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Market, Workforce Shape /Real Estate Decisions

As companies weigh whether to renovate or relocate their real estate, facility managers need to consider several factors. Nearly 70 members and guests learned how market conditions and a company’s work force shape those decisions. Three panelists provided information during the Real Estate and Project Management program on Nov. 14.

Danielle Grubbs, senior associate with Cushman & Wakefield, gave an overview of today’s commercial real estate market. Warren (Sonny) Rogers, director of real estate for MilliporeSigma, addressed the internal and external resources needed to consider options and to finalize any deal. And Patrick Shaw, associate vice president with Cushman & Wakefield, outlined the factors to weigh in deciding to renovate or relocate in today’s market.

Whether your company renovates or elects new space, the panelists noted that the planning process takes from two to three years.

Overall, the St. Louis office market remains tight in high demand areas. Large, contiguous blocks of space are at a premium. This includes growing demand for urban locations such as the Cortex area in St. Louis.

As companies plan a renovation or relocation, there’s an opportunity to evaluate the type of young talent they want to attract and retain. Millennials and Gen Z workers are tech savvy and mobile, panelists noted. Consequently, the traditional office settings aren’t as necessary. Flexible work stations, smaller conference rooms and technology are key elements in today’s offices.

Companies also are adding amenities to their work space. Cafes, on-site gyms and game rooms are now common features that appeal to younger workers.

Many thanks to MilliporeSigma for hosting and sponsoring this informative program.