BOMA: Is Creative Office Just a Fad?
Just as we were getting used to concrete floors, exposed pipes, benching, earphones, and Millennials, experts at the BOMA Every Building Conference & Expo yesterday warned: "Not so fast!" Bisnow is on the scene in Orlando as BOMA's national media partner, producing the convention's official daily newsletters. We snapped Cushman & Wakefield Boston managing director Rick Cleveland (with DFS Construction principal Grant Stephens), who told the event's 3,000 attendees that companies are now worrying there aren't enough quiet spaces to actually execute business. (And the Millennials will soon be replaced by Gen Z, which like every generation will need a new style that goes beyond more and bigger tattoos.) Don't miss our coverage; subscribe to Property Management Bisnow for the latest.
Cassidy Turley San Francisco director Garrick Brown (here with Tracy) says the urban vs suburban debate is also fluid. Downtowns have been the powerhouses lately, as companies court Millennials who want that vibrant environment. These days, we’re seeing 78% higher rents in walkable areas. But those pros will eventually get married and have kids, and we might see a rebirth in suburbia.
Texans have a way of standing out in a crowd. Here's Peloton Dallas COO/principal Ray Mackey (in black, between City of San Diego’s Dave Stucky, Peloton Dallas COO/principal Ray Mackey, Allen Tate’s Kenneth Brown, and Cassidy Turley Raleigh SVP/principal Becky Hanner) at BOMA International’s conference yesterday in Orlando. Ray says Dallas is absolutely seeing urbanization—Downtown is approaching 10,000 units, the most residential it’s ever seen. And while big companies have been going out to the suburbs where they can find big tracts, he thinks our next wave will be a major user going Downtown. Millennials love it, but it’s also a great value proposition (unlike in some other metros).