There’s a new marriage that’s taking the CRE business by storm — and it’s between two unlikely sectors.
As the world around us continues to change at never before seen rates, industries need to adapt to stay current. Offices and hotel spaces are coming together to create one united solution for the challenges that both industries are facing today.
Let’s take a deeper look at how the office and hotel scenes are melding, why it works, and emerging trends to keep an eye on.
The Evolving Era of Business
Offices and hotels are coming together in response to concurrent shifts happening in both industries.
Business isn’t what it used to be. In today’s highly globalized and tech-centric world, professionalism has taken on a completely new face. The contemporary workforce is spending more and more time outside of the office; be it at restaurants, building lounges, or cafes for meetings.
These small excursions are also met with business trips, where professionals and associates are traveling for business conventions, international meetings, and company events. The spectrum of where business happens is getting broader than ever before, going beyond the borders of cities, states, and even continents.
Why It Works
Thanks to advances in communication and transportation technologies, today’s highly mobilized workforce has paved the way for a merger between CRE’s office and hotel sectors.
Cutting-edge hotels across the globe are boosting their curb appeal by offering business-related amenities to their guests. Free high-speed wifi, innovative work lounges, quiet spaces for catching up on emails — the list goes on.
These updates to the hotel scene are facilitating a strong balance between work, life, and play. As the distinguishing line between vacation and workdays continues to blur, hotels aren’t merely a space for getting away from it all.
To the same end, offices aren’t only a place to get work done.
The office scene is adopting new and creative ways to boost workplace morale, increase efficiency, and improve productivity. Innovative layouts filled with state of the art hotel-worthy amenities for entertainment, wellness, and rejuvenation are the newest wave of workspace design.
When both sectors are facing the same pressures to optimize their assets to deliver an evolving user experience, hotels and offices are sharing some of their secrets – creating something new and exciting.
Here’s What to Watch
Looking into the future, make sure to keep an eye out for business projects between hotel giants and big names in office real estate.
Deals fueled by professionals on both sides of the spectrum will be all the rage in 2020 and beyond, as the race to create a collaborative office/hotel space is on.
While the main contributors to the movement are players from hotels and offices, don’t think it will stop there. Retail spaces, restaurants, and wellness-based services are set to have a place in this revolutionary blend between business and pleasure.
In a highly competitive industry like commercial real estate, collaboration is a key to success.