What Do Millennials Expect from the Office Space?

Creating a productive office environment is a dream for all employers. An office space which can attract new talents and which can retain them for longer is the ultimate goal of a facility manager of an organization. Now a new generation of employees known as Millennials has entered the workforce, so it creates a need to understand their preferences of the workplace before any such planning.  

A Millennial is someone born in between the early 80s to late 90s. There is no fixed date of defining this term but it's widely accepted that anyone born between 1982 and 2000 is called a Millennial. They are known for displaying a high level of social consciousness. They are positive and ready to take new experiences. Millennials are also very demanding for the flat work environment and give high importance to work-life balance.

India’s larger population is under age of 30, which is really good for businesses. It's highly recommended for the businesses to adjust their workplaces according to the expectations of Millennials in order to provide them a productive and healthy work environment.

Here are few points to consider while designing office space for Millennials-

PROVIDE FLEXIBILITY IN OFFICE TIMINGS

Most Millennials prefer a flexible work schedule. They respect the work-life balance a lot and feel more productive in an open-ended work hour. Gone are the days when people work mechanically from 9 to 5. This generation is not hesitant in checking and replying work emails after office hours. They are ready to work from home in case of any personal issue. Millennials are ready to interrupt their personal time with work and vice versa.

How this trend is going to affect office spaces?

The employer should give access to their employees during nontraditional work hours. There should be such arrangement so that an employee can start working early morning or can stay till late in the evening. Let them use their own mobile and laptops for official work so that they can do important work from anywhere.  Rate their work based on quality and quantity instead of their availability on the desk.

DOES OPEN OFFICE REALLY WORK?

It’s a common thinking that open office spaces provide more opportunity for collaboration. And it’s quite right too but does it really works for Millennials?

For years now, there has been a push for open floor office plans. The employer thinks that Millennials love collaboration and communication so it’s better to provide them open offices. But open offices are not what they seem. It creates a pressure on employees to look busy when a manager walks in the aisle. Open offices can be distracting for a lot of employees. Sometimes people need privacy to do their work.

So, what is the solution?

There can be specially designed areas for the team collaboration. Bigger companies now started providing a new concept called “Hoteling”. There are different types of work environments for different employees and situations in hoteling. So there are open offices for collaboration and unplanned meetings, and reserved spaces for those who want to work in privacy. Employees can switch from one setup to another depending on the work and situations.

PROVIDE CUTTING EDGE TECHNOLOGY IN OFFICE

Millennials are tech savvy people. They are using cell phones and computers since childhood. They are using technology to socialize with others and at the same time to do their work. So technology is not something extra for Millennials it’s a part of life for them.

This new generation is used to fast changing technology and expect everything to be cutting edge. So don’t burden them with older computers and slow internet. Invest in the new devices and technologies. An employer can also implement "Bring your own device" policy at the workplace. It can save money for the organization and please the employees too.

The whole idea of providing cutting edge technology is to make them more productive. Once employees will get the modern devices and software to work on then it will surely help the organization to achieve the long time goals.

INVEST IN SOME AMENITIES FOR EMPLOYEES

It's an obvious fact that happy employees are the most productive employees. In order to achieve organization goals, you have to make sure that your employees are feeling happy about the work and work environment.

How to make your employees happy?

The answer is providing them those amenities which they need during work. Some bigger employers are investing a lot in employee incentives and perks. On-site gym, free transportation, free food, pet cares, and day care for employee's children in offices are becoming the norm these days. But for SMEs, it can be a daunting task to invest so much money.

So, what are the options for the SMEs for making their employees happy?

You have to calculate how much you can spend on your employee’s amenities and work accordingly. At least provide a coffee machine in office so that they don’t have to go outside for a hot cup. It will also make the office collaboration easy for them. Invest in some tutorials and or certifications for your employees. It will give them a boost in their career and they will feel obliged to the organization.

By providing Millennials a little perk you can make sure that your organization will get the shout out on social media. It will help you in getting the right talent for your company. 

CONCLUSION

Every company is different. A single plan can’t fit for all. You have to decide what best works for your organization. The best way to decide is to communicate with your employees. Make a plan about the expenditure, communicate with employees to know about their expectations and implement accordingly. 

If you are looking for an office space then Fortuneprops can help you. Just let us know your requirements; our experienced professionals help you find a perfect office space that suits your budget and expectations.

How Smaller Offices Help Employees to be more Productive?

