Blog

What’s the hardest business lesson you’ve learned? You can have all the skills, knowledge, resources and ambition in the world, but without hard work, dedication and resilience, it may not be enough to ensure success. It is important to be prepared to face this reality. I have learned that it is essential to stay focused on your long-term goals and objectives, even when it feels like progress is slow, difficult or non-existent. I have also come to realize that communication is key. It is important to have open and honest conversations with colleagues, partners and clients.

How has the pandemic affected views on the workplace? The traditional office environment has been drastically altered due to the pandemic. Cushman & Wakefield developed a diagnostic tool called Experience per Square Foot (XSF) that provides data and insights for companies to effectively plan their workplace strategies. The data found that productivity remained at 75% before and after the pandemic. 78% of respondents reported an increased desire to expand remote working polices but 50% see hybrid as the future of their workplace. Despite a broader national decline in employee visits to the office, the Atlanta office market saw the opposite, and recorded a notable increase in employee visits in 2022, with Alpharetta leading the way. Moving forward, the adoption of a slight pivot into the “new normal” for the workplace and an understanding of employee needs, expectations and concerns will be important for companies.

How are companies trying to get their employees excited to return to the office? Many companies are leaning in one direction or another without any evidence or knowledge of how their real estate decisions will impact their workforce. As companies establish more permanent return-to-work strategies, it is imperative to understand the role, value and importance of the office in the post-Covid workplace ecosystem. Organizations need a data-driven approach to understand what will facilitate employee success so they can retain and attract top talent. Companies are focused on providing beautiful spaces with amenities to keep their talent happy. They also want to provide collaborative environments that spur creativity and togetherness.

Where do you see the next wave of office buildings being built in Atlanta? A prudent trend-watcher should pay attention to the suburbs. Companies are adopting a hub-and-spoke ideology as we move into the workplace of the future. Employees are interested in being closer to home and avoiding long drives and traffic. Larger companies understand it is necessary to maintain a presence in the central business district so they will keep satellite offices there. But they are also looking at taking on larger office spaces in non-CBD submarkets. The Alpharetta Chamber of Commerce recently announced a new economic development initiative to strengthen the retention and recruitment of businesses in downtown Alpharetta. Dunwoody is shaking trees with the Campus 244 and High Street developments with plans to increase walkability. College Park has plans to create 200,000 square feet of office space with retail below it. And you must not forget Pittsburgh Yards, situated along the Atlanta BeltLine with a multitude of development opportunities.

How is economic uncertainty affecting the office market, especially leases? Leasing activity and absorption in the fourth quarter was led by non-CBD submarkets. At this time last year, the average direct asking rent among all property classes was $29.90 per square foot. Today, it is $31.29 and rising. Many companies are taking less space but they are also demanding more speculative office suites. Despite inflation and other economic headwinds, there is still momentum in Atlanta’s office sector. Leasing activity is forecasted to remain steady due in part to Atlanta’s affordability. Additionally, the city offers a diverse talent pool. It continues to be a key growth market in the Southeast and will keep flourishing.

Re’Nauta Bell

Born in: St. Louis, Missouri

Lives in: Atlanta

Current job: Tenant representation broker, Cushman & Wakefield

Previous job: Photography company owner and creative director

Education: Bachelor’s degree in English Literature, Saint Louis University; currently in Executive MBA program, University of Georgia

Family: Husband, Chris; daughter, Natalia (age 12); son, Alexander (age 17)

Hobbies: Creating abstract art, interior design, writing poetry, traveling, “finding new adventures and experiences”