As we prepare for the next year, it is important to reflect on the past year to grow and progress. What’s worked well? What hasn’t worked so well? How can we improve?

Below are some examples of trends I expect to continue in the DFW office market next year:

Creative Space is King

Creative/loft office space in DFW used to be primarily occupied by marketing, advertising, and other “creative” industries. Today, all types of industries (legal, finance, professional services, etc.) demand a more unique environment for their employees. This is accomplished by leasing older, redeveloped buildings or creating that aesthetic in a more typical highrise.

Exposed brick, stained concrete floors, copious natural light (for everyone, not just those with exterior private offices), and exposed ductwork — are the things many companies want as they attempt to create a workspace that promotes innovation and productivity. Many landlords are also more open-minded to less conventional ideas as they face increased competition from co-working spaces.

The War for Talent

With the risk of sounding like a broken record here, this has to be the most reoccurring theme in the Dallas-Fort Worth metroplex today. It has been an unprecedented time for corporate headquarter relocations to DFW over the past few years. In addition, millennials are the largest generation in the labor force, and prudent business owners use their real estate as a competitive advantage for recruiting and retaining top talent.

Personnel costs are a much larger line item on a company’s balance sheet than real estate occupancy costs. I expect more companies to consider higher-priced buildings with additional amenities in live-work-play areas. By doing so, for many companies, the avoided costs of losing valuable employees and training new hires outweigh the additional occupancy costs. It could be its own bullet point, but employee happiness is critical for productivity.

Increased Parking “Squeeze”

Companies are designing more efficient workspaces and becoming denser, almost across the board. This is problematic for older buildings built to accommodate three parking spaces across 1,000 square feet in suburban markets and one space across 1,000 square feet in the Central Business District.

Companies are putting more people in less square footage by utilizing building amenity areas or creating larger “shared areas” within their spaces and attempting to offset higher rents. Securing additional parking spaces nearby is an obvious solution, but oftentimes, easier said than done. Some companies are offering incentives for their employees to ride DART or are relocating to a space that is in walkable proximity to most of their employees as a solution. It is also important to evaluate the maximum number of employees on-site on any given day versus the total number of employees.

Some Things Never Change

Not to contradict my “millennial schpeel” above, but I expect some companies will revert to more traditional working methods after making drastic changes over the past few years. Many companies that hopped on the “open office layout” trend a few years ago will realize that it does not work well for their specific business.

In the legal industry, the egalitarian layout of equally sized offices for associates and partners alike will likely change for many firms after switching within the past few years. (Side note: I still expect increased collaboration areas — such as open break rooms — even from companies that revert to a less open layout with more private offices.)

As another example, IBM decided to end its “working from home” policy for a large sector of its workforce. IBM realized that a collaborative effort was more beneficial than the savings in real estate costs by having remote workers. Some people can work from a coffee shop and be just as or more productive than in an office, but some can’t. The challenge is finding the right balance between employee happiness and productivity.

Looking Forward to 2019

Overall, we’ve made huge progress in understanding that a happier worker is a more productive worker. This is beneficial to everyone as more and more companies place a higher emphasis on wellness, balance, and flexibility. While some of the newest trends do not work well for all industries, many companies in the Dallas-Fort Worth metroplex are making improvements that support employee well-being. I look forward to seeing how we progress in 2019.

Is remote work the way of the future? According to guest speakers at the recent Inbound 2018 conference in Boston, building a remote team is a recipe for company growth and success.

While working remotely is not a suitable avenue for all businesses, it can offer many benefits to small and large companies when executed correctly.

However, senior leadership often struggles with the real-world implications of building a remote team. How do you know your employees are working? Are there ways you can help them feel connected, even though they are miles apart?

These are the questions managers face when developing a remotely distributed team.

For the project management company Trello, a work-from-home strategy has proven immensely successful. 70 percent of Trello’s 150-member team is remotely distributed, Head of Marketing Stella Garber told attendees at Inbound 2018.

Benefits of Building a Remote Team

Working remotely allows the Trello team to “eat our dog food,” said Garber, referring to the fact that all team members utilize the company’s project management tool. “We are using [Trello] for the same reasons as our customers. We are experiencing the same pain points, so we understand their requests.”

However, using the Trello tool isn’t the only reason the team opted to go remote. Various other benefits for the company, leadership, and employees helped grow the Trello brand to where it is today.

For example, remote teams allow companies to hire new members without geographic limitations. This enables them to hire the very best candidates globally without worrying about location restrictions.

