18 Mar 9 Ways Office Space is Changing in 2016
How exactly are executive suites becoming such a major force in commercial real estate? They’re simply delivering a product to meet a growing demand. According to the U.S. Census Bureau, the majority of all U.S. businesses can be categorized as “nonemployers” — companies that have no paid employees and are subject to federal income tax.
Most of the more than 23 million nonemployers operating in the U.S. are sole proprietorships. These one-person operations require office space, but traditional multi-office layouts are often unnecessary and make little financial sense. Thus, the executive suite — one or a block of private offices within a building that shares common areas and amenities with other tenants — has become the norm for many entrepreneurs.
Along with the rise of the executive suite itself, 2016 will bring a number of other changes in the realm of office space. Many of these spring directly from the growing demand for executive suites; the increase of nonemployers, freelancers, and moonlighters; and the differing ways in which these types of businesses function compared to traditional small businesses and corporations.
1. Minimizing Office Space Changes Without Sacrifice
Let’s face it: the average amount of office space per employee in the U.S. (as well as other parts of the world) has been trending downward for years. Between 2010 and 2012 alone, the average amount of office space per worker dropped from 225 square feet to 176 square feet, according to CoreNet Global, as companies shifted to more open-office layouts. Executive suites embrace this change by offering private offices of economical size, yet still providing a vibrant, collaborative environment on the other side of the office walls.
2. A Growing List of Amenities
Advances in technology have led many companies to expect immediate and frequent after-hours responses from workers; workers, in turn (led by Millennials), have demanded more from businesses in terms of office perks and amenities, to offset spending so much time on the clock. Office space trends have evolved in 2016 as they offer an array of conveniences and comforts that in some instances, you’d think you walked into an all-inclusive resort. Complimentary Wi-Fi, self-serve coffee bars, modern common areas, ample parking, and fully equipped conference rooms come standard with most Workstyle executive suites. Larger corporations outfit their office spaces with gyms and locker rooms, cafés, game rooms, and more to attract and retain the best talent.
3. Testing the Waters
In 2016, it’s no longer essential to commit to a long-term lease in a large, traditional office space when expanding to other cities. A growing company can utilize an executive suite to test out a market, hitting the ground running immediately with an easy move-in at an affordable rate.
4. The 24-Hour Office
The 9-to-5 day has slowly melted away as more entrepreneurs set their own hours and work during their own most productive times, be it very early in the morning, late at night, or somewhere in between. Executive suites often offer 24/7 access to tenants to accommodate these changing work patterns.
5. Sustainability Takes Center Stage
Eco-friendly office supplies. Reclaimed building materials. Upcycled office art and furniture. Energy-efficient building improvements. Recycling programs. Paperless offices.
Every year, more and more businesses embrace sustainability measures both large and small, so much so that it’s becoming the norm. Eighty percent of Millennials surveyed by the Cone Millennial Cause wanted to work for a company that cares about how it impacts and contributes to society; and with 50% of the workforce poised to be made up of Millennials by 2020, corporate social responsibility and sustainability initiatives are a must in 2016.
6. Goodbye, Home Office
What once felt like hitting the jackpot of employment, working from home now seems like a disadvantage to many sole proprietors. With rents starting as low as $275 per month in some markets, executive suites are giving the home office a run for its money. The numerous benefits of having a dedicated business space (free Wi-Fi, networking opportunities with other tenants, access to creative meeting spaces and conference rooms, a professional setting with a business mailing address) usually more than make up for the associated costs.
7. Image Matters
Why rent in a so-so office when you can work from a well-maintained building with top-notch landscaping, chic interior décor, and an overall Class A, professional feel? Office space design has become an important factor! One of the main selling points of an executive suite is the instant upgrade it gives to a company’s or individual’s professional image, so it’s no surprise these types of offices offer impeccable quality and visually appealing features.
Check out our executive office space at the Energy Corridor in Houston, TX!
8. Embracing the Social Factor
Working all day, every day, in solitude can stifle creativity and throw personal well-being off balance. We now know that healthy work habits include walking around the office, chatting up a coworker, and taking the time to brainstorm and find inspiration. A home office or cubicle life limits the opportunity for vital social interactions, while executive suites and other well-planned coworking spaces encourage networking, collaborating, and socializing with other building tenants.
9. Sign Today, Move In Today
Executive suites often have more standardized leases than traditional offices, and suites in established buildings are usually move-in ready. You could potentially get the keys to your executive suite as soon as you sign your lease, submit the security deposit, and pay the first month’s rent.