Commercial Property Types: Office Space

As companies grow and evolve, their need for office space does too. Many modern businesses prefer to rent their office space, keeping their capital outlay down and providing an opportunity for investors.

Office Building

Office work is a relatively new concept for humanity, and it is booming around the world. With many economies shifting from manufacturing to services, office work is set to grow further in the coming decades.

However, not all areas are seeing the same growth. As many office-based jobs are highly skilled or specialized, businesses require a pool of skilled, motivated workers. So while technological developments mean that many people could do their job from anywhere in the world, in practice, offices remain clumped

 

Desirable office space

Businesses are made up of people, and with many employees working long hours, companies are aware that a pleasant, well-located office can help them keep their best workers – and keep them happy.

The appeal of an office – and thus its market value – is partly based on the facilities available on the site or nearby including:

• Amount of floor space available
• Pleasantness or luxuriousness of office space
  • Natural light, up-to-date décor and high-quality fittings can all raise the rental value
• Communications
  • High-speed internet and multiple phone lines are a must for most modern businesses
• Access for deliveries
• Meeting spaces
  • From small meeting rooms to whole-company conferences
• Parking for customers and employees
• Public transport links
• Food and drink
  • Either an on-site canteen or nearby restaurants
    • Toilets and washrooms
  • Many offices now have showers for employees to encourage cycling or fitness
    • Leisure facilities
  • Including break rooms, company gyms or even a massage room

 

Office locations

Any room with a desk (and these days, an internet connection) can be turned into an office – but most workers demand a little more. While small offices are found above shops, in warehouses and factories, office blocks tend to appear in a few particular areas:

• Central Business Districts
  • CBDs are the traditional home of offices, and skyscrapers make up many skylines. High land prices mean high rents, but a good address comes with a certain amount of prestige
• Business parks
  • Further out of town, a cluster of offices share services and provide easier commutes for staff. Often sponsored or encouraged by local government, these are lower rent properties but may be better investments
• Rural office space
  • Often conversions from farm or factory buildings, rural offices usually offer low rents for small businesses
    • Shared spaces
/ Serviced offices
      • Meeting rooms and hot-desking spaces are springing up, allowing businesses to hire extra space on short notice and for limited periods

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