The commercial real estate industry in Boston, like many other major cities, is experiencing a paradigm shift. During Q4 of 2023, Boston’s overall vacancy and availability had expanded to 19.3% and 24.5% throughout the city. Tenants are no longer solely focused on traditional office spaces; they now seek environments that foster collaboration, innovation, and employee well-being. In order to stay competitive, operators must adapt and provide workplace experiences that align with these evolving demands.
As top landlords in the Boston area, DivcoWest and Rockhill have recognized the importance of investing in real estate experiences to counteract the low occupancy. All three understand that a well-curated workplace can attract and retain high-quality tenants, ultimately driving long-term success. These operators have made substantial investments to create environments that go beyond the traditional office space:
Creating a Sense of Community
These three properties provide elite spaces that encourage both collaboration and innovation among tenants and their employees. This includes flexible workspaces, communal areas, and state-of-the-art technology that facilitates seamless communication and idea-sharing among tenants such as leveraging their building app to foster community and encourage feedback.
Investing in Employee Well-being
Leading properties recognize the importance of employee wellbeing through investing in amenities that promote a healthy work-life balance. Rockhill is known for making the extra effort to provide tenants with amenities focused on health and wellness within the workspace. For example:
- Rockhill has invested in a partnership with Lulafit which specializes in delivering exceptional hospitality services. Together they co-manage the amenity and fitness centers within their Boston properties to produce engaging wellness programming and social events for tenants.
Events, Events, Events!
In-person collaboration and networking play a crucial role in shaping a positive workplace experience by helping to foster trust and confidence among employees, which in turn boosts morale and productivity.
- DivcoWest is a prime example of an operator who has embraced this approach. For example, their Cambridge Crossing property team has done an excellent job building out their highly-anticipated summer events series.
In the ever-evolving CRE industry, optimizing workplace experience has become a vital tool for success. Top operators in the area have recognized this and made significant investments to curate workplace experiences that meet and exceed the needs of their tenants. By prioritizing collaboration, innovation, employee well-being, and leveraging technology, these operators are setting a benchmark for others in the industry. As the CRE industry continues to evolve, it is clear that those who invest in optimizing workplace experiences will be well-positioned for success in the Boston area and beyond.
