York Property Company
Corporate Real Estate | Tenant Representation

Should You Update Your Office Space to Reduce Employee Turnover?

We all know staff turnover is part of running a company— it goes with the territory. We also know employees stay at a company for reasons other than money. Continued training, advancement opportunities, the mission of the firm, coworker relationships, and the vibe/culture of your company are all part of their decision matrix.

What are the magic ingredients that help retain your employees?

Even if your staff is only coming to the office a few times a week or once a month, they will notice how it makes them feel. Does it feel worth it to come to the office, or do they see it as a hassle? Despite the large number of people working from home, the office environment is still an important ingredient of your brand and company culture. This is something you can control so don’t let it become the negative element that drives employees away.

The good news? Right now is a fantastic time to update your office and reinforce your brand. Let your employees know they picked the right firm to work for and stay with by investing in the amenities they desire! Plus, the space redesign may not cost your company a penny! We have seen a flight to quality when it comes to office space leasing in the last year.

While rental rates are down across the board for office space in most major cities, the percentage that rental rates are down in Trophy and Class A is minimal compared to Class B office space, which has dropped dramatically. Office landlords are generally being aggressive on leases.

We are seeing landlords offer some enticing concessions that include space redesign and improvements in order to keep space occupied in their buildings. This means there has never been a better time to upgrade your office space than now. If your lease is expiring in 2023 that’s opportunity knocking at your door! Even if your lease doesn’t expire for a couple of years, there is still the potential to renegotiate that lease right now in a weaker market.

The battle for top talent is going to continue for many years, so don’t let your dated office space keep you out of the running for quality employees. You want an office space that gives you an

edge in the competitive job market. Your employees will appreciate it and just might slow down some of that staff turnover that keeps you up at night.

If your company is interested in exploring the options you have in your current space, contact an ITRA Global tenant advisor - they would love to have a discussion with you. All ITRA Global members exclusively represent tenants and provide principal-level expertise that is based on transparency, integrity, and trust. With members throughout the world, ITRA Global is uniquely positioned to meet all your real estate advisory needs. Find an expert in your market here.

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