Western Real Estate Business

OCT 2016

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

Issue link: http://westernrealestatebusiness.epubxp.com/i/732258

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www.REBusinessOnline.com Western Real Estate Business • October 2016 • 39 Unique Food Options The availability of food options, whether on-site or in the immediate vicinity, is essential to attracting and retaining tenants at an office property. By providing a wide variety of food options, property owners and manag- ers can drive tenant retention, which boosts a property's bottom line. Tenants in the past may have been satisfied with standard food options, but today we are seeing a shift toward more unique options, even in the tra- ditional office tenant space, and prop- erty owners are taking note. There has been a push toward fast-casual dining in recent years, characterized by convenient, customizable food op- tions with higher-quality ingredients. Today, the momentum has shifted to fresh-casual, which differentiates it- self through a chef-driven menu, el- evated customer service and fresh, lo- cally sourced ingredients. By integrating fresh-casual restau- rants into office buildings, owners and property managers can bring value to tenants while also generating an additional revenue stream from the food tenant. For example, we recently made a strategic investment into a poke franchise, Wild Poke, which we plan to integrate into some of our of- fice buildings. This unique food op- tion is growing in popularity among Millennials. It also provides an oppor- tunity for us to differentiate our prop- erties to attract the traditional and nontraditional office tenant. Another trend gaining momentum is the rising popularity of food trucks. Bringing the food to your tenants is a viable and cost-efficient option that adds additional value to an office asset over time. We recently started bring- ing in food trucks to our office asset in Culver City, which has been extreme- ly successful in providing new and in- teresting food options to our tenants. In addition, newly constructed office buildings are even integrating food truck loading spaces to accommodate this popular amenity. Flexible Work Spaces and Open Areas for Collaboration Unlike traditional office environ- ments, creative workspaces are inher- ently more flexible and designed to expand and shrink as needed to ac- commodate a vast array of businesses. This flexibility within the design provides value both from a traditional tenant standpoint and from the of- fice owner's standpoint. Creative of- fice buildouts typically require less maintenance and are conducive to the growth of businesses across all industries, whereas traditional of- fices require new renovations every few years. These creative buildouts are designed to last for 10 to 20 years, resulting in lower maintenance costs for property owners. Tenants also find comfort knowing that these spaces Corporate Pointe office towers in Culver City's courtyard is being transformed into an indoor/outdoor amenity area for employees to gather and socialize. This collaborative environment will attract not only tech companies but also smaller ancillary service providers that seek the same type of work/play environments of their larger counterparts. CONFIDENTLY GLOBAL, EXPERTLY LOCAL. Providing innovative commercial real estate solutions to occupier and investor clients. • Tenant/Landlord Representation • Real Estate Advisory • Investment Sales • Property Management • Engineering/Maintenance • Portfolio Administration • Project Services • Development Services • Facility Management comre.com Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance continued on page 40

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