Western Real Estate Business

MAY 2018

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/978056

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48 • May 2018 • Western Real Estate Business www.REBusinessOnline.com THE IDEAL OFFICE ENVIRONMENT IS NO LONGER ONE-SIZE-FITS-ALL By Todd Burns, Americas President, JLL Project and Development Services Today's office environment is evolv- ing in response to a dynamic work- force and shifting office needs. Suc- cessfully delivered office fit-outs can increase productivity, attract high- value talents, impress clients, drive collaboration and achieve long-term success. Workspaces come in all shapes and sizes. They are uniquely configured to support an organization's cultural, workforce and business goals. But what do you — and every one of your colleagues — need from your office space to truly succeed? Executives often start asking big questions about corporate culture and workplace pri- orities as a company moves into new offices. But unlike the corporate re- freshes of yesteryear, JLL's 2018 North American Fit-out Guide has found that there is no gold standard office in today's environment. Which space option is best for you? 1. Progressive Average cost to build: $152.23 per square foot (psf) A progressive-style office can be strategic when a company is look- ing for a completely open floor plan. Forbes notes that about 70 percent of U.S. offices have an open office floor credit Takata Photography H. Hendy's office environment in Newport Beach, Calif., includes natural light, open ceilings, and activity areas that promote balance, collaboration and focus. The performance-based environment is tailored to enhance employee behavior and optimize organizational productivity. credit Bruce Damonte Everyone has a "home" in Lyft's new progressive-style office space, but employees are encouraged to work wherever they want on any given day. ants how the space could be reposi- tioned effectively. Visually experienc- ing how offices can transform into conference rooms or how traditional perimeter offices can be opened up to natural light gets tenants excited about the remodeling process. Make it easy for tenants by: • Selling them on their dreams: De- velop a new color palette and sketch- up a rendering of how the space will look in the future. Demystify any con- cerns by showing them a future with- out the cost of disruption. • Developing a real budget: Help ten- ants reduce their anxiety by develop- ing a real budget based on organiza- tional (operations) demands and the project phase logistics plan. Paint a realistic picture of how much it's go- ing to cost by expanding the budget to include furniture breakdown and rebuild, lift costs, after-hour work pre- miums, security and re-cabling. • Benchmarking the budget against national averages: Make it easy for tenants to say yes by helping them understand how the expanded bud- get compares with national averages. According to JLL, the national aver- age for tenant out-of-pocket expenses is $152.88 per square foot – likely less costly than moving to a new space. This level of understanding can help a tenant truly realize the value of a win- win. • Treating every employee in the company as your tenant: Assist the client in communicating the remodel expectations to employees. Take this one step further by encouraging — or helping — your tenant in training employees on how to properly use the new space once it's complete. When employees understand how the new space improves business operations, the space becomes an asset for a com- pany's long-term success. A happy tenant and a happy land- lord is a win-win. This prevents a cost- ly move for a tenant, lost rent for the landlord and creates an even stronger bond between both parties. Looking at relocation with a bottom-line per- spective allows a tenant to realistical- ly determine its short- and long-term goals and how to best achieve them. S E L E C T R E TA I L S I T E S Apple Valley, California Economic Development Office (760) 240-7915 select@applevalley.org S e l e c t A p p l e Va l l e y. c o m Apple Valley offers golden opportunities for retail businesses. JESS R ANCH MARKE TPL ACE Located at Bear Valley Road and Apple Valley Road Weingarten Realty owns and manages this 969,000-square-foot regional center which includes Cinemark Theatres, 24 Hour Fitness, Burlington, WinCo Foods, Red Robin, and Buffalo Wild Wings. Ulta Beauty and Jersey Mike's Subs opened their first stores in the region here. Chase Bank is resuming development of a new branch office at the SEC of Bear Valley and Apple Valley Roads. A limited number of inline spaces are available as well as an adjacent 10-acre parcel for entertainment and hospitality opportunities. APPLE VALLEY COMMONS Located at State Highway18 and Dale Evans Parkway Lewis Retail Centers developed this 469,000-square-foot center at the heart of Apple Valley's Civic Center and includes Super Target, Ross Dress for Less, Dollar Tree, Round Table Pizza, Starbucks, Union Bank and more. Recently opened or coming stores include Juice It Up, WaBa Grill, 76, and Les Schwab Tire Center. A limited number of pads and inline spaces are available for lease as well as a 140,000-square-foot former Lowe's building across Dale Evans Parkway. APPLE VALLEY GATE WAY CENTER Interstate -15 and Dale Evans Parkway In 2016, the Apple Valley Planning Commission approved Apple Valley Gateway Center, a 10-acre, 80,480-square-foot project at the northeast corner of I-15 and Dale Evans Parkway. Belco Development, of Murrieta, is proposing to construct a hotel, retail shops and restaurants. Hotel and tenant interest is now being accepted. QUAIL RIDGE PL A Z A Nor theast corner of Apple Valley Road and Yucca Loma Road Quail Ridge Plaza, formerly known as The Fountains, is represented by both Jones Lang LaSalle and CBRE. Located near the recently opened Yucca Loma Bridge and the strongest median income demographics in the region, the first phase of the project will include up to 10-acres of retail and restaurants. Future phases are proposed to include a mixed-use concept, adding office and/or multi-family and senior living. Tenant interest is now being accepted. Jess Ranch Marketplace Apple Valley Commons Quail Ridge Plaza

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