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Company Culture is Not Built Virtually

Company culture is not built virtually

I believe there will be long-term impacts on company culture, especially for the younger generation moving into the workforce. The newer generations are now becoming the majority in the workplace. Even if it has been some time, can you still recall running into coworkers in the corridor and catching up with them about weekend plans or a significant project you were working on? Do you have any memories of being in the right location at the right moment, providing a person with the knowledge they were lacking, or inviting a colleague to a lunch meeting or event they could benefit from? Like many others, you might not have appreciated the significance of these discussions until you started working from home. Over 50 studies have been conducted this year by Microsoft teams to investigate how the nature of work has evolved since early 2020. This endeavor includes a study of billions of productivity signals such as emails, meetings, chats, and postings across Microsoft and LinkedIn’s user bases. Additionally, a poll of over 30,000 persons who were located in 31 different nations is included. Basically,  this study found that employees feel more connected to their colleagues in the office and completely disconnected when working virtually. 

 

  • Difficulty in Building Genuine Relationships with Colleagues

Collaboration, creative problem-solving, mentorship, and team morale is more challenging when each requires a Microsoft Teams or Zoom invite to do so. According to a study done by Stanford 67% of workers are distracted during virtual meetings. · 47% of people prefer in-person meetings.

 

  • Frequent Interruptions and Unsupervised Performance 

Self-regulation and focus can be difficult for most without having the accountability of your team around you like in an office. 55% of workers admit to checking their email during virtual meetings according to a study done by Standford. 

 

  • Lack of Motivation When There’s No Comradery

When you are surrounded by people who share the same vision and purpose it is the comradery that keeps each of us motivated and feeling supported when you are having an off day or dealing with a difficult project/situation.

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Your Workplace is a Reflection of the Company Culture

 

 

According to Business news daily when searching for a new job, 77% of respondents said they would consider a company’s culture before applying. Corporate culture is a serious issue. According to Deloitte research, many business executives surveyed saw staff retention and corporate culture as an “urgent” issue. Given that business culture has a direct bearing on employee retention, particularly among the millennial age and younger, it stands to reason that it also has a direct bearing on the number of employees who stay with a firm.

Your workplace is a reflection of the company culture. Whether actively developed or just developed through time, every business and workplace has a culture. Cultures can be positive, feel positive, and act positively. Or they might be awful, feel bad, or behave badly. And there is a middle ground between the two. A great corporate culture is one that is shared by all employees, from the newest intern to the CEO. Culture involves putting your underlying principles into action. The business’s responsibility is to guarantee that each employee is aware of the requirements and aligns properly. A company’s culture should be one that naturally fosters inquiry, respect, cooperation, and employee wellness. In most circumstances, deciding whether something is “excellent” or “poor” is a matter of personal preference. If you want a relaxed atmosphere, a fast-paced, competitive culture will not suit you. Conversely, there is no doubt that each culture is unique, even if it makes sense for that particular industry. One of the main characteristics one company differs from another in the same sector is through culture.

The quality of an employee’s work life will be greatly influenced by the setting in which they spend that time. People are more willing to put in long hours and stick with a company for the long term if they work for one with a strong culture that matches their personal values and mission. People are considerably more inclined to quit, or even worse, underachieve while still working for the organization if the culture does not match their own personal feelings.



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Relationships Are Built In Person

I believe there will be long-term impacts on company culture both now and long term. The newer generations are now becoming the majority in the workplace. Ultimately people will lose out on promotion opportunities, and networking opportunities and businesses will see a loss of productivity returning back to the office.

Three Main Areas:

 

  1. Lack of Motivation When There’s No Camaraderie

When you are surrounded by people who share the same vision and purpose it is the camaraderie that keeps each of us motivated and feeling supported when you are having an off day or dealing with a difficult project/situation. When one is placed in the wrong situation at the wrong moment, it may be simple to lose motivation rapidly. It increases the likelihood of not obtaining the anticipated business goals. External inspiration may come from many different places. Working in an office with coworkers who share a vision or purpose, or getting advice from a senior employee, are two excellent examples. The atmosphere is different when working from home.  An employee’s life might become tough due to a lack of motivation, which can also have a negative impact on production. Although self-motivation might be effective in some situations, it is not always sufficient to keep going. According to Forbes “ job satisfaction and job motivation have also fallen—job satisfaction from 57 percent to 32 percent and job motivation from 56 percent to 36 percent.”

 

  1. Frequent Interruptions and Unsupervised Performance

Self-regulation and focus can be difficult for most without having the accountability of your team around you like in an office.  Having children, a roommate, or a partner at home could lead to more breaks than usual. Employees are expected to monitor their own performance at work as part of their duty. Self-control, focus, and diligence are skills not everyone has to self-manage and effectively time manage. If the breaks and work are not tracked, employees could become distracted which lead to longer breaks and less work time. Studies from The New York Times show “that the average worker is interrupted somewhere between 4 to 12 times every hour. That’s one interruption every 15 minutes, in the best-case scenario.”

 

  1. Lack of Relationship with Colleagues

Collaboration, creative problem-solving, mentorship, and team morale are more challenging when each requires a Microsoft Teams or Zoom invite to do so.

