The design of a contemporary office building is about much more than aesthetics; it's about leveraging architecture to support a client's business objectives while creating enduring long-term value. That is according to principal Jon Pickard of architecture firm Pickard Chilton. In the Q&A below, we talk with Pickard about the elements of design that most contribute to value-creation and that can lead to the premium pricing of an office building. Signature buildings that Pickard Chilton designed have, on average, surpassed price-per-square-foot records in their respective markets by 23% when sold, he says.
GlobeSt.com: It seems unusual for an architecture firm to track and measure real estate metrics. What was the impetus for the analysis of these data points you mentioned above?
Jon Pickard: That is quite true. As architects, it is not our mission to establish nor break real estate records. However, if these data points come to somehow substantiate and quantify the value we create for our clients with our architecture, we are happy to share these metrics. While there are many factors that determine a sales price, such as location, efficiency, amenities, tenancy, developer reputation and quality, architecture plays a very important role. When The Pinnacle sold in Atlanta in 2004, we were pleased to read the headlines of it breaking the price-per-square-foot sales record. However, we assumed it was an anomaly until Hines sold 1180 Peachtree in Atlanta in 2006, breaking and establishing yet another record in that market.
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