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Tenant-Friendly Renovations Attract Millennials
Millennial worker preferences are causing FMs and organizations to invest more in facility renovations and improvements to attract the top talent – tenant-friendly improvements have increased by 14.2% since the first quarter of 2013, according to a new report from Jones Lang LaSalle. The United States Construction Perspective – Q2 report also shows that the cost of redesigns to attract tenants(called tenant improvement packages) is affordable, with the national average coming in at $30 per square foot and slightly over $50 per square foot in central business districts.
The report’s authors note that tenant improvement packages offer an easy way for building owners and managers to improve lease negotiations, giving tenants an opportunity to optimize space for their organizations without having to invest in a redesign. The trend to more customizable built environments isn’t limited only to commercial and office spaces – industrial and retail tenants, as well as restaurant chains, are all ramping up their investment in tenant improvement packages.
Still looking for ways to attract top talent? Check out this guide to creating an occupant-friendly facility for more tips.