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Entries for month: August 2013

Creating an Agile Workplace Using Office Space Hoteling

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So, You think you might want to change your traditional office into an office hoteling agile office space but have no idea how or where to begin. From the experience of businesses that have successfully performed the transition, we’ve collected some steps that will help you.

Do Your Research

Research on the Internet net and learn about the types of companies that have make successful transitions. Look for ways where your business is similar and ways in which it is different. Do a study on your office over the period of a week or more and assess the actual occupancy. If you find your company office space has 20% or more vacant on average, then this may be a good alternative for you. The higher the normal vacancy rate, the better suited to office hoteling. If you find you run 50% or more vacancy, it only makes good sense to implement office hoteling.

Identify Employees Not Suited to Office Hoteling

Look at your skill mix. Few companies have 100% of their employees away from their traditional workspace the majority of the time. Your receptionist, office manager, some executives and management are in the office on a 90% or greater basis. The traditional office is where they perform their jobs. Those workers should be included in the office hoteling plan as permanent on-site and should remain with their traditional assigned workspace. Choose employees available for agile working is the key to making work more efficient for the hoteling workers once the transition is made.

Determine the Maximum Employee Density on an Average Day

Having looked at average occupancy vacancy rates previously, you should be able to translate that study into a highest average occupancy rate. The lower the occupancy, the more money you can save, but you need to be careful to provide enough hoteling workspaces. If not, you could find unhappy employees standing around waiting for workspaces. It is far better to set up an extra workspace or two to be on the safe side. Office hoteling workspaces don’t have to be large or take up a lot of square footage. Better too many than too few.

Choose an Easy to Use Office Hoteling Reservation Software

When employees choose to come in to utilize a workspace or conference, they will need to log into a control system; the office space hoteling reservation system. By entering a unique identifier, they can pick any available workspace to use for their time in office. They can reserve a meeting room if a client gathering is their purpose, even reserving those spaces several days before the meeting. When the employee has finished using the space they reserved, they simply log out of the office hoteling reservation system, or in the case of a meeting room, might close out their meeting room use and select a workspace to make calls or type up minutes of the meeting. A good office hoteling reservation system will even know which workspace they are using and allow the receptionist to route their calls to where they are at work.

There is Help

Office Hoteling is not a new field and there is help available. There are consultants who specialize in this field and can help you with the transition. it is not necessarily inexpensive to implement an office hoteling system, but it results in savings on average of 30% - 40% of your office rental costs. It is well worth the effort.

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By: James Osgood

Office Rental , Office Space Design , Office Leasing Tips , Agile Workplace , Office Hoteling

Los Angeles Office Space Market Conditions

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Los Angeles, known as the City of Angels, boasts a population of 3.82 million people soaking up the sunshine and surfing the waves, making it the most populous city in Southern California.  It is home to people from over 140 countries, speaking 224 different languages.
The city is made up of 80 districts and neighborhoods.  Some of the more well known communities are Venice, Bel Air, Hollywood Hills, and Brentwood. Generally, Los Angeles is divided into the following areas: Downtown Los Angeles, East Los Angeles, Northeast Los Angeles, South Los Angeles, Harbor Area, Greater Hollywood, Wilshire, Westside, and San Fernando and Crescenta Valleys.

Los Angeles is not only a mecca for the entertainment and media industry, but also for tourism.  With so much diversity in Arts and Culture, over 800 museums and art galleries, sports teams from all major leagues, and some of the most beautiful beaches in the U.S., Los Angeles is the place to be.

Los Angeles boasts a very diverse and driven economy.  One of the most substantial economic markets in the U.S., Los Angeles has strengths in business, international trade, entertainment, medicine, research and media, just to name a few. The Long Beach and Los Angeles ports, together, comprise the fifth busiest port in the world.  The city is home to six Fortune 500 companies, including real estate group CBRE.  The Downtown Financial District holds offices for many of the U.S. top financial companies, including Wells Fargo, and Bank of America.

Being the second largest city in the U.S. comes with its share of problems though, including a high crime rate and high taxes.  With the city of Los Angeles charging a gross receipts tax based on a percentage of business revenue, many companies have opted to move outside of the city limits into neighboring cities with flat tax fees.  In order to attract more new businesses to Los Angeles, the city has implemented several local incentives, including Work Opportunity Tax Credit, and reduced parking requirements.

In the second quarter of 2013, the Los Angeles office space market experienced a +18,800 square feet net absorption, an increased office vacancy rate of 18.2%, and an increase of asking rental rates to $2.52 per square foot per month or $30.24 per square foot per year.  Given the current office market conditions, tenants are able to obtain landlord concessions such as free rent and improvements. West Los Angeles appears to be the most expensive office space in the area, coming in at $3.33 per square foot per month ($40.00 / sf / yr).

Market

Total Office Vacancy %

Net Office Absorption SF

Asking Mo. Lease Rate SF

Central

20.3%

-14,800

$1.88

Downtown

19.2%

-46,500

$2.75

West

16.0%

83,400

$3.33

Tri Cities

18.1%

-140,600

$2.63

San Fernando/Ventura County

17.7%

172,700

$2.16

South Bay

22.5%

-121,400

$1.99

San Gabriel Valley

13.8%

86,000

$1.89


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By: James Osgood

Los Angeles Office Space , Office Space , Office Rental