Colony Square in Midtown is launching a new workspace program called “Flip the Switch” designed for employers who are looking for move-in ready workspaces with short-term commitments.
North American Properties (NAP) and office leasing team Cushman & Wakefield are co-creating the program. Space is available now and ranges from 3,000 to 20,000 square feet.
Leases are based on licensing agreements with electronic execution, which reduce transaction costs and make the lease negotiation process more efficient. The licensing agreements are set for approximately 6-18 months.
Little to no capital or permitting are needed to build out and occupy the space. Flip the Switch offices come move-in ready with flexible furniture. This is especially relevant as office furniture suppliers are backlogged due to COVID-19 manufacturing impacts. The spaces are also wired for the internet.
NAP is investing approximately $280,000 to install UVC lighting technology to purify and destroy airborne bio-contaminants as part of Colony Square’s existing air filtration systems. This investment comes alongside other safety measures put in place, including an Elevator Concierge, increased cleaning protocols, limiting gatherings of more than 10 people and installing signage to reinforce social distancing and hygiene best practices.
“We were seeing a trend toward pop-ups and shorter lease terms in office and retail real estate before COVID-19,” said NAP managing partner Tim Perry. “The pandemic has dramatically accelerated this trend and introduced new concerns for employers. We’re hearing that employers want to control their own workspace to keep their employees and visitors safe and be able to focus on short-term business needs while still evaluating long-term business strategies during the recovery. They may also have limited capital to allocate toward building out new workspace. This solution at Colony Square allows employers to simply ‘flip the switch’ on a new office environment that serves their purposes for at least the next 18 months.”
A virtual tour of the space can be viewed here. For more information about Flip the Switch at Colony Square, contact Cushman & Wakefield Director Sonia Winfield at Sonia.winfield@cushwake.com.
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