Additionally, Trello has experienced higher retention for remote employees. Several studies have revealed that remote workers are happier and more productive than those working in an office. With so many distractions in today’s office world, employees ultimately work longer hours to compensate for lost time.

“Someone from my team just went remote a couple of weeks ago,” said Garber. “I asked her, ‘What are your impressions?’ She said, ‘The biggest thing is that I’m getting so much more work done.’ If you can control your work environment, then you are more productive. It’s not rocket science.”

Rules for Engagement

Remote work is not for everyone; it requires a lot of effort and resources, in addition to organizational buy-in. When building a remote team, leadership should have standards, rather than exceptions, according to Garber. In other words, all team members should abide by a common set of rules.

For Trello, the team is held accountable to the following rules:

1. Assume Remote

Regardless of whether an employee is in the office or not, all team members must “assume remote.” For example, if five employees have a meeting scheduled but one of them is working outside the office, then all team members will dial in via a video conference from their desks. This way, there is consistency on the call. The key is to avoid situations where remote workers will feel ostracized, and to create an environment where everyone is part of the team.

2. Create a Dedicated Working Space

For Trello’s team, employees must each have a dedicated space for working. This space includes a desk, chair, quiet room, and a door that closes. Employees cannot work from their kitchen, couch, coffee shop, etc. From a noisy atmosphere that is not suitable for video meetings or calls to a sketchy internet connection, public spaces are often unreliable locations. In addition, all team members must have dedicated childcare to ensure they give their work undivided attention.

3. Default to Over-Communicating

In a typical office environment, many strategy sessions or shared ideas occur when team members bump into each other in the hallway or kitchen. This is an interaction that remote workers do not share, so it’s essential for all team members to over-communicate across various channels.

At Trello, the team has a rule: “if you have something important to say, say it three times in different venues to make sure you are heard,” said Garber. Never assume that your Slack message or email was received.

4. Make Time for Facetime

Slack and email can only go so far; face-to-face conversations drive your business. However, video conference calls are not just for meetings and strategy sessions. Just as you would in a typical office environment, getting to know your team as people is crucial; employees across various departments should schedule time with each other to connect, interact, and build relationships.

5. Make it Fun

While building a remote team has many benefits, perhaps the most impactful is the cost savings of not leasing office space. But to maintain morale and a happy workforce, leaders need to funnel some of those saved expenses into off-site trips, team-building events, and other fun activities.

For example, many of Trello’s remote workers will get together for “biweekly jam sessions,” where they will play icebreaker games to get to know each other or grab a beer for happy hour. Garber said the Trello team also utilizes Slack to create fun channels for non-work banter to recreate those “water-cooler conversations” that occur in a typical office environment. For example, Trello has a channel for cat people, dog people, an outfit of the day channel, and others that draw employees together over shared interests.

The Trust Factor

When building a remote team, successful implementation all boils down to trust.

“How do you know when a person is working? Well, how do you know they are working when they are in the office? Trust,” said Garber.

Ultimately, it’s all about trusting your remote workers but checking in regularly. Whether through periodic check-ins to see what projects are on their plate or a weekly one-on-one video call, leaders need to articulate their goals clearly then follow up to track the employee’s work product.

It was not long ago that landlords had it easy. Pop in a small building deli so that your tenants do not have to leave the property if they need a quick meal and they were satisfied. Over the past five years, however, there has been a huge shift in the importance of building amenities.

Today, companies are placing a much greater emphasis on employee happiness, wellness, and flexibility. As Mark Cuban said, “everyone is a free agent” in today’s job market. Not only is a business owner required to recruit well — once they have hired that potential “all-star,” how do they retain them?

Utilizing Building Amenities to Gain an Edge

There are numerous ways businesses use their office space to promote company culture and increase productivity. However, what must landlords do to get an edge in today’s competitive and busy office market?

In Downtown Dallas, it is normal and necessary for buildings to have expanded amenity packages. The larger buildings, high density, and parking situation in the area make it much easier to support and justify a full-service gym, convenience store, or food court.

As tenants tour smaller buildings in suburban markets, they will be in for a pleasant surprise as they notice that even smaller buildings are adding all types of amenities and services in hopes of increasing occupancy.

Below are a few of the basics we are seeing, even in smaller office buildings:

• Upgraded building deli or “grab ‘n go” lunch area — that actually offer good food!
• Fitness facility, complete with towel service, state-of-the-art equipment, trainers, and workout classes
• Shared conference facility — an area that “pops,” not just some spare office they could not lease
• Common area lounge equipped with high-speed Wi-Fi where employees can get away from their desk

A Growing Office Market

Demand for office space in the Dallas-Fort Worth metroplex is at an all-time high, thanks to a booming economy, no state income tax, easy access to international airports, low cost of living, and a solid labor force. Businesses in many different sectors are growing and there have been several corporate headquarter relocations to our city over the past few years.

