call Anthony DiDonato.