Harley Ellis Devereaux what we know... Creative Space - A New Asset Class? So-called “creative space” has historically been the domain of companies like entertainment and media firms, ad agencies, architects, design shops and others that rely on creative workers as the core of their operations. Demand for this space got a big boost in the dot-com boom of the late 1990s, when scores of new tech companies sought cool spaces for their new enterprises. Now, however, the pool of tenants interested in out-ofthe-box space has broadened. “Prospects now include more traditional tenants who compete for the best talent and want competitive space,causing vacancy in this class to plummet while traditional office availabilities abound,” he adds. Adapted from: “Globe street Real Estate Southern California: The Space Chase - Real Estate Forum Article – July 22, 2013”
Creative Space is... • urban • authentic • flexible • cool • technology enabled • collaborative • rich in amenities • allows an indoor/outdoor experience • has a clear design sensibility
Urban We see certain areas trending due to a number of variables, including value, proximity to where tenants live, transit options or drive times, quality of place, happening amenities, nearby complementary companies or partners, etc.â€? .
In general, creative space is an adaptive reuse property offering a combination of flexible floor plan with features like exposed ceilings and duct work, large operable windows and skylights, open kitchens, polished concrete floors, etc.
Tenants are targeting space that’s conducive to creativity by “creating collisions among smart people who make cool things happen.” This is a recurring theme. Creative office tenants say the right kind of layout and design promotes interaction among workers, which in turn leads to the exchange of ideas, the development of new ideas and collaboration to solve problems. Offices once consisted of 30% community space and 70% private space, but in the world of creative space, “That equation has been flipped, and landlords and tenants are maximizing the use of interactive spaces that encourage transparency and collaboration.
Rich in Amenities
“At several of our properties, we have undertaken significant reinvestment to provide amenities like no-fee fitness facilities, stateof-the-art conference centers, cafes, onsite dry cleaning service and other services,” Card says. “We have found that customers in a multi-tenant setting are looking for the same kind of amenities you would find at a dedicated corporate campus.”
”To appeal to both client and employees, the indoor/ outdoor experience was key. The open feeling and color palette both effectively promote the company brand”. Outdoor spaces feature touches like outdoor seating, electrical outlets and WiFi access, inviting visitors and staff to “enjoy the sunshine while working or relaxing.”
Clear Design Sensibility
“Because creative space is highly functional and adaptive, featuring unique architecture or design characteristics—done right—it can offer tenants a strong design sensibility.” “Each of these areas also has its own personality, so it’s also about fit and why you may see more tech companies in one particular area and entertainment in another.”
At Harley Ellis Devereaux we understand Creative Space Inside…Advertising, Media, Design and Technology firms are our largest client sector. Over the past five years we have designed over 500,000 square feet of office space for Creative clients. We understand their needs and the potential for an interesting building in a cool location to drive the vision of a creative organization. Outside…We have repurposed urban structures for office, retail, hotel, housing and mixed uses. We’ve done major surgery in some cases and tweaked the aesthetics in others. Our experience in commercial architecture is broad, deep and all-encompasing. In Chicago … We have deep roots in this city and understand its neighborhoods, politics, economics and sociology. We love it here and want to be part of its next chapter.
Harley Ellis Devereaux who we are... we are proud of our 105-year heritage Harley Ellis Devereaux was founded in 1908 and is one of few design firms to reach their 100year milestone. We believe that the longevity of our firm is important because it has fostered stability. We have a wealth of experience to draw from and build upon, a quality-focused system, a clear sense of where we have been, and, most importantly, a goal for the future. Today, we are a full-service design firm with offices located in Chicago, Detroit Los Angeles, San Diego, and San Francisco. we are inventors We help clients re imagine their businesses, homes, and workplaces, we believe in adaptive reuse, environmental responsibility, and finds new ways to enhance how people live, work, and play. We design what doesn’t exist yet, and reinvent places that do. We combine design with smart business strategy and create new ways to make things happen with economy and speed. we love team building Design is a collaborative art involving more than an aesthetic response. Our success over the years results from listening carefully to our clients, paying attention to the details, and delivering the talents of everyone at Harley Ellis Devereaux. We pride ourselves on learning who you are in order to deliver the solutions that will make a project successful. we bring you intelligence built on experience We’re a team of over 230 people, full of ideas, experience, creativity, passionate opinions, insatiable curiosity, and uncompromising integrity. we built our studios to solve problems The Harley Ellis Devereaux team brings a mix of disciplines that leverage knowledge across our practice. We’re a team of professionals providing the right skills for the right assignment. we build relationships A project is just one piece of the puzzle, meaning that our connection doesn’t end when the project is over. We strive to form partnerships that provide ongoing value as your business evolves to meet the competitive demands of the world tomorrow.
astrisk indicates projects completed under Michael Sullivan’s supervision while at another firm
Harley Ellis Devereaux what we know... WORKPLACE competencies • architectural design • adaptive reuse • interior architectural design • historic renovation • urban design & planning • entertainment & hospitality design • master planning • retail architecture & store planning • workplace strategy • corporate interiors • furniture selection • space planning • rollouts • product design • branding & graphic design • communication technology design • sustainable design • strategic planning • information systems • structural engineering • mechanical engineering • electrical engineering • civil engineering • landscape architecture • commissioning For more on Harley Ellis Devereaux’s Workplace Practice visit www.harleyellisdevereaux.com/work
Michael Sullivan, AIA Corporate + Commercial Studio Leader One E. Wacker Dr., Suite 200 Chicago, IL 60601 312.324.7418 email@example.com