As companies compete for talent, it is imperative that they offer their employees as many benefits and “perks” as possible. As business owners evaluate their office building options, it is clear that many favor buildings that offer a full “experience” and motivate employees in the workplace. This is causing these types of building amenities and services to become the norm in the DFW office market.

Many landlords are getting more creative, adding the following building amenities to set themselves apart from the competition:

• Putting greens and driving range simulators to entertain the golf-lovers
• Daily food delivery services like Foodsby
• Shuttles to nearby retail restaurants and shops to offer additional convenience for employees and residents alike
• Beer tap or kegs (free beer!)

Measuring Success Through Implementation

Some landlords are more successful than others with their implementation of building amenities. But providing these benefits to office tenants is not always easy. In some buildings, I see tenants utilizing the amenities frequently; in others, not so much.

Building architecture, current vacancies, building location, and employee type all impact what a landlord is able to provide. However, it’s important to offer these amenities to remain competitive as well as to give tenants the opportunity to motivate and delight their employees.

Rentlytics, a former SaaS-based data analytics platform for the multifamily industry that was acquired by RealPage, knew that creating great content was one of the best ways to generate leads, which is why they enlisted the help of Criterion.B to bring their content marketing campaigns to life.

Knowing the popularity and perceived value of eBooks among Rentlytics’ target audience, our team went right to work to deliver high-quality content that would drive engagement.

The Process

Our content writers and designers collaborated to create an educational and engaging eBook filled with valuable information geared toward Rentlytics’ buyer persona.

We researched and developed 15 pages of copy focused on a highly relevant topic in the multifamily industry — “Why You Need Business Intelligence in Your 2019 Budget (and How to Get It).”

Our team also set out to deliver an eBook that matched Rentlytics’ branding while incorporating new design elements inspired by innovation, technology, and the future of multifamily.

The finished eBook demonstrates the quality of work our team produces to earn engagement for our clients and showcases a perfect marriage between strong design and compelling content.

The Results

While quality long-form content is a great way to drive engagement, downloadable offers can drive even better results when paired with a robust marketing distribution strategy.

With our attractively designed eBook in hand, the Rentlytics team pushed the offer through various channels, including an email blast, newsletters, their blog, and social media. Our eBook, coupled with their robust distribution strategy, resulted in more than 500 downloads.

How the Convenience Economy Is Impacting the Multifamily Market

In today’s fast-paced world, the convenience economy is revolutionizing how we live, work, and interact. As technology advances and our lifestyles evolve, the demand for convenience has become a significant driving force across various industries, including the multifamily apartment market.

The Convenience Economy

The convenience economy is a term that describes the rise of peer-to-peer service platforms like Uber and Airbnb. In other words, it’s a shared economy, changing how we travel, communicate, and purchase.

Below are a few examples of how the convenience economy has affected the multifamily market:

On-Demand Services and Amenities

The rise of the convenience economy has given birth to many on-demand services and amenities that cater to residents’ desire for effortless living. From package lockers and laundry services to dog walking and grocery delivery, multifamily properties increasingly integrate these conveniences into their offerings. By partnering with service providers or implementing in-house solutions, property managers can enhance resident satisfaction and differentiate their communities in a competitive market.

Smart Home Technology

One of the key manifestations of the convenience economy in multifamily apartments is the widespread adoption of smart home technology. Residents now seek apartments equipped with smart thermostats, voice-activated assistants, and connected devices that offer seamless control and automation. Smart technology not only enhances convenience but also promotes energy efficiency and sustainability, further aligning with the preferences of environmentally-conscious residents.

Co-Working Spaces and Remote Work Support

The convenience economy has also reshaped how people work, with a growing emphasis on remote work and flexible schedules. Multifamily properties recognize this shift by incorporating dedicated co-working spaces, high-speed internet connectivity, and business centers within their communities. Property managers can attract professionals who prioritize convenience and work-life integration by providing work-friendly environments and amenities.

Digital Platforms for Resident Services

In the convenience economy, digital platforms enhance the resident experience. Property management companies leverage technology to streamline communication, facilitate rent payments, and provide online maintenance request systems. By offering user-friendly platforms and mobile apps, property managers can improve convenience and accessibility, ultimately fostering resident satisfaction and loyalty.

