Anthony Chang
Washington, DC — WashREIT, the owner of commercial and multifamily properties, has officially launched its flexible office concept, Space+, at Arlington Tower in Rosslyn — a 22,000 square-foot floor plate on the eighth floor of the building.
Aimed at tenants looking for 1,500 to 10,000 square feet, Space+ offers faster move-in times, shared amenities and the ability for tenants to showcase their company's brand.
“Companies these days are in a hurry. The pace of business continues to increase as markets and consumer demands are constantly changing. Companies need to adapt to these changes and their decision making about their real estate is on a compressed time frame. More traditional leasing approaches won't work for these companies,” says Anthony Chang, Vice President of Asset Management at WashREIT. “While Space+ is a new program for us, we saw an opportunity here based on the activity we saw in the market on smaller suites, the rise and success of coworking, and our own research, which we conducted with Congressional Quarterly. It suggests increases in federal spending will propel an increase in government contracts awarded in the six zip codes closest to Arlington Tower, resulting in more tenants looking for flexible space.”
There is no average length for the lease. Some companies need shorter lease terms for just a few months and some need longer-terms. “This is done all to accommodate tenants who are grappling with rapid change in their industries. The companies that are right for Space+ are smaller growing enterprises and contractors with immediate needs,” says Chang.
All suites are move-in ready with WiFi, furniture, kitchens and conference space. For example, someone could move in within 24 hours and if they want to customize their space, it can be configured within 10 days.
“Nowadays, people want and need a variety of workspaces—places for collaboration and brainstorming, places for heads down work, etc. Related to that, companies are focusing more on experience and brand for both their employees and guests. One of the hallmarks of WashREIT properties is our attention to quality and detail and Space+ brings together those details along with luxury and flexibility,” Chang said.
The Space+ program currently has 118,000 square feet in 32 spaces across 12 buildings in WashREIT's portfolio.
WashREIT has a portfolio of 48 properties that encompasses more than 6.1 million square feet of commercial space and more than 4,268 multifamily apartment units.
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