What is the largest expense a business has? Here’s a hint: the answer’s not its real estate.
Sixty percent of corporate expenses are tied up in a company’s people.
In today’s tight labor market, employers need to pay an attractive salary in order to recruit and retain top talent. And with wage growth increasing, these expenses will only continue to rise.
Finding qualified employees is hard enough. Keeping them happy and healthy so that they look forward to coming into work every day may be even harder.
Employee wellness is a hot topic these days. By 2017, almost half of all U.S. worksites offered some type of health promotion or wellness program. Here in Pittsburgh, a recent luncheon program, Teaming up for a Healthy Workplace, tackled this very subject.
While there are certainly altruistic reasons for taking measures to promote employee wellness, initiating a corporate wellness program also makes good business sense. Studies have shown a strong correlation between wellness programs and employee productivity. In fact, these types of offerings can lead to a reduction in both absenteeism and health care costs.
Significantly, though, wellness isn’t only about encouraging workers to run 5Ks. A comprehensive wellness program can and should also investigate whether there are physical changes that can be made to the work environment to benefit employees. Studies are increasingly focusing on how factors such as indoor air quality, lighting, and temperature can impact employee health and productivity.
Just as buildings can obtain LEED certification to show that they are environmentally-friendly, they can now get WELL certified, to demonstrate that steps have been taken to promote the health of those working within. In evaluating a building for WELL certification, seven categories of building performance are considered: air, water, light, nourishment, fitness, comfort, and mind.
In her article, “Can an office building make you healthier and more productive?”, Katie Johnston discusses some of the design choices and amenities featured in WELL certified buildings, such as the Arup Boston office. These include:
- building materials containing fewer chemicals,
- motorized sit-to-stand desks,
- showers (for employees who run or bike to work),
- quiet zones and collaboration areas (to encourage movement and to minimize distractions),
- a filter for drinking water,
- access to healthy food choices (often eliminating vending machines),
- proximity to natural light, and/or indirect lighting that mimics the color and intensity of sunlight (enabling employees to sleep better at night, thus making them more productive the next day), and
- sinks designed to keep people from coming in contact with germs by bumping the basin when they wash their hands.
While not every business owner has the resources to pursue full WELL certification, some of the recommendations can be relatively easy to implement: adding sit-to stand desks, for example, and eliminating vending machines (or at least making sure they contain only healthy snacks). Controlling humidity, providing better lighting—even adding and maintaining live plants can make a difference.
With companies investing so much in their personnel, it’s important to ensure that they are also providing them with a healthy workspace. It’s better for employees, and it’s better for business.
So you want to Share Space…
Great News! Coeo™ makes it EASY to create an account and share your space in no time… Just follow the step by step directions below!
First, Go to CoeoSpace.com and click “Create Account” in the upper right-hand corner.
Next, You will see the following question where you’ll want to select that you’re looking to list a space.
You will then fill out your profile by adding in all pertinent details
Select who you represent… a Licensed Broker or Agent, Co-working Company Representative, or, a Landlord, Owner or Tenant. Once you choose one, you can review and agree to the terms as well as pick your username and password. Once done, Click “Register Now”
Finally, Check your email! It will give you a link to click to fully activate your account. If you don’t see an email, check your Junk/Spam folder and make sure to click: “Never Block Sender’s Domain” so you receive all future emails.
If clicking the link didn’t automatically direct you to sharing a space, go back to CoeoSpace.com and you will now have the option to Share Space.
Once there, that’s where you’ll enter the details for the space, like pricing, pictures and all the amenities you have to offer. When you’re finished and submit it, it will notify us so that it’s curated and put live for you shortly after.
YOU DID IT!
If at any time you have any questions, you can click the blue message button in the bottom right corner to chat with someone real time that can help at any time!
Thanks for choosing to be a part of the Coeo™ Community!
I love reading all the articles about the Commercial Real Estate (CRE) Industry being ripe for disruption. I enjoy even more listening to speakers talk about our fragmented industry. They proclaim how we are waiting to experience change. They talk about how businesses continue to lease space the same way they always have. Well, it’s time to wake up! CRE has in fact been disrupted. Business are making different choices.
Businesses are making different choices
I love reading all the articles about the Commercial Real Estate (CRE) Industry being ripe for disruption. I enjoy even more listening to speakers talk about our fragmented industry. They proclaim how we are waiting to experience change. And businesses continue to lease space the same way they always have.
Well, it’s time to wake up! CRE has in fact been disrupted. As a result, businesses are making different choices. I’d like to introduce you to what was once a little CRE niche. It’s called co-working. Let’s review the truth about what co-working really is and how much it is really changing CRE.
So many people think co-working is just giving a solo entrepreneur a place to work, besides the local Panera. However, it’s much bigger than that. All sized businesses, including major corporations, have embraced co-working.
Enterprise level companies are signing long term, sizable leases across the country. Those leases are not always with a traditional office building Landlord. For instance, businesses are signing with Novel Co-Working, Serendipity Labs, Convene, and WeWork instead. The deals are for 6-, 20-, 50-, 200+ person offices. If that’s not a disruption, I’m not sure what is.
ACE stands for Agility, Culture, and Engagement
Why do they choose co-working? We call it ACE. ACE stands for Agility, Culture, and Engagement. Co-working companies offer all three. Most Landlords offer none.
First, agility allows a business to be nimble. It also enables the scalability that today’s companies need and demand. Many co-working companies have suites of varying sizes. They are ready-to-occupy, with all the amenity bells and whistles. They offer businesses the ability to move to a larger or smaller suite when needed (like elastic).
Second, companies choose co-working because it’s “easy”. They can plug and play. As a result, finding and moving to new space doesn’t interrupt their business. Real estate does not have to be a distraction.
Finally, businesses are currently undergoing talent wars. As a result, recruiting and retaining talent is more important than ever. They sell their culture to win the best talent. In order to do that, employers must find a space that aligns with their culture.
Many vital companies’ core values align with the features co-working companies offer. These may include a wellness room, espresso and beverage services, snacks, or fitness. In other words, amenities are key.
Similarly, engagement in the workplace stimulates creativity, collaboration, and corporate alignment. Often co-working companies offer workplace activities, networking events, shared spaces, and concierge services. These types of amenities help keep everyone engaged.
To conclude, the CRE industry is ready to be disrupted. Co-working offers amenities that align with culture and improve employee engagement. In addition, co-working companies provide businesses with a flexibility and agility that a 10-year lease simply cannot. In other words, co-working is an industry disrupter.
Visit www.coeospace.com to discover all types of move-in-ready space in seconds.