Does Your Office Space Attract and Retain Talent?
Please read our recently featured article in the Triangle Business Journal!
One of the biggest challenges for companies is attracting and retaining a talented team of employees, especially in a market as hot as the Triangle. Many employers are taking note of this and realizing that their office space plays a key role.
Where does my talent live?
There’s a reason this often-used real estate expression “location, location, location” has stood the test of time. With the work force having many options of growing companies to join, the office location is taken into deep consideration. Over recent years, when our initial qualifying conversations with clients turn to location, decision-makers often say, “it doesn’t matter where I live, it matters where my employees live.”
The day of the office being located near the CEO has for many gone out the window, and the focus has shifted to the employees. And that means, ultimately, the corporate culture will dictate the environment and space for the business and how that translates to the workforce experience.
To achieve this, a heat map is created noting where the employees are coming from. Then we take into account highway access and traffic. And it’s not just about current employees, it’s also about knowing where their key employee demographic lives in order to recruit.
Alternatively, employers need to keep a pulse on the twists and turns as a company workforce matures in age. Many millennials with young families now live in the suburban areas.
Location is not only about drive-times. It also includes access to amenities. Many companies want to provide a culture of walkability to lunch in a more urban setting, such as downtown. Of course, in this sub-market, the tradeoff is parking availability and costs.
Office space is much more than square footage and lease rates. It’s important to position your real estate and facilities in alignment with the culture of the business.
Here are some considerations:
What is our corporate culture? How do we project that culture?
What is the age and education of the work force?
What is my competitor doing and how can I do it better?
What is the rent-to-revenue ratio for my business type?
Where do my employees and future hires live?
To learn more, please read our whole article here!
- Capital Compass