When asked why people continue to work for their company, respondents frequently say their colleagues.  According to the Pew Research center “60% of people say they feel less connected to their co-workers now”. People we collaborate with play a significant role in our network. We gain so much from our colleagues’ knowledge and insight, as well as our boss’s seasoning and sense of humor. While it is possible to maintain relationships online, they are often not as deep or genuine. Your network is most certainly diminishing as well. There are individuals you haven’t seen in a long time because you didn’t know them well enough to send them a text. While you may meet someone digitally, it’s not the same as interacting with them in person. You’re passing up an opportunity to meet for coffee and make a genuine connection.

Of course, working in an office isn’t perfect. However, neither is working from home. Choosing your workspace and working style with the best interests of your team and your business in mind is always the goal.

Chelsea Drinkard No Comments

2nd Quarter 2022 Tampa Bay Office Market Report and 3Q Forecast

low angle photography of gray tower crane

Important Highlights:

Tampa Bay:

  • Tampa’s office vacancy rates are roughly 11.82% for all types of buildings. 
  • The unemployment rate in Tampa Bay has decreased to 2.5% in March of 2022, compared to the end of the 1st Quarter 2022 of 3.50%, Tampa Bay is below the national average of 3.50%
  • Tampa Bay is the third-fastest-growing metropolitan region in the US for entrepreneurs.

Office Market:

  • Office vacancy rates in Tampa are approx.11.82% between all office building class types and Class A buildings 2.15%
  • Tampa’s overall rent has increased by 5.00% this year to 37.8% compared to 2021 which was 32.8%
  • Tampas business-friendly environment, companies from out of state will continue to develop and migrate to Tampa Bay

Let’s Talk Rent Numbers:

Submarket Overall Average Asking Rent-All Classes Overall Asking Rent Class A
Westshore $27.70 Sq. Ft.  $37.01Sq. Ft.
Downtown Tampa $19.05 Sq. Ft. $35.57 Sq. Ft.
Northwest Tampa $21.62 Sq. Ft. $26.24 Sq. Ft.
South Tampa $28.89 Sq. Ft. N/A
I-75 Corridor $24.31 Sq. Ft. $27.70Sq. Ft.
Downtown St. Petersburg $24.98 Sq. Ft. $35.95 Sq. Ft.

Construction Highlights: 

  • Construction costs continue to rise due to inflation. 
  • Tenants should be prepared to sign a longer lease 7+ years to absorb construction costs and pay out of pocket. 

2022 3rd Quarter Forecast:

  • With new buildings likely to be finished by the end of the year, total vacancy is predicted to rise as more available space enters the market. 
  • Flex schedules, which combine working from home and in the office, will continue to be tested. When faced with such short constraints, companies that have postponed their relocation and growth choices may find themselves with fewer options and less leverage when bargaining. 
  • Our business-friendly environment, companies from out of state will continue to develop and migrate to Tampa Bay

 

What does this mean for Tenants?

  • Despite landlords being more lenient with lease economics, vacancy rates are not comparable to other significant markets in the United States. Landlords in Tampa Bay are not as driven to fill vacancies as they are in other parts of the country. 
  • Take advantage of market conditions. 
  • Take a look at your existing working situation. Is your staff content with their jobs?

 

What does this mean for Landlords?

  • Changing the asking rent to obtain a competitive advantage over landlords who are obligated to maintain their face rents 
  • More flexible lease periods and concessions, such as a rent decrease, should be made available. 
  • Start advertising open space six months ahead of time.
Chelsea Drinkard No Comments

4th Quarter 2021 Tampa Bay Office Market Report and 2022 Forecast

Important Highlights:

Tampa Bay:

  • Office space leasing has been increasing rapidly close to what it was pre-pandemic 
  • The unemployment rate in Tampa Bay decreased to 4.9 % in December of 2021 and is expected to decrease even more in 2022
  • Average direct asking rentals are up .5 percent from last quarter, soon to be back at pre-pandemic rates
  • Rent is up 28% in the Tampa Bay Area 

Let’s Talk Rent Numbers:

Submarket Overall Average Asking Rent-All Classes Overall Asking Rent Class A
Westshore $33.43 Sq. Ft.  $28.04 Sq. Ft. 
Downtown Tampa $40.56 Sq. Ft.  $47.89 Sq. Ft. 
Northwest Tampa $24.01 Sq. Ft.  $28.92 Sq. Ft. 
South Tampa $23.33 Sq. Ft.  N/A
I-75 Corridor $ 24.88 Sq. Ft.  $28.23 Sq. Ft. 
Downtown St. Petersburg $31.45 Sq. Ft.  $32.77 Sq. Ft. 

2022 1st Quarter Forecast: 

  • Confidence in the Tampa Bay market is high, going into the last quarter of 2022 amid sustained new-to-market tenancy.
  • Tenants will proceed to bring their teams back to the office more so in 2022
  • By 2022 remaining new construction space with many buildings is expected to be over 60% leased. 

What does this mean for Tenants?

  •  Managing market expectations in key areas where office vacancies are higher than in Tampa Bay. Due to lower vacancy rates than key markets such as New York and Los Angeles, landlords in Tampa Bay are not as driven to replace vacancies as they are in other areas of the country.
  • Use available sublease space to take advantage of the market conditions we do have, which can give more reasonable rates, shorter terms, and any available furnishings.

What does this mean for Landlords?

  • To acquire a competitive advantage against Landlords who retain their face rates, evaluate concessions for tenants by changing asking rents and increasing Tenant Improvement Allowances. 
  • Make lease terms more flexible. 
  • Expect a surge of new products to hit the market. Tenants from other states are growing or migrating to Tampa. 
  • Start marketing available space 6 with a longer lead time for office space that will become available in the near future.