EFFECTIVE OFFICE SPACES

July 15, 2014 on 9:27 pm | In Bravo, Fascinating Information, Green, Office Fodder, Solutions, Trends, Uncategorized, Winning Properties | 3 Comments

by Jodi Summers

Office space has changed drastically in the past decade. Gone are cubicles and forced air. What’s hot are bright and breezy multiuse open spaces which use less square footage than their predecessors. Allow us to share with you some cutting edge concepts in office design.

Google’s stimulating new workspace in Tel Aviv. Google creates environments to allow creative ideas to easily flow.

 

 

 

 

 

 

 

 

92% of young professionals interviewed said they would be more inclined to work for an environmentally-friendly company.

 

 

 

 

 

 

Office space abundant in light with inspiring design.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three complementary design firms have joined together to share a loft office space.

 

 

 

Shared office or executive office suites.

 

 

 

The office barns the workspace is completely open, without partitions and without hierarchy. Desks and local storage are mobile and a system of power distribution drops power and network down to the desks from over head. It’s unlike any corporate office space that came before it and in fact has many of the characteristics of smaller businesses.

 

 

 

 

 

 

 

Open office space circa 1923

 

 

**

http://d2tq98mqfjyz2l.cloudfront.net/image_cache/1336620524889657.jpg

http://www.thinkspace.com/wp-content/uploads/2009/01/21suites600.jpg

http://www.socalgreenrealestateblog.com/?p=2989

http://www.freeenterprise.com/entrepreneur/attract-gen-y-employees-great-office-space

http://www.visualnews.com/tag/office-space/

http://www.socalofficerealestateblog.com/?p=2439

http://www.workalicious.org/2008_08_01_archive.html

SOCAL OFFICE REAL ESTATE SNAPSHOT – JUNE 2014 –THE OFFICE PARK OF TODAY IS THE CAMPUS OF TOMORROW

June 1, 2014 on 1:07 pm | In Bravo, Fascinating Information, Investment Opportunities, Market Snapshot, New Developments, Office Fodder, Property Maintenance, Solutions, Trends, Uncategorized, Winning Properties | 2 Comments

by Jodi Summers

Originally built exclusively for business, office parks are evolving into vibrant multipurpose campuses. We all know the office market has been stagnant since the great rise is gas prices and the plummet of the Great Recession. Instead of wallowing in their empty suites, investors and developers from El Segundo to Warner Center are adding value through redevelopment. The result is a re-envisioned business campus where people can dine, shop, and live – all within walking distance of work.

The reinvention of the office complex has had a very positive impact on the lagging office market in 2014. According to Loopnet, office sale prices in metro Los Angeles jumped 12.5% in the first quarter and a total of 17% since 1Q 2013.

The market is finally grabbing how office space needs to be reinvented. Our new generation of young professionals have no interest in working in the same dull McOffice Park that their parents did. So, in addition to reinventing the size and configuration of the workspace, office real estate entrepreneurs are also reconsidering the environment.

To recruit and retain top talent, cutting-edge employers are eager to give millennials a walkable live-work-play-dine environment.

“It’s the new norm,” offers Anjee Solanki, national director of retail services with Colliers International in San Francisco. “People are expecting it.”

The reinvention of the office space is pushing lease rates up. According to Loopnet, average asking rental rate per sq ft/year for Office properties in Los Angeles, CA as of Apr 14 was $25.11. This is an increase of 0.8% compared to the prior 3 months, and an increase of +4.5% year-over-year. County-wide, average rental rates in Los Angeles are +0.9% higher at $24.21 per sq ft/year for Office properties currently for lease, a rise of +3.3% since 1Q 2013.

Want to see fine office retrofit? Check out the 86-acre Times Continental Park in El Segundo. Once and aerospace complex with each building occupied by single large tenants, “we had to rethink what to do with the property,” shares Alex Rose, senior vice president of Continental Development Corp.

Continental Development steadily began retrofitting the buildings to fit multiple tenants. Then it began adding restaurants, shopping, hotels, fitness centers, and a movie theater—all served by a light rail stop. “Once you get the cycle going, it feeds on itself,” Rose says. With 3 million square feet of mixed-use space and an office vacancy rate below 5%, Continental Park found the right strategy to turn things around. “By taking a mixed-use approach, we think we did a good job of listening to our market,” Rose says. “We’ve been able to keep our rents up, keep occupancy up, and attract tenants that perhaps our competition can’t.”

Continental’s approach was so successful, that others wanted in. Invesco Real Estate and SSV Properties of Ontario, subsequently bought four office buildings in Continental Park totaling 540,000 square feet for an undisclosed amount last year. One building was fully leased, but the new owners chose to spend an estimated $75 million to convert the other three to open floor plans that support workplace collaboration.

Continental Park’s mixed-use environment was a key factor in the decision to buy the buildings as a long-term investment,. “The way officing is going right now, folks want the [mixed-use] environment and amenities,” observes Peter Cassiano, director of acquisitions for Invesco.

