Ask any business what their biggest investments are and they’ll likely respond with their people and their real estate. Coincidentally, these are also likely their greatest assets.
Companies invest a lot of time and effort to attract top talent, while keeping current associates happy and engaged. Physical space plays a critical role in culture and associate attraction and retention, so it’s smart to invest with your future in mind. As with all large investments, you want to make sure you’ve done your research and make wise decisions about where your money is going. This can be tricky when it comes to the commercial real estate (CRE) process as it can get quite complicated.
Throughout the commercial property lifecycle there’s a continual need to work with trusted partners, from groundbreaking (if new construction) to occupancy and other matters for years to come. For a new office, there are many criteria to consider such as timing of availability, tenant improvement allowance, flexibility, and overall square footage. Being knowledgeable about your local market conditions is a must. Factoring in anticipated growth is important, but this must be weighed against overall expenses. Ensuring a holistic workplace partner is a part of this team allows you to have a conversation about the space and determine how best to design, build, and utilize it as it continues to evolve.
“Physical space plays a critical role in culture and associate attraction and retention…”
Space planning is incredibly important in the CRE process and needs to happen at least 12-18 months in advance of a tenant’s projected occupancy date. During the design stage of the CRE process, a workplace partner can help you to create a productive, healthy, and forward-thinking environment. Visiting the dynamic spaces of other businesses will provide you with ideas you can leverage. Being open to adopting and investing in new technologies and innovations can go a long way in creating an environment that adapts quickly to change.
During the build phase, a workplace partner can provide you with layouts, space plans, and visual renderings of the prospective space. Take it a step further and imagine setting foot into your space with the help of virtual reality. Here the design and any changes made can be seen in real time, allowing you to save time and stay on budget. Involving your managers and associates will create buy-in and allow your team to have input throughout the process.
Many workplace providers can help you to maintain your property by becoming an extension of your team and providing you with services that maximize your investment over time. They can assist you in managing the complexities and mitigating any potential risks. Ultimately, collaboration, communication, and timing are the key components that make up a successful project team and create a successful space. This will allow you to spend more time on acquiring the best talent for your business. That sounds like a wise investment to me!