"An existing building, Two Town Center, was significantly upgraded by owners CP Group two years ago with such Manhattan-style features as prebuilt floors and hybrid meeting spaces. It boasts its own “restaurant row.”"
CP Group ’s Post
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Simply put- In today's office market, tenants prioritize high-quality office environments over vast square footage. What are the best ways property owners can adapt their portfolios to the unique needs of today's tenants? Top #NYC GC, L&K Partners Inc., outlines ways they are supporting their clients:
In today’s #office market, quality outweighs quantity. Tenants are prioritizing high-quality office environments over vast square footage. As a property owner or landlord, what are the top ways you can adapt your portfolio to the unique needs of today’s tenants? L&K Partners Inc. supports our clients in their quest to create more resilient workplaces by managing critical building upgrades and renovations. Mentioned in this article: Vornado Realty Trust, 140 Broadway, Cure. Read the full article here: https://rb.gy/04d9hr #nycconstruction #constructionmanagement #construction #nycrealestate #nycoffice #realestate #commercialrealestate
3 Ways to Adapt Your Office Portfolio to Attract Tenants and Boost Retention in 2024 — L&K Partners, Inc.
lkpartnersinc.com
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Office Tuesday Advertising for lease on an office building should highlight the amenities tenants are seeking. Over the past year, tenant expectations for office amenities have evolved, with a 3% increase in demand for spaces offering modern conveniences. According to Cushman & Wakefield, amenities like on-site gyms, cafes, and conference rooms are becoming essential. These features enhance the work environment and attract quality tenants. With my expertise in data analysis, I can identify the amenities that are most in demand. As an entrepreneur and commercial adviser, I’ve seen how well-advertised amenities can make a difference in attracting tenants. Highlighting energy-efficient features and flexible workspaces can also be a selling point. Understanding tenant needs and promoting relevant amenities ensures higher occupancy rates. Let’s discuss how to effectively market your office space for lease. #realestate #business #commercialrealestate #investing #diversify #build #grow #challenge #results #service #professional #modesto #california #ca #stanislauscounty #centralvalley #investor #invest #REI #passiveincome #turlock #sacramento
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"The largest office submarket in the region [Downtown Cleveland] gained 18 tenants on a net basis, more than all the suburbs combined, since 2020...There is more activity in the Downtown office market than people realize," said J.R. Fairman, JLL Cleveland Senior VP. Recent findings from a JLL study on Downtown Cleveland's office market paint a positive picture, indicating a continued trend of office tenants upgrading to class A spaces. These spaces have superior amenities and encourage in-person work. Despite downsizing, tenants remain in the core, proving the value and productivity of place-based work in an amenity-rich environment. "We see Downtown Cleveland as an amenity for tenants who locate there,” said Fairman. “The sports, entertainment, and restaurants downtown provide a reason tenants want to be there that goes beyond the building." https://lnkd.in/gBdMQynr
JLL takes a deep data dive to size up Cleveland office leasing
crainscleveland.com
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In today’s #office market, quality outweighs quantity. Tenants are prioritizing high-quality office environments over vast square footage. As a property owner or landlord, what are the top ways you can adapt your portfolio to the unique needs of today’s tenants? L&K Partners Inc. supports our clients in their quest to create more resilient workplaces by managing critical building upgrades and renovations. Mentioned in this article: Vornado Realty Trust, 140 Broadway, Cure. Read the full article here: https://rb.gy/04d9hr #nycconstruction #constructionmanagement #construction #nycrealestate #nycoffice #realestate #commercialrealestate
3 Ways to Adapt Your Office Portfolio to Attract Tenants and Boost Retention in 2024 — L&K Partners, Inc.
lkpartnersinc.com
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Content marketing strategist | Firm believer in data-driven decision-making and using metrics to support content marketing strategy.
Check out examples of properties that have positioned themselves as state-of-the-art Class A buildings, providing amenities and unique tenant experiences that are motivating employees to want to be in the office. #returntooffice #returntowork #officedesign #office #amenities
What’s Old is Now New Again: Turning Obsolescence into Opportunity | United States | Cushman & Wakefield
cushmanwakefield.com
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This is an in-depth article about the lengths that owners of Trophy Class Office Buildings in Manhattan are going to in order to attract tenants to their high-rent buildings. They are betting that lots of surveys about what their tenants want and lots of money spent on amenities will attract people back to the office (and their buildings).
