Executive Insight – Real Estate Trends

by Rodney Richerson

Premier Office Magazine asked KBS Regional President, Rodney Richerson about real estate trends.

Q: What is one trend you have noticed in the market that did not exist three years ago?

The open collaborative work environment has been a big discussion point among building owners, brokers and tenants over the last few years. It has primarily been driven by the tech industry, but we are also seeing it in other industries as well. The difference between a “tech” collaborative work environment — that may have a seating arrangement of eight employees on a long table — and other industries is that most tenants are focused on a blended concept. Most tenant build-outs that we are seeing still have private or “focus” work environments, but they are providing more collaborative work spaces beyond the typical conference room. Specific examples would include conversation pits, open space conference rooms, larger kitchen areas with work tables for working lunches and lounge areas with Wi-Fi connectivity. As a landlord, we are trying to add these types of amenities for tenants in our buildings so that they don’t need to include this square footage in their leases.

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Rodney Richerson is the Western Regional President for KBS and the director of the company’s asset management team.  Rodney oversees a portfolio of commercial properties totaling over 9.0 million square feet.