Reducing the size of office is one of the best and easiest ways to save money and also to keep the yearly budget in control. If you find any unused space in your office space, you are actually wasting the money which can be used elsewhere. You may think that a smaller office will have a negative impact on the employees’ productivity, which is absolutely in contrast to the fact that smaller office is always beneficial. Smaller office spaces will have some great advantages, which in turn help employees be more productive and creative.

Here are a few benefits offered by small office space:

1.      Less Noise: It’s quite obvious that a smaller office space can accommodate fewer employees, and definitely the noise will be lesser. It’s true that, noise can be a greatest distraction for an employee, which makes it really hard for them to concentrate on their work. But in smaller office spaces, noise will be comparatively lesser than big office spaces, which allows employees to be more creative and productive in their working hours.

2.      Ergonomic Furnishings: Generally, smaller office spaces will have a great interior design along with the ergonomic furnishings offered to the employees. As the company will not have spent a great amount on the office space, they certainly will think of enhancing the beauty by investing on interior design and furnishings. Physical comfort plays a very important role in enhancing the productivity of an employee. When they aren’t comfortable, they often keep changing the position, which kills their time as well as their urge to be creative.

3.      Access to Natural Light: Lightings at workplace is yet another factor that plays a great role in increasing or decreasing the productivity of an employee. In smaller office spaces, one single window can ventilate the vast area of the office, providing the access to natural light to the employees. Of course, there are bulbs that can mimic natural light to some extent, but the effect and freshness of natural light can never be mimicked.

4.       Great Interior: Office interior is also an important element that will have a psychological impact on the employees. For instance, the colour; colours like yellow and orange can make the employees feel creative and cosy; too much of red can bring conflicts through the aggression; blue and green can have a soothing influence on the employees. If you are on a lease term which doesn’t allow you to paint the walls, you can consider peel-and-stick wallpapers that are available in the market today.

Along with the above mentioned key benefits, small office space has got lots of benefits to offer, which make the employees feel more creative during the working hour; smaller the office, productive will be the employees!

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Why Renting Office space is the Best Bet for Start-ups?

Now that you have decided to move out of your home office to give your start-up a new start with a professional work environment, and you have to be very careful while choosing the office space you need for your business as it can be a reason for the success or failure of your business. Before you jump in to the office space, you have to decide whether you are buying the space or renting it for few years.

Which do you think is the best and safest bet? Is it buying or renting? While making this decision, you have to keep in mind that yours is a start-up, and one wrong move can be the cause for the failure. You have to consider the pros and cons of renting as well as buying.

The first thing that comes into picture is the budget; do you think you have enough capital to have an office building of your own? Will you be able to manage your employees considering all the expenses? Analysing the pros and cons, it seems that, renting has got wide range of benefits when compared to buying. Don’t you think so?

Here we have gathered the benefits of renting an office space over buying; just take a look and decide it yourself.

1. Allows you set up quickly

Just consider the prospects; if you think of buying an office space, you need to conduct a thorough research about the office spaces available for sale, as you are going to stay there permanently. Once you find a suitable space, next stands the decor, furniture, and other alterations to be done to match the space in accordance to your business. This definitely takes hell lot of time to get set, and starting your operations will be delayed too.

And in case of renting, just choose a fully furnished office space that suits your business type and start your operations. Which is less time-consuming? It’s undoubtedly renting. Isn’t it?

2. The COST

Renting an office space saves you significant amount of money when compared to buying; want to know how? Just take a look at the above mentioned point. While buying an office space, you have to spend lots of money on the things mentioned there like decorating your office space according to the business needs. It covers the wall décor, the furniture and other things. You also have to spend on setting up the phone lines and the internet.

All these costs can be saved on choosing renting the space over buying, and the saved amount of money can be used to improve your business further like training your employees to make them masters in the field, or any other developments.

3. Change according to the needs

Confused? Well, don’t be! When you buy an office space for your own, what would you do if you see that your business is growing and you want to add few more employees, but there is no space available at your office? If your answer is buying a larger space than you actually need, the next question would be what if your business doesn’t go according to the plan and you end up with space remaining empty? You will then have to think about sub leasing the remaining space which would be an additional responsibility.

But when you rent an office space, when a situation arises for you to add few more employees, you’ll always have that room to leave the current space after the term and rent the one that can accommodate your employees.

There are lots of other benefits associated with renting office space over buying, but again it’s you who has to decide as you are the business owner and you know your business prospects better than anyone else.  So choose wisely and make the plan work for you.