RXR Is Still Bullish On Office — But Only If It Has A Golf Simulator
bisnow.com
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It’s a tale of two downtowns in San Antonio. I’ll set the stage: 1️⃣ The first downtown—the one that you are probably thinking about—has a historic but aging inventory of office space, much of which is likely in need of renovation to remain competitive in today’s environment. Vacancies have been concentrated in this pre-2010-built segment. 2️⃣ The second downtown, filled with class A space built during or after former mayor Castro’s Decade of Downtown, is doing relatively well, all things considered. Examples from this downtown include the Credit Human tower, Jefferson Bank building, and The Soto. The 2020-built Oxbow, for example, is located in Lower Broadway’s burgeoning financial corridor and 91.2% leased despite asking rents that are 20-50% higher than the metro-wide average. 🏙️ Many office tenants are attracted to the irreplaceable amenities of downtown, midtown, and Southtown: the area’s walkability, the mission and museum reaches of the River Walk, the unique retail in the area, and its concentration of young professionals. 🏢 On the other hand, office tenants have also expressed another desire: a preference for newer and more amenitized space amid this ongoing “flight to quality”. At the risk of quoting Phil Mobley directly, “move and shrink” is a very real thing in the office market right now, with occupiers often choosing smaller, albeit higher-end space as their existing leases expire. Properties that combine both of these elements appear to be outperforming both the rest of central San Antonio and the metro at this time, which should be no surprise, because downtown is alive and well in 2023. I’ve saved plenty of thoughts for the bulk of this article, so CoStar subscribers can read on for a more detailed look at trends in urban San Antonio at the moment.
Central San Antonio Attracts Office Tenants to Newer, Higher-Quality Spaces
costar.com
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High-quality amenities can significantly impact an office building’s occupancy and get tenants to pay a premium, with roof terraces and other outdoor spaces leading the enhancement pack, according to a new report that attempts to quantify which features are most profitable for building owners. #realestate #cre #commercialrealestate #retail #office #industrial #multifamily #leasing #investment #properties #brokerage https://lnkd.in/eim-DrNi
How Much Do Office Amenities Drive Rent And Occupancy Growth? New Report Puts A Number On It
bisnow.com
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Tenant representation specialist @ Colliers | Downtown Calgary Office Leasing | Representing the Energy Sector, Professional Services & Tech
📈 **Q2 2024 Downtown Calgary Office Market Update** 📈 We are pleased to share Colliers' Calgary Downtown Office Market Report Q2 2024: ow.ly/4hwE30sEQOw The Downtown Calgary office market continues to gain momentum, with Q2 2024 marking another quarter of strong leasing activity and approximately 171,000 square feet of positive absorption. Key highlights include: ⭐**AA Class Market Demand**: Leading the way with 112,000 square feet of positive absorption, reducing vacancy to 14.67%—the lowest since Q1 2016. ⭐ **Positive Absorption Trends**: From Q2 2023 to Q2 2024, ~581,000 square feet of positive absorption, with 55% in the AA Class market. ⭐**Limited Large Spaces**: No new developments planned, limiting options for large occupiers in AA Class spaces. ⭐ **Mixed Activity in Other Classes**: A Class saw a modest contraction with 33,000 square feet returning to the market, while B and C Classes combined for ~92,000 square feet of positive absorption. ⭐ **Rising Rental Rates**: Increased demand for high-quality, move-in-ready spaces is driving up asking net rental rates. ⭐**Sales and Conversions**: The Downtown Development Incentive Program has spurred building sales, with 19 office buildings sold from January 2023 to June 2024, many slated for office-to-residential conversions. Additionally, Q2 2024 celebrated the opening of the BMO Event Centre Expansion at Stampede Park, boosting Calgary's economy with over 500 events booked and a projected annual economic impact of $100 million. The closure of Eau Claire Market paves the way for a new Green Line LRT station and a mixed-use development by Harvard Developments, promising further revitalization of Downtown Calgary. Overall, the market shows strong signs of optimism as vacancy rates decrease and new developments enhance downtown vibrancy. #Calgary #OfficeMarket #Colliers #Q22024 #MarketUpdate #CommercialRealEstate #YYCbusiness
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Converting older office spaces into hotels or apartments is not a new concept, but #FortWorth has been leaning into this trend for a while compared to other cities of its size. This strategy has allowed for the adaptive re-use and preservation of several historic buildings in Downtown, while also repurposing several Class B office spaces to help improve the density of the central city. More from Fort Worth Report: https://lnkd.in/gqbNANY7 #HistoricPreservation
Fort Worth looks to convert office buildings as solution to its affordable housing crisis | Fort Worth Report
http://fortworthreport.org
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