Last week, CBRE EVP Brad Serot gave us an inside look into the key differences between old school corporate offices and progressive spaces in Chicago. Today, we continue the conversation with Brad and explore the future of the next generation workspace, who’s doing it right, and how companies can attract and retain top talent without a total renovation.
Brad, you provided some great insights into progressive workspaces and told us that variety and flexibility are important for companies – why is this?
Three simple reasons are at the root of the next generation office transformations. Mainly, employers want to:
The old way of thinking was to pack employees into a single group that fit the company’s skill and innovation needs—this doesn’t work anymore.
These old school firms in the law and banking spaces have a huge opportunity to recognize the unique contributions of their workforce, and offer them the flexibility and variety needed so these people can do their work easily.
A big component of attracting and retaining top talent is the flexibility and variety of the workspace. All companies are looking at ways to improve diversity and inclusion. Providing better job flexibility has become an important part of attracting and retaining a diverse workforce. Forward-thinking companies doing a good job at this are focused on offering their employees the space they need to focus and collaborate while weaving in personal time and space.
What are your tenants looking for when planning their next generation workspace?
The conversation real estate companies are having with tenants has changed from 15 years ago when I started in this business. Today, we’re starting a conversation with tenants and encouraging them to think about employee recruitment and retention.
The tenants I work with are looking for ways to make collaboration natural, spur spontaneous interaction, and use their physical office space as a branding strategy. All of these strategies tie into recruitment, retention, and business development.
If I can help my CBRE clients find and keep the best people they can, I’ve done my job and can feel really good.
At what companies can we find the workplace variety and new amenities?
There are a bunch of new ones popping up, constantly. The progressive companies you’ve likely heard of are kCura, PowerReviews, Groupon, Sprout Social, Jellyvision, Uber, Enova, and ContextMedia.
What if companies with traditional spaces can’t move to another location? Are they stuck with cubicle-gray?
You don’t necessarily need to go all the way, especially if your company doesn’t have the budget for a move or renovation. Small changes to technology, furniture, and lighting can make a big difference in creating happy and motivated people.
Some of our clients have done cool things with bringing the outdoors inside – they didn’t have access to an outdoor space so they’re using sunny corners, fake grass, and lots of plants to create a healthy feeling of an outdoor space. No renovation required.
What do you think the future of progressive workspaces looks like?
Today’s progressive spaces tore down the traditional cubicles and offices and replaced them with fresh art, glass, and space to collaborate. I expect to see a continued focused on less “me” space, and more “we” space, and adding more amenities as employers cater to their workers.
These definitely sound like things that don’t require a renovation. What else do you think progressive companies can do?
You’re right, these are all simple shifts that companies can make to their workspace that will give employees a sense of space ownership.
I also expect to see an increase in fitness and whole wellness programs, as employees work longer hours and employers make healthy living a top priority.
More companies will begin to recognize that their people should own their space – and that they need to get out of the way to let work happen.
Many thanks to Brad Serot for taking time out of his packed schedule to chat with us. If you missed Brad’s insights into the key differences between old school corporate offices and next generation spaces, read it here.
More about Brad:
Brad Serot has been involved in over 6 million square feet of transactions valued at more than $5 billion. As a real estate advisor, Brad represents a full spectrum of sophisticated clients ranging from some of the largest financial services firms in the country to the fastest growing tech companies in the world. Additionally, he leads CBRE’s Chicago Tech and Digital Media Practice Group. The dynamic nature of his clients’ requirements has provided him with a unique and deep knowledge of the rapidly changing Chicago market. As his clients’ needs evolve—he counsels them on a local, national and global scale. In deals ranging from 1,000 to 500,000 square feet, he’s negotiated over 6,000,000 square feet of transactions valued at more than $5 billion.
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