If you’ve been paying attention to the Southern California commercial real estate industry, you are probably no stranger to the term “Silicon Beach”, but what does this term mean for the future of the professional workforce? At a Building Managers and Owners Association (BOMA) meeting, “State of the Industry: LA Commercial Real Estate in 2013”, a group of panelists furthered explored the impact that the real estate technology and entertainment industries having on the once traditional office setting.
With technology and entertainment boom comes a brand new type of tenant—a seemingly younger, hipper and more demanding tenant. These tenants are making that 10 years ago, would have been unheard of.
One panelist discussed a new building which will have ZipCar rentals, bike stations and even servicing stations where you can fill your bike tires. Canine policies in leases are becoming a greater demand for those who want to bring man’s best friend to work. The panel said this trend is occurring most frequently in Hollywood and that the canine provisions in leases allow for two dogs per floor. Popular gaming giant Zynga has 155 dogs in their San Francisco building.
Tenants are also demanding that they have access to WiFi not only inside the building, but outside in the courtyard. There is an assumption that the tenants should be free to work where they wish, be it inside or out.
Panelists also noted that these trends are not limited to just technology and entertainment. We will start seeing it in law firms and some, although fewer, accounting firms as they move toward the idea of creative, collaborative space.
-By Berbay Account Manager Erica Hess