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Office spaces in the southern part of Metro Manila have become more expensive, this is due to the increased demand of companies. Addition to that, these employee’s experience daily traffic in the area that affects the entire economy to lose approximately 3 billion pesos per day due to traffic. Establishing business in congested areas is costly not only to the company, but also to its employees. That is why companies in the central business districts should consider looking to other units in Quezon City (QC). The City is already growing in terms of creating and establishing business and there are several reasons that makes Quezon City as an attractive proper location for business. First, cost is cheap. Rental prices of office spaces in the Quezon City are lower than the southern Central Business Districts. QC's office space only averages at Php503.79 per sqm per month (Read: The Future of Office Spaces). On the other hand, Makati and Taguig City rental prices are much more expensive, averaging at Php763 and Php635 per sqm per month. Situating business in Quezon City can help companies with lower costs of capital, and employees to manage their personal expenses better. Quezon City also houses a productive set of labor force that shares the biggest portion which is 22.8% for the population in Metro Manila. 99.74% of the population is literate and most can do office tasks, making it more attractive. This is demonstrated by some companies already choosing to locate in Quezon City. In 2014, Expert Global Solutions, a global BPO-IT firm under JP Morgan & Chase, established business in the city due to its attractive labor force and IT-BPO conducive environment. Quezon Avenue, Cubao, and Commonwealth are areas with the most number of office spaces in the city, and are easily accessible through several modes of transportation and major roads. Finally, a major real estate development which improve welfare of citizens and increase foot traffic, are on the horizon for Quezon City. MRT-7, a proposed railway system that crosses Quezon City has already started its ground breaking. This is expected to improve comfort and accessibility of transportation to the city. Additionally, the local government has laid out several plans to develop a Central Business District in the North and East Triangles and will house the Vertis North Township, a land development by Ayala Corporation, which will contain office, residential, and commercial spaces. Development like these can help businesses by attracting an excellent labor force, and increase connectivity with complementary businesses. It is no surprise that a number of companies have already chosen to establish presence in Quezon City. With several factors making the city conducive to business operations, other companies in business districts should start setting up and to look for units in Quezon City. REFERENCES: http://www.philstar.com/headlines/2015/09/16/1500512/metro-manila-traffic-costing-philippines-p3billion-day http://thestandard.com.ph/real-estate/196328/things-we-wanted-to-know-about-real-estate-in-2015but-we-re-too-busy-to-ask.html https://en.wikipedia.org/wiki/Metro_Manila#Independent_cities_and_municipality http://quezoncity.gov.ph/index.php/facts-and-figures http://www.philstar.com/business/2014/06/13/1334170/bpo-firm-open-new-site-qc http://www.rappler.com/business/industries/208-infrastructure/122572-mrt7-groundbreaking-sanmiguel-ulc http://quezoncity.gov.ph/index.php/component/content/article/100/561-the-quezon-city-centralbusiness-district
The era of the baby boomer generation which called for traditional and straightforward brick-and-mortar offices is now transitioning into the generation y era – which is also most commonly known as the millennial era, who prefers trendy and aesthetically pleasing working spaces. Why is this so? A quick look into the demographic of the working population holds the key to defining why there is such a rampant transition for office/working spaces today. The baby boomers are comprised of those born between the years 1945 and 1964 (now aged 52 to 71) while generation y, also known as the millennials, is comprised of those born between the years 1977 and 1994 (now aged 22 to 39). Baby boomers are now closer to the retiring age bracket while millennials have just completely come of age for the working demographic. As our working demographic now takes a drastic shift, so does the criteria for what could be an “attractive work space”. In truth, baby boomers didn’t care much for the aesthetic of a working space; their decisions regarding their business’ working spaces relied much on the practicality and functionality of the space itself. The previous working demographic also viewed their working spaces merely as a place to come together to finish tasks to grow the company. However, since our working demographic has shifted and we have entered into the millennial era, it is now apparent that the “attractiveness” of a working space is defined by the tastes of these millennials. Today’s office spaces vary so much that it has become one of the major deciding factors for job applicants. Surprisingly, many companies are quickly changing their work spaces and adapting to this demand. You’ll find that the common trend for offices spaces apply an industrial or modern interior design – key words to describe offices today would be modern, minimalist, abstract, colorful, vibrant, young, and exciting. Apart from this general vibe, you’ll also discover that companies have now gone out of their way to provide their employees with free-flowing food pantries, trendy meeting rooms, cool lounges, and even sleeping hubs. In retrospect, millennials have actually driven companies to provide much more than a working space for an office. Millennials have changed office spaces to become a convenient hub where all their needs can be catered to while they work for the company they choose.
