It’s official: The office lobby of yesteryear – with its single reception desk and elevator bay – has gone the way of the dinosaur. Today’s office lobbies are looking more like those of urban boutique hotels, with cafés, Wi-Fi lounges, indoor gardens and modern art. As the war for talent intensifies, companies are looking to tip the scales in their favor by offering employees amenities galore, flexible workplace options and tech-enabled connectivity.
Arun Nijhawan, managing principal at Lucror Resources, will moderate a session on this trend and other modernizations in leasing at O.CON: The Office Conference, Nov. 1-2, in Los Angeles, California. Here’s a preview of what Nijhawan will explore at the event.
NAIOP: Do you think the co-working/flex space trend is here to stay? Why or why not?
Nijhawan: Co-working/flex space is a trend that is here to stay. This new generation of workforce is changing the way we work – it’s an open, more interactive experience. The traditional office real estate financial model does not work for entrepreneurs, hence the office model is being disrupted with a licensing operating model that caters to a new generation of entrepreneurs and the changing dynamics of how we work today.
NAIOP: Why are today’s modern office lobbies looking more like hotel lobbies? Is it worth the investment?
Nijhawan: Modern office lobbies reflect the design and amenity trends of hotel lobbies because we need to create experiences for our tenants. Office tenants do not want to be restricted to their individual floor space. It is worth the investment because landlords can generate revenue by leasing the lobby space to various types of vendors which enhance the tenant experience (i.e. coffee shop, wine bar, gourmet sandwiches).
NAIOP: How do you see a potential downturn affecting trends in leasing?
Nijhawan: Downturn is never a good thing and will always have impact on demand. But co-working space limits a tenant’s financial commitment and provides enhanced flexibility, and may be more resilient in a downturn.
Hear from Nijhawan and experts from across the office sector at the can’t-miss industry event, O.CON: The Office Conference, Nov. 1-2, Los Angeles, California. Visit the conference website for the full agenda of forward-looking sessions, and get a preview of the groundbreaking development projects on the pre-conference tours.
Featured office photo © Chris Barrett, courtesy SmithGroupJJR.