How Office Property Development Is Changing
Michael Snedeker brings expertise in the Greater Boston housing market to his role as executive vice president of Elite Building Company, a commercial construction firm in Waltham, Massachusetts. Focused on building marketable properties, Michael Snedeker encourages developers to keep abreast of market changes.
Times are changing in the office property space, and developers are advised to keep up. Recent trends involve companies looking to attract younger workers by shifting their offices to urban and downtown areas where housing and entertainment options are close by. This trend has made urban centers into hot properties, driving up prices in West Coast cities like Los Angeles and Seattle. This uptick is also prevalent on the East Coast in New York and Boston.
Other changes concern the amenities in an office space. Here, creativity is a defining factor. Previously, office spaces were limited to one design: several cubicles clustered in a location with a number of private offices and conference rooms on the outside. While this may have sufficed in yesteryears, today’s developers should adapt new creative designs that are proving popular among top companies.
For example, many developers are adding kitchens to properties, thus allowing workers to cook their own lunch and dinner. Other popular additions include exercise spaces and lounges with sofas. Today, most office properties incorporate at least one lifestyle amenity, a sharp contrast from offices that were constructed in past decades.