THE RISE OF THE URBAN, METRO-ACCESSIBLE OFFICE: ACCOMMODATING THE SHIFT IN WORK STYLES
PART 1
The Demise of Suburban Office Parks More and more suburban office parks are becoming ghost towns—at least that is what many of them are starting to look like. Just visit North Bethesda and many other known office park locations in Montgomery County and the rest of the Washington D.C. area and you will understand what we mean. Where there were once buildings full of life and vitality in the late eighties and the early nineties, now sit silent and vacant office spaces, with just a few companies habitating what used to be offices teaming with different businesses.
THE RISE OF THE URBAN, METRO-ACCESSIBLE OFFICE: ACCOMMODATING THE SHIFT IN WORK STYLES
THE DEMISE OF SUBURBAN OFFICE PARKS
COMPANIES ARE EAGER TO LEAVE THE SUBURBS AND MOVE TO THE CITY
These office parks used to be iconic representations of what it was like to thrive in the corporate world. But these days, major corporations, as well as federal agencies and government contractors, are leaving the suburbs and setting up in areas closer to better transportation options. Even Marriott International is planning to relocate its headquarters in Bethesda. Many companies are so eager to leave that they actually started packing things up for a major move as far back as two years ago, as their leases approached their expiration dates. The Montgomery County Planning Department decided to look into what seems to be an unstoppable exodus, and published a report about this trend. What they found was disheartening, but hardly surprising— it appears that the County’s office market has been affected by various economic factors, not the least of which is the shrinking number of jobs available in the Washington area.
The numbers say it all: the Washington, D.C region has a total of 71.5 million sq. ft. of vacant office space for the second quarter of 2015, and most of it is accounted for by suburban office parks. THE RISE OF THE URBAN, METRO-ACCESSIBLE OFFICE: ACCOMMODATING THE SHIFT IN WORK STYLES
THE DEMISE OF SUBURBAN OFFICE PARKS
It seems that one of the primary reasons for the series of relocations is the need, or desire, for a Metro-accessible office location. Gone are the days when these office parks attracted commuters who were happy to drive. Today, it is a different workplace. A younger workforce is looking for something else entirely. They want to work in an attractive atmosphere—certainly not in those outdated office parks—and employers are only too happy to accommodate them.
Continue reading part two of this e-book to find out more about the growing demand for urban offices. Learn what companies and employees are looking for and why an urban office is able to meet their needs.
THE RISE OF THE URBAN, METRO-ACCESSIBLE OFFICE: ACCOMMODATING THE SHIFT IN WORK STYLES
PART 2
The Rising Demand for Urban, Metro-Accessible Offices Vacant parking lots and empty workspaces— this is the picture that greets you when you visit any of Washington D.C.’s sprawling “Jurassic office parks”, as Forbes.com contributor Andrew Levine calls it, in his article of the same title (written on June 5, 2015). Compounds of buildings that were once home to dozens of corporations and government agencies are now abandoned complexes, with nothing but countless unoccupied cubicles gathering dust.
THE RISE OF THE URBAN, METRO-ACCESSIBLE OFFICE: ACCOMMODATING THE SHIFT IN WORK STYLES
THE RISING DEMAND FOR URBAN, METRO-ACCESSIBLE OFFICES
SUBURBAN OFFICE PARKS HAVE LOST THEIR APPEAL
If you read the first part of this e-book, then you learned just how extensive the damage has been to the Metro Washington DC office market. We mentioned how the Montgomery County Planning Department released an Office Market Assessment report that states that, as of the second quarter of 2015, there is a staggering 71.5 million sq. ft. of vacant office space in the DC region. Fairfax County is the most heavily affected, with 20 million sq. ft. of unused office space. The report cites in their findings that “transit connectivity is increasingly important to office tenants”. Modern office workers prefer locations that are nearer to various modes of public transportation, such as buses and cabs -- something that suburban office parks are not designed for.