Many underperforming office parks can’t afford mixed-use makeovers because the owners don’t have the capital. They don’t have the capital because the property is underperforming. The only escape from this Catch-22 is acquisition by new owners with deeper pockets. Looking to get sell an underperforming office park? We have the buyers.

For more information please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – jodi@jodisummers.com or 310.392.1211, and let us move forward together.

**

http://ww4.hdnux.com/photos/12/14/63/2673915/6/628×471.jpg

http://continentaldevelopment.com/img/continentalpark/continental-park-02.jpg

http://www.socalofficerealestateblog.com/?p=2571

http://www.loopnet.com/Los-Angeles_California_Market-Trends?Trends=SalePricesFS,TotalAvailableForSaleFS,NumberOfListingsFS,TotalNumOfUnitsFS,TotalSFAvailableFS,AskingRentsFL,NumberOfListingsFL,TotalSFAvailableFL&PropertyTypes=Office

http://realtormag.realtor.org/commercial/feature/article/2014/03/welcome-walkable-suburbia

http://www.trbimg.com/img-525f102f/turbine/la-la-me-property-report-jpg-20131016/600/600×349

http://www.nycedc.com/sites/default/files/styles/dynamic_lead/public/images/project/slideshow/Broome%20St.%20Garden%20Rendering.jpg?itok=DCjhhdqI

KNOW THE LIFE OF YOUR OFFICE BUILDING SYSTEMS THE BENEFITS OF A RISK MANAGEMENT ASSESSMENT

January 29, 2014 on 9:44 am | In Office Fodder, Property Maintenance, Solutions, Uncategorized | 1 Comment

by Jodi Summers

We meet a lot of inspectors in the day-to-day business of real estate. As we were inspecting a 12,000+ sq.ft. office building with a buyer, it was obvious the property had experienced some significant deferred maintenance. As the inspector was pointing out rust blossoms in the pipes, and homemade electrical upgrades, we got to talking about office building preventative maintenance.

“It’s good for all buildings to have a risk assessment,” the inspector shared. “That way you know what you’re getting, about how long it will last, and it will give you an idea of how much it will cost you.”

A risk assessment usually includes an evaluation the 5 major systems involved in the day-to-day operation of a commercial facility – plumbing, electrical, heating and air conditioning, structure and roofing. Add to that any gear required for business specialization as well as obvious deferred maintenance issues.

A risk assessment examines three aspects of each of the 5 systems:

  1. Expected useful life left in each system.

2. Maintenance/Repairs that are needed immediately for each system.

3. Total costs that are expected over the next five years for each system.

After your inspection, your company will understand your projected expenses for maintenance, and you will be able to fit them into the annual budget…and everything is hunky dory.

**

http://www.commercialrealestateinspectors.com/risk-assessment/

http://www.socalofficerealestateblog.com/?p=2455

http://www.michaelmolloy.co.uk/news/wep/photos/large/inspecting-building.jpg

http://images.publicradio.org/content/2009/05/14/20090514_minneapolis_fire_inspector_michael_raeker_33.jpg

http://www.socalindustrialrealestateblog.com/?p=1996

http://enquirer.com/editions/2000/07/29/cagis2.jpg

http://graphics8.nytimes.com/images/2012/01/31/business/anna/anna-blog480.jpg

LOS ANGELES IS AN EXAMPLE FOR THE ADAPTIVE REUSE OF OFFICE BUILDINGS

November 15, 2013 on 2:10 pm | In Bravo, Fascinating Information, Green, Historic Properties, Investment Opportunities, New Developments, Property Maintenance, Solutions, Trends, Uncategorized, Winning Properties | 3 Comments

Edited by Jodi Summers

Bravo to the City of Los Angeles. Through innovative public policy and creative private development, L.A.is demonstrating how older buildings can be repurposed and repositioned for the new economy while reducing carbon emissions.

Believe it or not, Downtown Los Angeles contains one of the nation’s finest collections of early 20th century architecture. Most of these buildings sat vacant for decades, until a carefully targeted Adaptive Use Ordinance (ARO) removed regulatory barriers, provided incentives, and helped make it possible to repurpose more than 60 historic buildings over the past 14 years as new apartments, lofts, and hotels.

But many more buildings remain empty or underused in the downtown area and nearby commercial districts.

A recent report from the Urban Land Institute and the National Trust for Historic Preservation’s Green Lab concludes that more than 10 million square feet of space in the city’s urban core is currently vacant. The report, Learning from Los Angeles, was presented to Mayor Eric Garcetti this morning, at an event organized by the ULI Los Angeles District Council. It describes strategies that build on the success of the ARO to unlock the economic and community development potential of underused older buildings. The report documents demolition, building, and vacancy trends throughout the city and recommends strategies for removing regulatory barriers, streamlining approvals, and providing incentives to make building reuse easier to accomplish.

Conversations organized by the Preservation Green and ULI Los Angeles identified key barriers to building reuse and recommend solutions to overcome these obstacles. The Los Angeles Conservancy, a key partner in this effort, served on the project Advisory Committee along with practitioners in real estate development, planning, design, construction, community revitalization, and local government.

