12A — November 23 - December 13, 2018 — Professional Services — M id A tlantic

Real Estate Journal

T ax and A dvisory S ervices By Stuart Berger, CPA, Sax LLP Reshaping our work space: Is the corner office dead?


he discussions continue in the real estate world revolving around the

and the workforce is now made up of four generations: Baby Boomers (born 1946-1964); Generation X (born 1965-1980); Millennials (born 1981-1996); Generation Z (born 1997-2010). With these different genera- tional gaps come different ap- proaches and priorities to the work space, and we can see this mirrored in the current trends of office buildings today. To put it into perspective, I myself am a Baby Boomer. When I began my career, there were no options as to the type of office environment I was looking for when I entered

the workforce, nor did I give any thought to the amenities I preferred, or aesthetics I found most pleasing. Accounting firms, and the majority of other corporate office buildings at the time were typically all the same – limited amenities, perimeter offices, cubicles in the center, and no desktop computers, but rather an endless supply of pen- cils. That is one stark difference between then and now. Those entering the workforce today put much importance behind their office location and what is has to offer. I attribute this mindset to the recognition that

our jobs are where we spend much of our time and because of that, they must meet our personal needs. What do the new gen- erations taking over the workforce want in an office space? I believe a primary answer to this question is quality of life. A number of components are baked into that – convenience, comfort, sustainability and well-being. › Convenience. The new generations coming in are ac- customed to our advancing technology, and the ability to

provide and access information at any time and from virtually any place. Gone are the days when we must be tied to our office desk to complete our responsibilities. This ability to work from anywhere gives us more balance between our work lives and our personal lives, which is vital to success in both areas. › Comfort. Trends have shown that amenities are de- sired that enhance our working lives such as workout facilities, baristas, access to dining, and fun activities nearby. New of- fice spaces are being developed to be much more accommodat- ing, and more of a place where a professional would choose to spend their time without the pressures and formality of the traditional or “outdated” office. › Sustainability and Well- being. In addition to a demand for flexibility and freedom, we see Millennials demand personal wellness and sustain- ability opportunities as well. With that, we now see a shift to emphasize good quality working environments. This includes being environmentally sustainable by going green, and providing wellness functions like “Zen rooms”, childcare, and laundries. What is the Real Estate Industry doing to meet the needs of the new genera- tions? This new and growing “want list” for the incoming workforce must be addressed. Developers with vision and creativity have been taking the 70’s and 80’s office campuses and creating the work-live-play concept – and truly transforming them. However, we are still figuring out what exactly these new professionals need. › Potential Trends. Office campuses are being developed as “one-stop-shops” for young professionals looking for the convenience of everything they need in their personal and work lives, in one spot. As time moves along, others are tearing down old office buildings and taking advantage of the high demand in multi-family hous- ing and constructing apart- ments within office campuses. › PossibleMisconceptions. It was thought that the newer generations favored collabora- tive space and open-office con- cepts. In fact, today’s average allocation of space per employee is close to 150 square feet, down continued on page 14A

future of our work space, and particu- larly, what we do when Millennials and Genera- tion Z’s want the i r work environment

Stuart Berger

and their play environment …. at the same time. Do they truly want it all? Times are indeed changing,

When it comes to getting deals done in today's fast-paced market, time is more important than ever. We think waiting 4-5 weeks for an appraisal is unconscionable

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