WELCOME TO THE NEXT GENERATION OF OFFICE SPACE

January 9, 2013 on 6:33 pm | In Fascinating Information, Green, New Developments, Office Fodder, Property Maintenance, Trends, Uncategorized | 7 Comments

by Jodi Summers

Have you noticed? The generation known as the Millennials (a.k.a. Echo Boomers) is changing the way we use space. As far as office space goes, it’s a brave new world.

Let’s talk about this gifted generation of Americans – called Echo Boomers, due to the significant increase in birth rates during the 1980s and into the 1990s and / or Millennials because they came of age in the new millennium. They are well-educated, enterprising and have had the bejesus scared out of them by the recession. Success is important to them – thus their office needs are important.

Have you noticed the architecture at our own Silicon Beach? Cutting edge companies like Google, Yahoo and Red Bull offer a combination of interior and exterior workspace..the interior being punctuated by open floor plans. Individual offices with walls and doors are at a bare minimum.

“It’s not just the Googles of the world anymore—it’s law firms, big real estate firms and different kinds of companies,” observes Steven Heller, an attorney with Gilchrist & Rutter PC in Santa Monica. “More creative space is permeating out as traditional businesses understand the benefits to having offices with communal space. It can be more efficient for their business because there’s a lot more collaboration going on.”

“These changes raise a host of land use and leasing issues for the industry,” Heller continues, “Building investors and operators must evaluate lease provisions carefully so that they are calibrated to appropriately accommodate and adjust to the changing use of office space.”

Possible creative-space concern for building owners is when tenants become too creative and design the office in such a way that it could have limited appeal to future tenants. Would a jungle gym become a fixture?

And what of parking? Should it still be one parking space per 500 square feet of office?

More employees can fit into the open-office layout, offers attorney Elisa Paster, also with Gilchrist & Rutter PC. “One the one hand, more people occupying a single space creates a greater parking demand. But at the same time, parking burden is relieved by telecommuting, alternate work schedules and increased use of public transportation. Building operators need to act proactively to make sure these changing uses match with municipal requirements.”

Welcome to the next generation of office space.

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http://www.globest.com/news/12_507/losangeles/office/Emerging-Office-Use-Trends-Raise-Issues-327993.html

http://www.laobserved.com/images/laplgarmentworkfull.jpg

http://en.wikipedia.org/wiki/Generation_Y

http://www.socalofficerealestateblog.com/?p=2308

http://blog.directbuy.com/wp-content/uploads/2012/03/Corbis-42-32119369.jpg

http://tweetphiladelphia.com/wp-content/uploads/2011/11/GoogleVeniceOffice.jpg

http://www.challengedividend.com/.a/6a00d83451f29d69e201127968410b28a4-pi

http://ddmmetering.com/images/testimonials/yahoo.jpg

http://grasshopper.com/blog/wp-content/uploads/2012/07/coworking-space-2.jpg

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  1. While last year’s worldwide investment volume plunged 6%, NYC’s grew 15%. We’re replacing mattresses and piggy banks as the go-to place for skittish investors.

    Comment by Real Estate Bisnow (NY) — January 9, 2013 #

  2. “The budget cuts made in the last two years and the passage of Proposition 30 make it possible to both live within our means and to increase funding for education.”

    When Governor Brown took office, the state faced a $26.6 billion budget deficit and estimated annual gaps of roughly $20 billion. The first two state budgets under Governor Brown’s watch eliminated these deficits with billions of dollars in cuts as well as temporary revenues. The 2011-2012 and 2012-2013 budgets provided three dollars of spending cuts for every dollar in temporary tax revenues approved by the voters.

    To maintain the fiscal stability that has been achieved, the budget reflects the continuation of spending cuts made in the last two years, continues to pay down the “wall of debt,” and recognizes risks that remain.

    Comment by CBPA Weekly Updates — January 16, 2013 #

  3. In order to keep minds focused on work and productivity during the exciting NFL playoffs, here are 10 business tips we can all take away from football.

    http://www.inc.com/peter-gasca/10-business-lessons-from-the-nfl.html

    Comment by inc.com — January 16, 2013 #

  4. Google Glass prototype image via Google.comGoogle Glass prototype image via Google.com

    Google’s much-hyped foray into futuristic eyewear has entered a new phase.

    The Internet behemoth-turned-gadget-creator announced that it intends to distribute a prototype of “Glass,” its sci-fi-like glasses product, to a crop of testers that it will select through an application contest.

    Google kicked off the contest by launching a website that paints perhaps the most colorful portrait yet of the device’s features, including its design and arsenal of functions. The website also hosts a video that showcases many of Glass’ functions in action, like its video sharing and voice recognition features.

    Information about Glass is available at http://www.google.com/glass/start/.

    Comment by Google Glass Prototype — February 23, 2013 #

  5. The cautionary tale of the downturn — as well as longer lives and careers — underscore the need for economic and financial literacy among young people.

    Millennials — those born roughly between the early 1980s and early 2000s — to lean more toward saving than spending.

    Millennials are “the second-most conservative group of investors, right behind their grandparents,” observes Sallie Krawcheck, former president of global wealth and investment management for Bank of America Corp. The fact that young workers today likely will be retiring at an older age than their parents and grandparents means “we need a structural rethink” of how to save for that retirement.

    Comment by WSJ — May 25, 2013 #

  6. The U.S. economy is on stronger footing than a year ago, but Ben Bernanke wants to be careful not to squelch the recovery now.

    “A premature tightening of monetary policy could lead interest rates to rise temporarily, but would also carry a substantial risk of slowing or ending the economic recovery and causing inflation to fall further,” the Federal Reserve Chairman told the U.S. congressional Joint Economic Committee.

    Comment by NEW YORK (CNNMoney) — May 25, 2013 #

  7. After being replaced by Honolulu for a year, Los Angeles once again earned the title of the most congested metro area in the country. In 2012, on a Friday at 5 p.m., the average driver wasted more than 28 minutes in traffic. Four of the 10 most congested corridors last year were in the Los Angeles area. The worst is an eight-mile stretch on Interstate 405. Los Angeles also had the second highest population density of any metro area in 2010, behind only New York, at 2,646 people per square mile. Only these two metro areas exceeded 2,000 people per square mile that year. However, in Los Angeles, commuters were far less likely to get to work via public transportation. In 2011, just 6.2% of area workers took public transit to work, versus 31.1% in the New York area.

    Comment by Marketwatch — July 31, 2013 #

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