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Adding Value in a Shifting Office Environment

LOS ANGELES--No matter the time, the current point in the economic cycle or the area of discipline--be it investment, capital markets, brokerage or…

By John Salustri | Updated on October 19, 2017
“In Playa Vista, Hudson Pacific bought a traditional office building for $392 a foot,” says Aleks Trifunovic. “They revamped it, put in WeWorks and sold it for $840 a foot.”

LOS ANGELES–No matter the time, the current point in the economic cycle or the area of discipline–be it investment, capital markets, brokerage or management–the name of the game is always value enhancement. But what brought value to an office building once may not do the trick today, not according to Aleks Trifunovic, president at Lee & Associates‘ Los Angeles West office.

There are forces reshaping traditional “knowns” about value enhancement. In this exclusive Q&A, Trifunovic provides some guidance, especially for more seasoned investors trying to figure out how to play a new hand of cards. And here’s a spoiler: we’re going to be talking a lot about millennials.

GlobeSt.com: Do you buy all they say about millennials’ different way of working? And if so, what implications does that have for employers–that is, building tenants?

Aleks Trifunovic: The generational shift has absolutely impacted business. Millennials are now 53% of the workforce, and they have a different want in terms of the type of space that’s provided by employers. They need to be more collaborative and freer in their movements. For employers to be competitive in terms of recruitment, they’ll have to adapt to the wants and needs of those employees.

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