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Corporate Office Renovations

Guess上海龙凤论坛sh1f

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who s dropping big money to keep millennial workers happy? Big commercial landlords are laying down millions to update offices

(Credit left to right: The Real Deal for Brian Kingston and Owen Thomas photos; Stephen Schwarzman photo by World Economic Forum; Pexels photo, back)

If you guessed Blackstone Group, Brookfield Property Partners and Boston Properties, you d be right. The major commercia爱上海同城手机版

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l landlords are investing big to stave off the WeWorks of the world and keep millennial workers in their offices.

Without alter上海贵族宝贝论坛

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ing office to include the per上海龙凤论坛sh1f

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ks of a gym, free in-office cafes and bars and a flexible, open-concept layout, these landlords don t believe they can hold on to tenants, according to Bloomberg.

“The way towers were built in the 1980s, they we上海龙凤论坛

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re a monument to the corporation,” says Lisa Picard, CEO and president of Blackstone s Equity Office. “Now, if it feels corporate, that’s the kiss of death.”

The numbers support her theory: Colliers research team noted vacancy rates were up to 11.5 percent in Boston last year in the fourth quarter while in Manhattan, the firm expects about 8 million square feet to be vacant in the coming years.

To keep old tenants and attract new ones, landlords are getting creative: Boston Properties reportedly dropped $100 million to renovate 399 Park to include bike valets among other new features, while Brookfield s tenant JPMorgan Chase is renting new space for its software engineers in 5 Manhattan West which will be outfitted with soundproof rooms for playing music or games.

[Bloomberg] Erin Hudson

Tags: blackstone group, Boston Properties, Brookfield Property Partners, Commercial Real Estate, office market
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