Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/595440
A s competition to attract and re- tain top talent continues to heat up in the marketplace, many companies are looking to provide workspaces that can set them apart in the battle for the best employees. Companies have always looked for ways to set themselves apart, and the workspace is becoming an in- creasingly popular — and necessary — way to diferentiate. Ofces were merely places to do work in years' past. They're now a mechanism for increasing productivity, collabora- tion and inspiration; a selling point in recruiting and retention; a way to increase a company's brand recogni- tion; and a tool to improve the bottom line. Companies now demand even more and look for ofces that not only create a better work environment but a healthier workforce. As a culture, we spend nearly 90 percent of our time indoors, and our surroundings have a signifcant im- pact on our health, happiness, pro- ductivity and well-being. Our pre- dominantly indoor lifestyle results in the need to create a built environment T he healthcare industry is in a transition period. The Afordable Care Act (ACA) is accelerating health system and physician acquisitions. Cutting- edge technology is altering the means in which healthcare is administered and delivered. In addition to those changes, the population of older Americans who will require more healthcare services is ballooning. The net efect of these changes is a rising demand for healthcare services. 1. Demand is up. Supply is down. While there still remains uncertainty re- garding the full impact of the ACA, the healthcare real estate market appears to have weathered the storm. Tenant demand has continued to grow driven in part by the increase in the number of people insured and the aging of the large Baby Boom population. In 2014, we saw the vacancy rate dip below 11 percent nationally in the medical ofce market for the frst time since the recession. This demand is particularly strong for high-quality, well-located product, as indicated by vacancy rates under 10 percent in the major West Coast markets of Seattle, Portland, San Francisco and Los Angeles. A WELL-certifed space examines how lighting affects the user's circadian rhythm and adjusts the lighting structures to maximize health benefts. DEVELOPING WORKSPACES THAT ATTRACT AND RETAIN TALENT Mental and physical health and well-being is now a top priority for many frms competing over talent. By Jennifer Walton see WELLNESS, page 29 see HEALTHCARE, page 30 Medical offce properties remain highly sought after by commercial real estate investors. Above is a property in San Rafael, Calif., owned by Meridian. TOP 5 TRENDS DRIVING HEALTHCARE REAL ESTATE DEVELOPMENT Thanks to technology and the Affordable Care Act, the healthcare industry has entered a new period that won't just affect providers and patients, but real estate developers as well. By John Pollock Nevada is prime for industrial opportunities. page 22 Seattle Market Highlight page 16 page 27 The Ballad of Bohemian Progeny Northern California Market Highlight page 19 INSIDE THIS ISSUE www.REBusinessOnline.com November 2015 • Volume 13, Issue 3