Your client needs more space in the corporate real estate portfolio. How will you accommodate their demand?

Corporate office space has predominately been under-utilized well before the advent of flexible workplace policies. The current environment offers a great opportunity to shed underperforming space and improve the balance sheet. In cases where growth does outpace space, it’s important to assess workforce habits. In otherwords, is the expectation to be in office full time, hybrid or design a real estate strategy that supports distributed teams. You may find that to meet growth, centralized space can be consolidated with growth in tertiary locations using smaller, flexible footprints yet still being cost effective. Understanding the workforce habits is key to proper analysis.

To strategically address growing space needs, begin by thoroughly evaluating current space utilization. Identify any underutilized areas and forecast future requirements based on projected growth. This comprehensive assessment will allow exploration of the most suitable options, whether it's acquiring additional space, optimizing the current layout, or implementing flexible work arrangements. Together, we will determine the most cost-effective and efficient solution that perfectly aligns with business goals.

To promptly address the client's space needs, approach lease negotiations with a focus on flexibility and adaptability. Explore options such as repurposing existing spaces within the building, negotiating shorter lease terms with renewal options, or incorporating expansion clauses into the agreement. This approach aims to swiftly meet current requirements while providing a framework for future growth and adjustments.

Modern workplaces are designed around workplace experience. Applications will of course vary based on size and asset class. In general, though, you want to consider the following: 1. Open Collaboration Areas: Spaces with comfortable seating that encourage brainstorming and team interactions. 2. Quiet Zones: Designate quiet areas or rooms where employees can focus on tasks. 3. Breakout Spaces: Informal lounges or breakout areas where employees can socialize, or have informal meetings. 6. Ergonomic Workstations: Invest in adjustable desks, ergonomic chairs, and lighting to support employees' health and comfort. 7. Flexible Workspaces: Create a variety of work environments, such as hot desks, standing desks, and communal tables.

Remember, our value to clients extends beyond securing their ideal space. Once we've finalized a deal, prioritize ongoing relationship management. Stay attuned to their evolving needs, track space utilization and costs, and monitor market trends. Proactively manage their lease, ensure optimal building performance, and promptly address any tenant concerns. By positioning yourself as their trusted real estate partner, we solidify our value and foster long-term client loyalty.

To address your client's space needs, consider these options: Sublease unused space: Generate extra income while addressing immediate needs. Embrace flexible work: Implement remote work or hot-desking to reduce required space. Renegotiate the lease: Explore options for expanded square footage or early termination. Consolidate locations: Combine smaller offices into one larger space for better utilization. Renovate or reconfigure: Optimize the existing layout for increased space efficiency. These strategies, combined with traditional methods, offer a comprehensive approach to solving your client's space challenges.