Aug
05

Increased Office Density Causing Parking Problems

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Parking-Lot-FullAs companies squeeze more employees into less office space – in an effort to increase efficiency and productivity — landlords are facing a dilemma: How can they accommodate increased parking demands? And, what happens if a space becomes unleasable because of inadequate parking?

This quandary is especially true in suburban markets not served well by mass transit where employees are dependent on cars. These buildings’ parking lots are becoming clogged, and landlords are looking for creative solutions.

What’s driving the space reduction? In addition to cost savings, today’s employee work habits are spurring the downsizing of office space. Collaborative, flexible workspaces are replacing big, private offices and fancy conference rooms.

“It’s been an easy transition because, just as companies are trying to get more efficient and save money, millennials are more open to the idea of less hierarchy in real estate,” Christian Beaudoin, director of corporate research for JLL in Chicago, told Hightower in an interview. “So those two trends have combined at the same time — companies trying to save money and millennials entering the workforce, who value compensation and freedom and flexibility more than they do a big office.”

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