Pew Research Center Study is Good News for Commercial Real Estate Industry

Ryan Goggins, Vice President of Sunbeam Properties & Development

Miramar Park of Commerce Developer Sunbeam Properties Notes Employers, Relocating Businesses Are Positively Impacted by Mixed-Use Office Surrounding Communities

For employers to attract and retain top talent, creating an attractive work environment inside and outside of the office is key.”

— Ryan Goggins, Vice President of Sunbeam Properties & Development

MIRAMAR, FLORIDA, UNITED STATES, January 19, 2024 / — The commercial real estate industry has faced significant challenges due to the rise in remote work brought about during the COVID pandemic. However, a 2022 Pew Research Center survey noted more workers feel more productive at the office and prefer to work there as opposed to remotely. “That is great news for the commercial real estate industry,” said Ryan Goggins, vice president of Sunbeam Properties & Development, developer of the Miramar Park of Commerce.

The Pew study reveals that, among workers with jobs that can be done from home who choose to go into their office, preference and productivity are their main reasons for rarely or never working from home.

For employers to attract and retain top talent, creating an attractive work environment inside and outside of the office is key. Currently, Sunbeam Properties & Development has plans to develop The Park at Miramar, a mixed-use lifestyle community adjacent to the Miramar Park of Commerce to include parks, 2,800 residential units and 300,000 square feet of commercial space, a hotel, entertainment venues, retail and restaurants, all within walking distance of the business park.

“Businesses want their employees back in the physical workspace, whether that’s part-time or full-time and all employers want to attract and retain top talent,” Goggins said. “They want them to be happy and engaged and part of ensuring that is by creating an attractive work environment inside and outside of the office.”

Goggins suggests employers consider the “Three Cs” when determining how to attract employees back to the workplace or when evaluating a potential relocation:

Cost efficiency: As the “new” workplace evolves, companies should look into non-traditional office spaces such as single-story flex buildings for their office needs. Flex spaces have individual entrances and allow companies to infuse creativity, character and identity into a space that makes it uniquely theirs and at the same time engages employees. Office space in flex buildings is often less expensive and more cost efficient compared to other traditional office spaces on the market and tends to be located in suburban areas within close proximity to an expanded talent pool. Another benefit to non-traditional office space is parking. Unlike typical buildings in urban and downtown settings, where parking is limited and often costly, parking in suburban areas is plentiful and often times free.

Consolidation: If employees are working a hybrid schedule, or not coming into the office at all, many companies have determined that their current space is underutilized. Consolidating multiple underutilized offices into a central location can help reduce occupancy costs. Why pay for space that is underutilized, particularly at high rental rates?

Community: Not everyone can build a Silicone Valley-like campus where every imaginable employee lifestyle need is met. But employers can locate their office in a community where the surrounding area accommodates the wants and needs of employees.

Ultimately, mixed-use projects like Sunbeam’s “The Park at Miramar” can become the commercial and entertainment heartbeat for a region, creating a vibrant community ecosystem. The advantages are wide reaching. Locating the workplace in or adjacent to such mixed-use developments increases the attractiveness of returning to the office and can also serve to attract new hires.

“We are creating this surrounding environment that we refer to as the 15-minute lifestyle. Locating restaurants, retailers, personal services, healthcare facilities, pedestrian friendly streets, parks, open spaces and more near the office saves employees time and effort,” Goggins explained. “With all their needs being met near their offices, employees save precious time and energy by minimizing commutes, and enjoy a better work-life balance with access to retail and residential options all within walking distance. Business tenants also benefit because mixed-use developments foster an atmosphere that inspires new experiences, social interaction and a sense of belonging, and function as a magnet for attracting and retaining talented employees who seek a vibrant lifestyle. This all leads to happier, more productive, satisfied employees. Isn’t that what we are all striving for?”

Samantha Van Nuys
Pierson Grant Public Relations
+1 954-776-1999, ext. 115
[email protected]

Article originally published on as Pew Research Center Study is Good News for Commercial Real Estate Industry

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