Location and Access to Essentials

Residents increasingly prioritize proximity to essential services and amenities as part of the convenience economy. Multifamily properties strategically located near grocery stores, restaurants, fitness centers, and public transportation gain a competitive edge. Proximity to these conveniences allows residents to save time and effort, contributing to an enhanced quality of life.

Embracing Convenience to Thrive in an Evolving Landscape

Convenience technology is not a fad; it’s a shift. The convenience economy has become dominant, shaping the multifamily apartment market and influencing residents’ expectations. Property managers must embrace the changing demands and integrate convenient solutions into their offerings to thrive in this evolving landscape.

If your residents use an app service like Washio, why spend thousands of dollars on a laundry room in your complex?

Take the time to research and find the apps that your residents are using and what’s trending. You may find that you can allocate additional funds to the amenities your residents want rather than what is speculated to be most important.

Unlocking the Potential: A Comprehensive Multifamily Market Report

The multifamily market is a dynamic and ever-evolving sector of the real estate industry, catering to the growing demand for rental housing globally.

This blog provides a comprehensive analysis of the current state of the multifamily market, backed by relevant market data, and offers valuable insights into the multifamily market outlook.

By examining key trends and developments, this article aims to shed light on the factors shaping the multifamily sector and guide investors, developers, and industry professionals in making informed decisions.

Multifamily Market Data: An Overview

To understand the multifamily market, let’s begin with an overview of the current market data. According to recent reports, the multifamily market has witnessed significant growth in recent years, driven by various factors such as changing demographics, lifestyle preferences, and economic conditions. Here are some key statistics:

• Demand and Occupancy Rates: The multifamily sector has experienced robust demand, with occupancy rates averaging around 95% in major metropolitan areas. This indicates a strong and consistent demand for rental properties.
• Rent Growth: Rent growth has been steady, with average rental rates increasing by approximately 3-5% annually in many markets. Factors contributing to this growth include limited housing supply, population growth, and increased urbanization.
• Construction Activity: The multifamily market has seen a surge in construction activity to meet the growing demand. Developers are building new apartment complexes, especially in urban centers and areas with strong job markets.

Multifamily Market Outlook: Key Trends and Predictions

• Urbanization and Lifestyle Preferences: Urbanization continues to shape the multifamily market. Millennials and young professionals gravitate towards urban centers due to proximity to job opportunities, amenities, and vibrant social scenes. As a result, demand for rental properties in these areas is expected to remain strong.
• Technology and Amenities: Technological advancements and innovative amenities increasingly influence the multifamily market. Properties that offer smart home features, high-speed internet connectivity, co-working spaces, fitness centers, and communal areas have a competitive advantage in attracting tenants.
• Sustainability and Green Initiatives: With rising environmental concerns, sustainable and eco-friendly properties are gaining popularity. Developers and investors are incorporating energy-efficient designs, renewable energy sources, and sustainable practices to appeal to environmentally-conscious tenants.
• Shifts in Homeownership Trends: Economic factors and changing lifestyles have led to declining homeownership rates among specific demographics. The preference for renting over homeownership has increased, creating a favorable climate for the multifamily market.

Dallas Expansion Overview

Dallas is one city that has seen significant expansion in a short stint of time. We have welcomed many corporate headquarters, commercial real estate buildings, and multifamily housing. The expansion in downtown, uptown, and Deep Ellum alone is enough to attract one’s attention. It seems as though every time you look around, there is new construction and an influx of new faces to add to the DFW melting pot.

Multifamily Market Report: Industry Insights and Expert Analysis

In addition to market data and trends, multifamily market reports provide valuable insights and expert analysis to guide stakeholders in navigating the multifamily sector. These reports delve into various aspects, including market performance, investment opportunities, regional variations, and emerging markets. Investors and industry professionals can leverage these reports to make informed decisions based on market forecasts, risk assessments, and investment potential.

Multifamily Market Data Revealed: Analyzing Trends and Insights

The multifamily market continues demonstrating strength and resilience, driven by evolving demographics, lifestyle preferences, and economic factors. With robust demand, steady rent growth, and investment opportunities, the multifamily sector presents promising prospects for investors and industry participants.

As the multifamily market evolves, it is crucial to stay informed about the latest multifamily market data, monitor key trends, and leverage multifamily market reports to gain a comprehensive understanding of the sector. By staying attuned to market dynamics, stakeholders can position themselves for success and capitalize on the opportunities presented by the multifamily market.

Remember, the multifamily market is subject to regional variations and economic fluctuations, so conducting thorough research and consulting industry experts.