I recently sat on a panel at Bisnow’s Redefining the Office of the Future event alongside a number of other experts in the commercial and flexible office space industry.
It was jam-packed with big companies, smart people, and historic DC real estate development staples.
And after listening to everyone pontificate about what the future of work is going to look like (i.e. where they are spending their money) I was struck by one big takeaway:
It seems like building owners and operators are, by and large, still missing the mark.
Here are my two cents from being part of that panel.
Building Owners Are Still Focused on the Wrong Things
One of the biggest things people talked about at this event was the importance of having amenities in your building to bring people back to the office. My instant disclaimer is that maybe this does matter for trophy buildings that are reaping the rewards of the flight to quality, but they represent a tiny fraction of the market.
In any case, one discussion in particular really stood out to me: the decision by one operator to build their building’s gym on a floor above ground so there could be natural light. The panelist was delighted to share that revelation with the group. I sat in the crowd shaking my head.
Really?
In hindsight, I was a bit disappointed to learn that some of the biggest and best-known real estate experts in DC believe that’s what matters most.
And I say that for two simple reasons.
1) It Causes Commodification
If every trophy building in the city puts its fitness center on an above-ground floor so it has natural light, it immediately becomes a commodity.
It’s no longer unique. Competitive advantage gone.
2) You’re Neglecting the Human Element
Building owners are missing the most vital pieces of the puzzle: the human element of your space—building a relationship with your members and sitting down to listen to them.
People Need People, Not Stuff
Do you know which profession was number one in terms of office space requests at the end of December last year?
Therapists.
Let that sink in.
Then ask yourself: what does that say about the state of people’s minds?
People are not looking for a treadmill with a window. They’re looking for interaction and connection to others.
We’ve talked about this a million times and will continue to do so: stop over-thinking, over-spending, and over-pontificating on what you need to do. It is really that simple. Provide a safe, clean, friendly atmosphere where people can come get work done and interact with other people they feel connected to in some way.
My Biggest Takeaway from This Panel: Many Experts are Still Wearing Blinders
Ultimately, the people that sat on some of the panels did not seem to have a clue about the needs of the people they were trying to lure back to the office, nor did they seem interested in learning about them.
They were more interested in describing what they were bringing to the market versus what the market was asking for.
There was only one person who said they had brought in a hospitality professional to consult on how to create a better environment for the people that they hoped would be coming back to their space after this pandemic.
I expected to hear this from every single one of them.
People don’t care about having a gym in the building or the fact that you serve the world’s best coffee.
What they want is simple: they want to work in a flexible office space where they feel safe, can get work done and they feel supported as people.
That’s our goal at Launch.
And it’s why we’ve sold 120 offices in the past five months alone.
So, if you want to learn a bit more about our managed model and why the human element of our spaces brings new members in the door, don’t hesitate to get in touch with me today. I’d be happy to talk you through our managed model and the benefits it can offer you.
