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Thought Leadership

Efficiency, amenities, accessibility, rising rents: Essential points for businesses to consider when making real estate decisions

In our recent “Dog Days of Summer” email series, JLL’s Westchester/Connecticut office highlighted some emerging local trends in the office market as interesting points for our clients and subscribers to ponder. And while the dog days of summer may now be over, the themes raised in the series are as important as ever for both owners and occupiers to consider.

Trend 1: Efficiency
While swimming pools provide 15 square feet per person and golf course putting greens utilize 150, most companies average 250 s.f. per employee.

Consider that the most progressive companies target 150 s.f. per employee. It is possible for your company to achieve a more efficient workplace, allowing you to grow your business without increasing your space. Such efforts can lead to savings of up to 100 s.f., or roughly $4,000* per employee.
*Based on the average Fairfield County rent

Trend 2: Amenities
Nearly 47 percent of surveyed suburban workers say they would switch to jobs or employers located in a live/work/play environment.

Connectivity, accessibility and multitasking – today’s up-and-comers look for a strategic and stimulating location where they can maximize their day in a fast-paced world. To recruit and retain such rising talent, many top performing companies are now prioritizing a hip, 24/7 location with a collaborative workplace environment.

Trend 3: Accessibility
In the NY Tri-State area, the typical suburban job has access to only 14.4 percent of the regional labor pool by public transit (with a commute time of 90 minutes or less).

An increasing number of people in today’s workforce live in urban environments close to public transit, providing companies in suburban markets like Fairfield or Westchester with unprecedented access to workers. But, depending on location, not all businesses can reach this labor pool. In order to maximize access to talent, it is imperative for businesses to identify the best transit-hub locations for their next move.

Trend 4: Rising rents
Since bottoming four years ago, office asking rents in Fairfield and Westchester have recovered 94 percent of their peak values, on average.

While slow to recover, rents in many prime locations are approaching pre-recession levels. Premier buildings with transit access are short on space and commanding higher rents. Now is the time for businesses to consider a long-term strategy to navigate a rising market marked by increasing rental rates.

JLL has a proven track record of helping clients make strategic real estate decisions. For further information and advice regarding any of the above trends, and their potential impact on your business, please contact Bob Ageloff.