Learning from Los Angeles is the first in a new series of research and policy reports being developed by the Preservation Green Lab through the Partnership for Building Reuse, a joint effort of the National Trust and ULI. Launched in Los Angeles in 2012, the Partnership for Building Reuse is designed to foster market-driven building reuse in major U.S. cities through dialogues with community stakeholders about building reuse challenges and opportunities.

**

http://blog.preservationleadershipforum.org/2013/10/10/learning-from-los-angeles/#comments

http://www.socalofficerealestateblog.com/?p=2458

http://www.socalgreenrealestateblog.com/?p=3018

http://www.socalmultiunitrealestateblog.com/?p=2592

SOCAL OFFICE REAL ESTATE BLOG NOVEMBER 2013 – THE ADAPTIVE REUSE OF OFFICE BUILDINGS

October 31, 2013 on 8:54 am | In Bravo, Fascinating Information, Green, Historic Properties, Investment Opportunities, Market Snapshot, Property Maintenance, Solutions, Trends, Uncategorized, Winning Properties | 3 Comments

by Jodi Summers

You’ve heard about all of those fabulous loft conversions in downtown Los Angeles – old office buildings and factories that have been renovated into apartments and condos. That’s what’s happening with a lot of that extra office space…that’s in cool buildings.

In 2012, nationwide, office stock shrunk in a third of the 54 top U.S. markets. Buildings worth saving are being converted, while lesser buildings are being demolished. The result is that the net inventory has dropped by about 21.6 million square feet > or 0.3% of inventory. In Los Angeles, available office space has declined by -16.2% according to Loopnet.

Over the next four quarters, approximately 11 of the top 54 U.S. metros and almost half of the 1,400 submarkets in those metros will have a net loss of inventory.

Conversion to residential usage is the most prominent reason that an office building is removed from inventory. Condo and apartment conversions comprise 34% of the lost office space, according to CoStar. Additionally another 13% of office space has been demolished to make way for new residential construction.

In high density urban areas where housing is needed, multifamily repositionings benefit both owner and user. The ideal conversion candidate – transit-accessible office structures built circa 1930 with 22,000-square-foot floor plates.

For more information please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – jodi@jodisummers.com or 310.392.1211, and let us move forward together.

**

**

http://www.costar.com/News/Article/Didnt-That-Used-to-Be-an-Office-Building-/153464?ref=/News/Article/Didnt-That-Used-to-Be-an-Office-Building-/153464&src=rss

http://www.marcusmillichap.com/Services/Research/Default.aspx#2

http://www.socalgreenrealestateblog.com/?p=2983

http://www.loopnet.com/Los-Angeles_California_Market-Trends?Trends=TotalSFAvailableFS&PropertyTypes=Office

http://www.socalmultiunitrealestateblog.com/?p=2563

http://www.thekorgroup.com/images/900×430/xo4w7030_web.jpg

http://www.citygro.ws/projects/ace-hotel-los-angeles/posts/the-building-is-totally-gutted

http://www.youtube.com/watch?v=Rx28g0aqfIk

http://www.socalofficerealestateblog.com/?p=2435

http://cdn.cstatic.net/images/gridfs/4f8e0a9085216d65200c409b/Los-Angeles-Home-Staging-Best-Los-Angeles-Home-Stager-Los-Angeles-Home-Staging-to-Sell-Los-Angeles-Home-Staging-Model-Homes-Los-Angeles-Home-Staging-Lofts-Los-Angeles-Home-Staging-Adaptive-Reuse-Los-Angeles-Home-Staging-Modern-Homes_0165.jpg

http://p.rdcpix.com/v03/l929fcc43-m0m.jpg

PARKING FOR APPOINTMENTS GETS EASIER

September 22, 2013 on 6:34 pm | In Fascinating Information, Funny...Money, New Developments, Office Fodder, Solutions, Uncategorized | 2 Comments

by Jodi Summers

Don’t you just hate driving around looking for parking when you’re supposed to be in a meeting? A new automated garage, the kind of the future, is now being tried in Santa Monica. The “West Coast’s first automated parking garage” is moving cars around the UCLA Santa Monica Outpatient Surgery Center. Drivers can leave their cars at six bays, where a movable platform takes the car to a crane. The 8,000-pound crane then lowers the car onto one of six levels. Employees swipe their driver’s license or a badge to retrieve their cars, while the public will use a credit or debit card (the garage will open to the public when all the kinks are worked out). Usually the cars can be retrieved in two minutes and people seem happy with the system. “It breaks down sometimes, but when it’s working it’s really great,” according to one nurse.

One of the best aspects of the robot garages, other than never losing your vehicle or dealing with break-ins, is they hold more cars than a typical garage and can be built smaller. West Hollywood and Chinatown both have automated parking garages in the works.

**

http://la.curbed.com/archives/2013/01/behind_the_scenes_at_samos_slightly_buggy_first_robot_garage.php

http://santamonica.patch.com/articles/debugging-santa-monica-s-first-robo-garage#photo-13012295

http://www.santamonicapropertyblog.com/?p=4802

Next Page »

Powered by Digital Shake LLC with WordPress