Three Ways to Thrive till '25

By: Brett Polich, AIA?

It’s true, commercial real estate faces great uncertainty when it comes to leasing demand, space reductions and interest rates as we begin this new year. I’ve heard the phrase, “survive till ‘25” used to express the bracing being done in the industry. Yet, despite the seemingly bleak outlook for 2024, interesting trends and opportunities are emerging. In commercial real estate, it’s time to get creative.?

So, rather than survive till ‘25, let’s take a different approach and instead, “thrive till ‘25”. Here are three creative ways those in commercial real estate can thrive till ‘25:

1. ? Focus on the employee experience. To what are employees returning? Flexibility and choice matter. Activity-based working marks a revolutionary shift in how teams optimize their workspaces for productivity. It embraces the idea that individuals thrive in diverse work environments. Empowering employees with the flexibility to move around throughout the day and work in a variety of thoughtfully designed spaces fosters creativity and provides a connection to the office and the team.?

From door to desk, thoughtfulness is paramount. Be genuine and purposeful in the choices. Layouts should make sense and function well for the people using the spaces. Consider whether the lighting is comfortable, or do you feel like you’re working under a fluorescent spotlight? Consider technology. It should support, and not hinder, productivity. The space should feel inviting and reflect the company culture vs. looking indistinct with generic color shades - like it could be anyone’s office. Investing in a few seemingly simple changes can make a big impact and enhance the overall work environment.

2. ? Blend workplace and hospitality and win the amenities race. Amenities can no longer be box checkers. They must engage, activate and enliven the employee experience. Today, companies are getting creative by designing well-curated spaces for interaction, exercise, mindfulness and outlook. Many are even creating hospitality and operational concepts that make office buildings a destination for valuable tenants and their employees. Building owners and tenants are acknowledging that work is an integral part of life, and they are investing in office spaces that resemble community hubs, facilitating a seamless integration of employees' professional, personal and social lives. When a building space becomes a corporate benefit, it’s a win-win.

3. Be the envy office: The New York Times recently coined the term “Envy Office” to describe the Instagrammable office design that attracts employees into the workplace and becomes the envy of others. That is not just about the aesthetic internally, it's about visibility both internally and externally. In the ever expanding digital and social media landscape, employees are constantly interacting within and outside their organizations via their social media channels. Crafting spaces which speak to the full picture of employees’ lives not only sends a powerful message to your team, it can also serve as a useful recruiting tool. By showcasing an environment that goes beyond the typical work-focused setup, organizations position themselves as forward-thinking and employee-centric - a powerful draw for potential hires who are looking for workplaces that understand and support the diverse dimensions of their lives.

Yes, 2024 will have its challenges, but those who get creative and think differently won’t just survive, they will thrive.?

According to Lee Clow, “Creativity thrives on a consistent diet of challenges and opportunities, which are often one and the same”. Let's approach this year with a mindset that views obstacles as gateways to innovation and inventive solutions. Let’s thrive.