Improving an Outdated Office Building

BisNow London has a great article, How To Take Advantage Of Hot Office Trends If You’re Not A Big-Shot Developer With A Fancy New Scheme, that is applicable to owners of older office buildings, especially those in the suburbs.

It is easy for large office owners and developers to embrace the most cutting-edge trends when it comes to technology, data, design and wellness. But how do you do that if, like a vast swathe of the commercial property world, you are a small or midsize landlord, with older, unfashionable assets, catering to tenants who want 5K SF or less?

The panelists had some very practical advice for how to incorporate wellness into buildings — something tenants of all shapes and sizes are increasingly demanding.

A lot of this goes beyond the physical infrastructure of the building.

“You don’t need a big café to create a sense of community,” Landsec Workplace Director Carissa Kilgour said. “So when you’re constrained with an older building that is more difficult to refurbish or is smaller so can’t have big common areas, you have to think about the less tangible things to deliver holistic wellness.”

So those who are looking to invest in older office buildings can definitely find a great value-add play by looking to improve those older office buildings, into more amenity-rich spaces, even if that means partnering with local businesses to increase their tenant engagement and improve the desirability of their building.

Some owners may find an excellent opportunity by incorporating co-working spaces into their buildings.