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Bangalore Drives Demand for Office Space in India

A top city in India has large office space transactions place is Bangalore. An office space absorption witness to more leasing activity is Bangalore with limited supply in India. Bangalore is one preferred location for entrepreneurs to start up business in India and remains the top corporate office destination in India.

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BangaloreDrives Demand for Office Space in India

Co-Working: New Cool Factor for Today’s Corporates!

Co-working has really been a cool factor for many corporates these days; new business firms today don’t really want to set up a traditional office to carry out their operations, as they hardly spend their time at office. However, they aren’t working from their home either. They actually have found a new style to carry out their work in a professional way, and it’s Co-Working. They get a desk space, Wi-Fi, conference room, copier access, soft drink and a professional working environment.

A flexible space, full-facilities and low rents are actually pushing away the traditional office spaces, and getting a new flavour of working with someone. This new style of self-employed people working with others is changing the way the people are functioning across the globe, as they are sharing their knowledge and ideas with each other. So co-working is now hailed to be the hot trend of 2016. If you haven’t tried it yet, here are few reasons for you to try!

Why Co-working Space?

·         Co-working space has got lots to offer you; you’ll get to use the office desk, chairs, Wi-Fi, conference rooms, printer, photocopy machine and lot more without having to invest much on the office space.

·         The emanation of co-working spaces with low cost memberships have been enticing the start-ups, so that numerous entrepreneurs, consultants and others who need a flexible yet professional workspace are opting out co-working plan.

·         If you have moved out of your old office space because of its high rent, co-working can be an ideal choice for you. It provides you with the bunch of benefits like low rentals, clean working area and also the flexibility to move out of the place as and when you want.

·         If yours is a start-up, all that you would need is a little space to work to cut down the hassle of spending lots on infrastructure. Co-working could be the ideal choice for you as it offers a focused environment while also allowing you to have a brainstorming session with co-workers out there.

Like all the work-driven areas, the main focus here is people and their work, as it offers full-flexibility to the workers in the shared workspace. This certainly benefits the entrepreneurs as there will be a great bonding between the likeminded people working together; they can also exchange their ideas with each other which could be a spark for a great venture ahead.

Still there are lots of people out there who think co-working is not for them! But proven results and the increasing demand for co-working spaces clearly say that it’s far better than spreading out cluster of records and documents at a coffee shop! The rise in demand for this new style of working has made it clear that the trend grows even more, especially among the people of Gen Y.

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How to Design a Productive Office Space?

World Green Building Council recently concluded that there is overwhelming evidence linking the office space design and productivity of employees. But it’s not a new thing; it’s been there from quite a long time and we all know that productivity level of employees go down when they aren’t comfortable. May it be the atmosphere, temperature or the noise level; the employees need to be relaxed and comfortable to work at their best productive levels.

So, it’s really important to set the office to create the best possible working environment to make the employees more comfortable. There is no straight answer when asked, which is best among closed cubicles and open plan offices. As there are pros and cons associated with both the designs, you just have to think which design suits your business type the best and which design would be comfortable for your employees.

Cubicle vs. Open Plan

Cubicle Offices: Today, closed cubicle has almost become a synonym for ‘office space’ being employed across the major cities in India. It was designed to get the employees out of the old time open plan offices.

In 1960s, a designer called Robert Props proposed an idea of providing independence and autonomy to the employees working in office, and offered a flexible three walled design that can be reshaped to satisfy any need.

It didn’t take too long for businesses to realize that they can cram more people into a smaller space if they use cubicle design at offices. As the result, we can see majority of the office spaces designed with cubicles.

Open Plan Design: It has been the latest trend to have an open environment at office. The logic behind this is that, the employees will be more productive and happier when they work together instead of getting isolated within the walls.

Open plan offices allow employees to interact with each other which make them feel less isolated. The design also allows spontaneous interjections which helps in promoting the creativity.

Also, open plan is potentially helpful for less experienced members or interns as they can interact with the experienced employees easily.

There are lots of employees who think that privacy has been one of the major causes of work dissatisfaction, and they also complain about increased noise levels and distraction. This issue is just because the employees feel that they are being watched and they can’t just get away with their Facebook visits during work hours.

Colour and Lighting

Different colours at office can have different impact on the employees. Green makes the employees think broader and help them come up with creative ideas; Red boosts their energy; Pink gives them a calm effect and White has a modern appeal associated with it. So, while choosing the colours, make sure you consider the psychological effects of the colours.

