To be competitive in the commercial real estate sector, property managers strive to stay ahead of the curve of construction and design. To anticipate the ever-evolving demands of commercial tenants, many building owners develop spec suites to populate and promote their properties.
Commercial landlords often work with design partners to build spaces that reflect current design trends. This coupling combines their larger purchasing power when securing project partners. By spending their own time and money to build out a working office, they create a move-in ready space for prospective tenants.
We worked with John Buck Co. + Newmark Knight Frank to develop a set of spec suites to showcase newly minted units at 151 N Franklin. Let’s take a look at the development and how spec suites enable property managers and companies in need of commercial office space the opportunity for a timely moving plan.
The Appeal of a Blank Slate
Naturally, some companies might prefer to have an office customized to their specific goals with a space designed to broadcast their culture, values and branding. However, not every organization can afford to hire architects, a design team and the various contractors it takes to make their vision a reality, let alone to do so within a limited timeframe.
Spec suites are great for many reasons but they’re very important for when a client needs to get into an office space immediately and doesn’t have the time to wait for construction and a build out.
When you inspect a spec suite, there are a number of benefits to keep in mind:
- The landlord owns cost of planning and construction
- Variety of dynamic floor plans to choose from
- Immediate access to space
- Space is furnished and finished for you
At 151 N. Franklin, our Account Executive proposed four different packages varying in cost and furniture density. By laying out these proposals, we were able to agree on a product assortment that both the property manager and owner felt comfortable with for the building.
In total our installation included 18 workstations, and 10 private offices categorized into unique layouts for interested tenants to explore.
How Spec Suites Benefit Landlords
Well-designed spec suites can be a benefit for both tenants and landlords. By designing the space, property owners control the vision and costs of development and are able to focus on both value and design.
By designing and building spec suites prior to negotiating a lease, landlords are able to mitigate client expectations for a new space. By making a space move-in ready, landlords offer an accessible, attractive office that clients can come to call their own with minimal updates or brand additions.
At 151 N. Franklin, our role was to develop these attractive spaces for potential tenants and to showcase the building’s strengths and technology-forward capacities.
Spec suites almost always increase the overall value of an office property. And with good timing, and solid design and construction, the return on investment is usually worth the risk for both landlords and tenants.
If you have commercial real estate in need of tenants, contact us to develop a plan for maximizing viewership and minimizing vacancy.
Furniture used in this project:
National lounge, Three H Reception Desk, Hon Conference Table, Kimball Alluma Conf Chairs, Knoll Dividends and Antenna open office, dividends and anchor PO, Saarinen marble PO side tables, Sit On It Focus task and side.