CREJ

Page 4 — Property Management Quarterly — October 2019 www.crej.com Perspective T here’s no denying that Den- ver’s commercial real estate market is hot. Owners of exist- ing office buildings are facing tough competition on several fronts. The last four years have seen impressive levels of new office con- struction with no sign of slowing down. In fact, CBRE’s research shows 2.5 million square feet of new office space in development across metro Denver as of the end of the second quarter. In addition to going head-to-head with new construction, owners of existing buildings are competing with new offerings in the market like the dramatic increase of flex office space. According to a September CBRE report on the flexible office market, Denver ranks seventh in the U.S. for flexible office space square footage. Denver’s flex office market grew 37% to 2.8 mil- lion sf from second-quarter 2018 to second-quarter 2019, now accounting for 2.4% of Denver’s total office inven- tory. At the heart of this new competi- tion is a conversation around com- munity – which property can offer the best employee experience? CBRE’s most recent survey of office occupi- ers across the Americas found ame- nities ranked No. 1 when it comes to workforce priorities, with 81% of occupiers indicating they were looking to landlords and service providers to enhance their amenity offerings. Savvy building owners in Denver understand how important ameni- ties are to tenants and the employee experience, and we are seeing them build that sense of community in their spaces in several ways. • Work-life bal- ance. There’s a renewed commit- ment by landlords to not only meet an employee’s pro- fessional needs but also to deliver on some personal needs. This is mani- festing in the form of buildings offer- ing virtual fitness classes via fitness centers and creat- ing community-focused outdoor areas withWi-Fi, hammocks, lawn games, fire pits with seating and visits from local food trucks. Buildings also are introducing enhanced concierge services that offer amenities like dry cleaning pickup/ drop-off, car washes and oil changes and windshield repairs/replacements. These on-site services save employ- ees time and stress by letting them accomplish necessary tasks during their working hours without subtract- ing from their productivity. Offerings like on-site farmers’ mar- kets, lunch and learns, and discounted tickets to local restaurants and sport- ing events are additional ways prop- erty managers are helping companies show employees that they care. • Enhanced tenant events. We also are seeing more owners step up their game when it comes to employee events.We partner with many of our clients to host monthly events that span wellness, philanthropy or sim- ply entertainment. Recent examples include holiday pop-up boutiques that sell gifts, flowers and candy, pizza watch parties for college basketball tournaments, summer concert series, pumpkin carving contests in the fall and bike repair stations on Denver’s Bike toWork day. From a philanthropic standpoint, we’ve seen property managers orga- nize Toys for Tots and back-to-school supply drives, host pet adoption events, coordinate Soles for Soules collections and ask for donations for clothes and toiletry items for the homeless. Property managers also have got- ten creative when it comes to health and wellness events. From “Yoga on the Plaza” to tenant boot camps, blood drives, fitness expos, on-site massages, flu shots and even visits from a mammogram bus, landlords and property managers are helping companies demonstrate that they are invested in their employees’ well- being. • Going big. I’d be remiss to not men- tion that we also have seen building owners execute some really elabo- rate strategies to ensure they stand out from the pack in attracting and retaining tenants.We’ve seen owners build luxurious chef’s kitchens to offer employee cooking classes, on-site bowling alleys and climbing walls, not to mention beautiful tenant lounge spaces that include a full coffee bar. It’s truly an exciting time to be in property management as we collabo- rate together with building owners to offer community-focused workspaces that create one-of-a-kind employee experiences. V Collaborate to create communities within buildings Judy V. Duran, RPA Director, property management, CBRE CBRE The Mezzanine at 1225 17th St. offers tenants nice outdoor space. Laurie joins the growing Wheelhouse Commercial team, with 18 years of diverse property management experience. Welcome, Laurie! Wheelhouse Commercial Is Proud To Welcome Laurie Faith, Senior Property Manager LAURIE FAITH Senior Property Manager Wheelhouse Commercial COMMERCIAL PROPERTY MANAGEMENT Office • Retail • Industrial • Mixed Use 574 Santa Fe Dr, Suite 300 • Denver, Colorado 80204 303.219.5888 • www.wheelhousecommercial.com