Next comes the lighting; just check how much natural light the office is receiving and see is there any way to increase it. If you have to get settled in a windowless space, obviously you’ll have to go with artificial lighting. In such case, consider using full-spectrum bulbs which simulate daylight keeping the light soft and warm.

Ultimately it’s you who know the business well, so just look at the size of your company and the roles of employees, and choose a layout that suits the best for your business and employees. If your employees spend a bit more time on their phones, open plan might not work out for you. But if the team looks creative sharing their ideas with each other, open plan can allow your employees interact with ease. The same applies for colour and lighting as well;all that you do is not just for your employees, but also for your own

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5 Tips to Bargain the Finest Office Space

Once you have chose your options for office space and you like them, the next step is to acquire the best deal possible. But at times knowing what to bargain is peculiarly complicated. Landlords may be worried to congest empty spaces, but they are also keen to make up for the money and except you are not cautious, that negotiation lease you sign now can be filled with hidden charges, rising fees and clauses that knock down when you would least anticipate it. 

Obtaining great deals on office space is a blend of market timing, and good tenant planning. 

The real estate office market has strike a tipping point. With increasing vacancies and new sublease opportunities coming to market daily, when it comes to renting an office space it’s the tenants market. Rental rates are falling and will continue to do so. Landlords and Business centers are providing huge concessions to new tenants, but you won’t get the finest deal except for you know what to request. Smart business leaders know this as a suitable time to leverage their tenancy and take benefit from the market conditions. To take advantage of current market conditions business managers must bear in mind the following important success factors:

1.  What is the Optimum Price?   

When moving closer to the negotiating table, the peculiar tenant who’s doing this for the first time is most centered on obtaining the monthly rent as low as possible. This is the most frequent mistake tenants commit when a broker is not representing them.  The correct way to scrutinize a deal is to consider its total value (i.e. annual value, taxes, lease period, free rental period and other charges). That’s the way landlords evaluate deals, and that’s what you should also do.

2.  When to Initiate this Process?

Start the process early. This offers negotiating leverage and wiggle room. Initiate at least a year months before your lease ending date. Exploring the options can take 3 months, negotiating a lease can take 2 months, and if there is building new developments at another location can take 3 months or more. Set aside a generous amount of extra time for unforeseen delays in the leasing process.

3.  Don’t Give a Hint  

In no way give your landlord the feeling that their space is the only one that works for your company. Always create numerous feasible leasing options. Obtain proposals from each. Don’t grant a positive suggestion to any landlord until you have a fully executed new lease or lease renewal document with you. 

4.  Do your Groundwork

Always employ a tenant cost comparison spreadsheet. This spreadsheet comprises pricing of the potential offices you have chosen. Make the landlords completely aware of the fact that you will be directly weighing and comparing their lease suggestions with a tailored Excel spreadsheet. Put in the main factors from your different lease proposals. Make use of the resulting bottom line cost comparison as your major negotiating lever with each landlord to bring down the price of the competing sites. While making use of a tenant cost assessment spreadsheet, make sure that the landlord at each leasing option is offering you all the key cost factors you require. If it is clear that any landlord is delaying cost comparison details, just remove that property from the catalog of competing options. 

When employing a tenant cost comparison spreadsheet, pay attention to the landlord profit centers:

·         Put in key factors on base rent increases, tax and operating escalations, and other cost areas that increase over time.

·         Use the cost comparison keenly in your negotiations to eradicate, lessen or limit the landlord profit centers.

5.  Obtain a Representative 

Before starting the process, think about engaging an office tenant representative broker. If you are proficient in your business, you are most likely not a skilled in the profitable real estate office leasing business. Market dynamics change each day. An expert office lease negotiator is much better prepared to influence the market to the tenant’s fiscal advantage. Wait for each prospective landlord to be an expert office lease negotiator, controlling the office leasing market to the landlord’s economic advantage. If you settle on to employ a tenant representative, think about choosing one from an exclusive tenant rep commercial real estate firm. There are a lot of firms in the commercial real estate industry who stand for both landlords and tenants. This practice is observed by many tenants as a main clash.

Inquire your office tenant representative broker about economic details on current office leasing transactions in your local office market. The more deal your tenant rep broker has to reference, the more efficient he or she will be in influencing the local office market. Appoint your own commercial real estate architect to confirm the accurateness of the affirmed usable square footage of the office space.

Speak to other office tenants frankly regarding a potential landlord’s reputation in the areas of office building management and fair dealing.

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