By Braxton Anthony | November 10, 2022
After returning from a global real estate conference and reading numerous publications on the performance of the office sector during the pandemic, I continue to see and hear a reoccurring tag line, “Flight to Quality.” What does Flight to Quality mean and why is this a topic of discussion? In my opinion, a simple definition is to improve the quality of a workspace. Remote work and the tight labor market have both significantly triggered this current trend.
What factors into Flight to Quality? Many things including the location of the building, age of the building/sustainability, modern building amenities and the actual space. Let’s take a deeper dive into these four sectors:
- “Live, work, play” is highly desired and used as a recruiting tool by some organizations
- Short walking distance (higher Walk Score) to amenities including restaurants, bars, coffee shops, retailers, walking trails, parks, etc.
- Centralized to employee base
- Age of Building/Sustainability
- Newer constructed Class A buildings offer enhanced natural light (floor to ceiling windows) with impressive views
- Restrooms with touchless fixtures
- Sleeker, quicker elevators
- LEED Certification
- HVAC filtration systems, energy management systems, recycled building materials, etc.
- Modern Building Amenities
- Many newer buildings have lobby areas that feel like you are entering into a hotel rather than an office building
- Tenant amenity centers include conference and training areas, fitness centers, golf simulators, entertainment areas (outdoor terraces), cafes, etc.
- Covered/structured parking
- Onsite security and property management
- High-quality space designs are more about experiences than “a place to go to work”
- Open, collaboration areas (break rooms)
- Above standard finishes consist of glass walls/sidelights, open ceilings, concrete floors, luxury vinyl tiles, accent walls, LED lighting, operable windows, etc.
RCR Flight to Quality Showcase: