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Good design adds value faster than it adds cost!April 14, 2015
Remember: “Good design adds value faster than it adds cost.” Wise words from Chrysler automobile designer Thomas C. Gale. There is a major opportunity for landlords to take advantage of the changing dynamics in office space—investing in design will increase the value of their office properties and fetch higher rents, far outpacing the cost of implementation. Amenitizing the public spaces in an office building alleviates the burden on individual businesses to trick out their leased spaces, and distinguishes the building in the marketplace. A building with communal amenities such as conference rooms, a fitness center, casual meeting areas, a daycare center, or a coffee bar become exceptionally appealing to companies that are looking to shrink their physical footprint—the average company is shrinking its square footage by about 30 percent. To make up for this downward trend in leased space, landlords can amenitize and improve common spaces to increase rents significantly. Furthermore, an estimated 60 percent of today’s office tenants move when their lease; by offering more than just office space, landlords can encourage leasing-in-place.