THE RISE OF THE URBAN, METRO-ACCESSIBLE OFFICE: ACCOMMODATING THE SHIFT IN WORK STYLES
THE RISING DEMAND FOR URBAN, METRO-ACCESSIBLE OFFICES
OFFICE TENANTS WANT TO BE NEAR BUSINESS AND COMMERCIAL CENTERS
Despite the fact that office tenants differ in preferences, it seems that they all want an office in a more strategic location, specifically the metro, to attract well-educated professionals to add to their workforce and to be closer in proximity to: • client businesses or partner companies
• a major airport, making it easier for clients to come and go after meetings • affordable residences for employees • support operations
• health care providers
• other service providers As suburban office parks continue to struggle for their place in the market, it seems that the metro-accessible office environment is thriving with the continuous influx of companies wanting to set up their offices near cities. The only chance suburban office parks have is to up the ante by changing the way that companies view these archaic business compounds and revive whatever interest tenants used to have in them.
Perhaps they can learn a thing or two from what the newer office spaces are offering. Read the last part of the e-book to discover what sort of new work environment businesses are choosing over suburban office parks, and what features and amenities they offer. THE RISE OF THE URBAN, METRO-ACCESSIBLE OFFICE: ACCOMMODATING THE SHIFT IN WORK STYLES
PART 3
The New Office: Providing a Better Alternative to Traditional Office Parks The urban, metro-accessible office marks a new era in the office market. Suburban office parks, mostly built in the 70s, 80s, and 90s, are clearly becoming a thing of the past. Companies are moving away from these outdated business complexes in the suburbs and relocating to the cities for a variety of reasons, including the chance to attract skilled young professionals who prefer urban amenities.
THE RISE OF THE URBAN, METRO-ACCESSIBLE OFFICE: ACCOMMODATING THE SHIFT IN WORK STYLES
THE NEW OFFICE: PROVIDING A BETTER ALTERNATIVE TO TRADITIONAL OFFICE PARKS
THE APPEAL OF WALKABLE URBANISM
Walkable urbanism is important to today’s much younger workforce, and metro-accessible offices are at the heart of it. More and more companies are choosing the walkable, urban office environment over the drivable, suburban atmosphere. What’s so special about a walkable urbanism? Quite a lot. For one, walkable urban places offer easy access to restaurants, apartments and shopping. Cities are transit-oriented, which provides better mobility for commuter employees. This is hardly the case when working in the suburbs, where office workers have to be dependent on driving, as office parks are traditionally not near Metro stations.
THERE’S A NOTICEABLE SHIFT IN HOW PEOPLE WORK
If you take a look at the bigger picture, you will see that the corporate world is now dominated by younger professionals. These same people are driving this shift in work styles, and they are looking to engage with the world – not work in isolation. THE RISE OF THE URBAN, METRO-ACCESSIBLE OFFICE: ACCOMMODATING THE SHIFT IN WORK STYLES
THE NEW OFFICE: PROVIDING A BETTER ALTERNATIVE TO TRADITIONAL OFFICE PARKS
Today’s office workers are now looking for a sense of community. They also do not want to spend too much, nor occupy space that they do not need. As a result, companies are offering strategically placed offices that allow tenants to gain access to just about anything. Work options are also widening, as telecommuting and hotdesking are introduced to startups and small to medium enterprises in an effort to maximize the use of office spaces in the cities. Now if we are to learn something from this phenomenon, it is that there is no one-size-fits-all solution to workspaces. However, these urban, metro-accessible offices are offering a very attractive and sensible solution for companies who want to increase their profit and expand their business. There is just no way corporations would choose to remain with suburban office parks when they are presented with a much more sustainable and employee-friendly office plan in urban areas.
THE RISE OF THE URBAN, METRO-ACCESSIBLE OFFICE: ACCOMMODATING THE SHIFT IN WORK STYLES
METRO OFFICES
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THE RISE OF THE URBAN, METRO-ACCESSIBLE OFFICE: ACCOMMODATING THE SHIFT IN WORK STYLES