From the early years of the 18th century through the early years of the 21st century, the concept of the office building didn’t change much.
Buildings grew taller, layouts became more or less open, and technology evolved to help employees complete their tasks, but the idea of a communal building where employees came in, worked and left at the end of the day had been solidified during the heyday of the British Empire.
Then came the internet, which allowed people to telecommute from anywhere at any time; the maturation of Millennials and Gen Z, who expect a greater work/life balance than previous generations; and the COVID-19 pandemic, which saw global shutdowns of central business districts with mandates that employees remain at home. There, they developed new routines, learned new ways to be productive, and discovered that life and business can exist outside the office.
The result shattered the traditional 9 to 5 corporate existence that had enabled the growth and dictated the norms of the office sector, a $381.5 billion market in the U.S. alone.1 Six years after the shutdown, office occupancy in the U.S. still has not achieved pre-pandemic levels in some markets.
Today, employees must be enticed to return, and office owners and managers are learning that one key is to provide home- and hospitality-style amenities that make their lives healthier, more convenient, more productive, and more sociable to justify that commute.
The following pages describe what amenities are being added to today’s offices, how they benefit employees and managers, and how they can contribute to NOI.
Let’s get to work. Download the full report here.