As the millennial generation – broadly defined as people born in the 1980s to early 2000s – becomes a more dominant group in the workforce, there has been a dramatic shift in the type of physical work space companies are looking for. Gone are the days of traditional office space with cubicles, large private offices and oak doors. The modern offices of the millennial professional have ushered in open, collaborative workspaces and brainstorming areas. Luckily for landlords and developers, this take on the workplace doesn’t have to be expensive and comes with the payoff of making tenants happy. Tech and startup companies led by millennials have become an ubiquitous part of the real estate landscape. So what can builders and landlords do to effectively meet the needs of the ever-dominant millennial generation? There are some overriding themes that millennials are looking for in their work spaces. COLLABORATIVE SPACES For millennials, this can’t be emphasized enough. This isn’t your dad’s office building. With technology making it easier for people to communicate from their mobile devices, the main reason for people to come to work is to meet. What once served as private office space is now being utilized as smaller meeting rooms or conference rooms. For many young companies, it’s all about opening up the space, replacing the oak doors with glass and adding a little funk to get the collaborative juices flowing. High-walled cubicles have been replaced by low workstations or tables that make it easy for people to talk with each other and share ideas. TECHNO GEEKS This generation grew up with technology and gadgets, and as they come into the workforce, they expect technology to come with them. While their parents strived for the corner office, millennials prioritize a vibrant, exciting workspace. Builders and landlords need to address this in new building designs, by adding in special comforts and amenities that give the office “oomph.” From breakout areas and coffee-bar type spaces to nap rooms and fitness rooms, there are a variety of approaches builders can take. This also can include incorporating outdoor areas, with opportunities to bring in roof space or walking paths outside the office so employees can get a little fresh air and clear their heads. Designing office space that makes the building stand apart and encourages innovation will pay off when marketing to millennials. At the same time, office location is critical for millennials. Besides amenities within their offices, they want shops and restaurants within walking distance. Flexibility is key for this generation. Instead of always holding meetings in the conference room like previous generations, they may want to mix it up and take their employees to a nearby café for a change of scene. CREATIVE AND ECO-FRIENDLY Even beyond the interior of the building, millennials want an office that stands out from the exterior. They’re no longer satisfied with the traditional skyscraper, but are looking for buildings made out of a variety of materials, like brick and steel, and buildings that are a few different heights. Incorporating as much glass as possible is important, because it can let in the natural light that millennials prize. Millennials also want buildings that stand out for their sustainable elements and LEED certifications. For this generation, sustainability is second nature. Millennials have grown up hearing about the environmental obstacles we face, and they want a building that is both attractive and environmentally friendly. WHAT THE FUTURE BEHOLDS The millennial generation will be leading the work force for the foreseeable future, so builders and landlords need to understand and appreciate millennials’ needs if they want to stay in business. While different companies will prioritize different features and amenities depending on their needs, taking the time to sit down and listen to the tenant is worth it. Just as millennials appreciate collaborative office space, they also appreciate the opportunity to collaborate with landlords, builders and architects on build-to-suit spaces that meet their company’s unique needs. While the previous generations may have heeded the advice of these industry experts, millennials want to be part of their conversation, fostering mutually beneficial relationships with the people who will create their ideal office spaces. Some industry leaders may wonder if these office trends are passing fads, or if they are here to stay. Office space will continue to evolve, but as the demand for more original space grows, keeping these priorities in mind will give you an edge on the competition.