Mulling Office Amenities That Make Employees Want To Return
Abstract
Mulling Office Amenities That Make Employees Want To Return One Santana West, the newest office building added to the Santana Row mixed-use development in San ... [ ] Jose, features extra stairs, high-end air filtration, and 13-foot clear-height ceilings, among other amenities likely to lure employees Federal Realty Investment Trust One Santana West, the newest office building added to the Santana Row mixed-use development in San ... [ ] Jose, features extra stairs, high-end air filtration, and 13-foot clear-height ceilings, among other amenities likely to lure employees One of the commercial real estate maxims of the last year holds smart employers are now or soon will be trading in more office space for less but higher-quality office space. A mid-August CBRE report titled "The Flight to Quality Quantified" reported that as office space gets reimagined and remote work patterns solidify, tenants have quickened their transitions to prime office properties. From first quarter 2020 to same time 2021, non-prime vacancies soared 8.2%. Over the same period, prime vacancy rates increased just 5.1%. This week, with its Q3 U.S. Office Market Report, JLL confirmed the same forces apply now, as employers escalate their pressure on workers to return to offices. At the heart of that quest is the appetite for amenities that motivate employees to actively hunger for a return to the office. Nearness to public transit has essentially evaporated from employers' wish lists when it comes to their searches for available office space. Adds Jeff Needs, director of real estate advisory for national accounting-consulting firm Moss Adams: "While employees and employers arm wrestle over how many days of a week are required in the office, the office market will continue to favor location, quality and amenities. Companies and their employees want Class A space with amenities and flexibility."Flexibility will be supported by shorter-term leases and square footage adjustments. " Natural light Some argue a case in point is the new One Santa West office building at Santana Row, a residential and commercial district in Silicon Valley's West San Jose.
