Downtown L.A. Office Vacancy Rises as Downsizing Continues
Wedbush to vacate namesake tower, DTLA vacancy rate nears 33%.
For small companies, designing or building out a stellar office space can be challenging, and sometimes these companies aren’t equipped to handle to project. One key mistakes small firms make: holding an open bid process for designers and architects. We recently sat down with Adam Felson, founder of officemorph, to talk about the challenges of small companies designing or renovating their office space, and he told us why he advises against the open-bid option.
GlobeSt.com: What are the challenges for small businesses designing or renovating their office space?
Adam Felson: Ask anyone involved in managing an office renovation or re-design, and they’ll likely tell you the project was a frustrating and costly experience. They may have encountered some nasty surprises or made an expensive miscalculation. Maybe the schedule was blown, employees were irritated with a compromised workspace, and management was overwhelmed. It likely took a long time for the dust to settle and for employee productivity to resume. Unlike other projects, office improvements are often delegated to employees of the company who lack the time and experience to tackle these tasks properly. I’ve even heard about companies asking their receptionists to manage an entire office renovation, from design to move-in! Office improvements are often delegated to employees who lack the time and experience to tackle them properly. Some companies burden their office managers with leading the effort of an entire office renovation, which can be completely out of their scope of expertise.
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Wedbush to vacate namesake tower, DTLA vacancy rate nears 33%.
Lynd Group weighs in with GlobeSt.
The price is a “meaningful discount to replacement cost.”
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