A Discussion With Cushman & Wakefield | Pacific Commercial Realty Advisors
What trends are there in the Retail Market?
LeAnne Hume: Senior Director Retail & Investment
“[At Cushman & Wakefield] We have two new grocery projects under construction which have received a lot of attention from tenants. In some cases, project developers are going from a model of selling pads, straight to ground leases due to the demand. We have rarely seen ground leases in our market so this is a strong indicator of market change.”
How is the Boise Office Market unique?
Jen McEntee: Director Office Specialist
“You hear about every other market where people aren’t coming back or they’re closing their offices, but we are not seeing that here. There have been a lot more big, brand new tenants moving in this year. The majority of those are new growth, and they aren’t pulling from any of the buildings downtown or leaving holes.”
What has changed in the Industrial Market?
Peter O’Brien: Director Designated Broker
“Industrial, like most of the food groups, is seeing significantly more demand than supply. It wasn’t that long ago where a 50,000sf industrial deal was considered huge. Now we are regularly seeing 100-500,000sf users chasing the limited supply and making commitments well before completion of the projects that are under construction”.
Tell us about supply in the Multifamily & Investment Markets
Curtis Cluff: Director Multifamily & Investment
“Multifamily is at a fever pitch for the last 18-24 months. The word on the street nowadays is if you want a multifamily opportunity in Boise, you have to create one. Our vacancy rates are below 2% and we have about 18% of our total inventory under construction. That would usually mean an oversupply problem but nobody is talking about oversupply. We can’t build them fast enough.”
Agent Meeting
What Is The Culture Like At Cushman & Wakefield?
Jen Mace: Chief Administrative Officer
“We have a culture of work hard play hard. To maintain that and be productive there has to be really strong commitment to that philosophy and a mutual respect amongst coworkers. We have that! We emphasize teams and collaboration; each agent’s role is important to the overall success of our company. Being Independent Sales Contractors in Commercial Real Estate involves a willingness to take risk, a lot of determination and self discipline.”
Bree Wells: Senior Associate Office Specialist
“I have been here for six years and I couldn’t ask for a better group of people, whether that’s office, retail, investment, or industrial. My team has phenomenal mentors including the people who run the company and support staff. I just love coming to work. I think a lot of people don’t get to experience that. They kind of dread waking up and having to go to work, but I get to and I really like that.”
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My wife has been putting sprinkles on the bananas so my son will eat them. I know this isn’t probably the best idea of all time, and we definitely don’t win a parenting award, but we are struggling to get him to eat his fruits and vegetables. So we had to be a little creative and add something he likes (everybody loves sprinkles) to something he doesn’t really like to get him to do eat it.
Well, I guess I did something similar this week. I tried yoga for the first time. I’ve heard it would be good for me as a runner. I’ve heard it would help me relax. So I decided to add goats (everybody loves goats, right?) to yoga and gave it a try. And guess what? I loved it.
President Scott Galloway at Goat Yoga with five architecture and design firms
OEC hosted a goat yoga event with five architectural firms. Not only was it a ton of fun, but I think it was good for me. Now the question is do I always need goats to do yoga? Have fun and try something new, even if you have to add sprinkles.
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In 1998, the three principals of Buffington Mohr McNeal (BMM) opened their doors with a promise to be their client’s advocate. McNeal says, “We help our clients make decisions about anything financial. We are their first call.” BMM gives their clients the gift of time by doing all the detail work to manage their portfolios. It is this mentality that has earned them loyalty from their clients and has grown their business from managing $66 million in 1998 to $800 million today.
Reception
Taking It Down To The Shell
When they first rented their space in Boise’s Hoff building, the firm had to look like a bank. So, they bought stuffy cherry wood, deep, dark glass tops, credenzas, and leather couches to look the part. Recently, however, Hendricks bought the Hoff building and is changing things. “What they are doing in our space is a lot more than we would have ever envisioned. They took it down to a shell and took everything out of both our current space and the next suite over. That has given us the opportunity to work with CSHQA, the architects, and the Wright Brothers, the GC.”
Customizing The Space
The change could not have come at a better time. Since 1998, BMM’s staff has gone from four to twelve employees, and they were busting at the seams. Starting with a clean slate and an additional suite, allowed them to customize the space to meet their specific needs. After their interior designer, Megumi Haus, nailed the colors and floor coverings in her first try (all green and black which conveniently resembles both their logo and the color of money), finding the right furniture became the next important task.
According to McNeal, “We were really impressed with Michelle (OEC Workplace Consultant) and Rachael (OEC Designer) and their vision for what we were trying to do. They asked us questions about how we were going to use the space which is really important to us. They also had great technology to help us visualize their ideas.” Some of those needs included a café, which the staff has never had. The new café is complete with a high-top table and barstools etched with the BMM advisor’s alma maters including Michigan State, Georgia Tech, Boise State, and Nevada. “It is going to make that room collegial and a fun place to hang out.”
Alma Mater Bar Stools
“We give our clients the gift of time and that theme is going to exist throughout the space.” – Carey McNeal
BMM’s Artistic Flair
Another important addition is a collaborative space with an artistic flair where BMM’s Investment Committee does all its communication and securities trading. It is in a central space between all the modular wall offices, so they decided to design a mural for the wall. The mural is a map of the world with time zones on it. “It is a cool visual for the world we live in. We give our clients the gift of time and that theme is going to exist throughout the space.”
World Wall Mural
Working With Extra Space
Although he is biased, McNeal’s office is the thing he is most excited about. “I have two locations in my office where I’ll be able to meet with clients. One is a very formal setting at a conference table with a monitor, and then another is a living room setting with a couch and a table that is a whiteboard. I wasn’t planning on that, but it has made a big difference for me. I imagine using those spaces differently now.”
Private Office
With more beautiful and functional space, the firm is looking forward to going from stodgy bankers to contemporary wealth managers with room for growth. Let’s hope that growth helps them also bring their business over the billion-dollar threshold!
Founder and President of VERTICAL Construction Todd Weltner did not expect to become an entrepreneur. However, after working in the industry for a few years, he realized that he would rather have his own company than be a “corporate” guy. Since 2002, Todd and his team have been doing commercial remodels, tenant improvements, office interiors, and more recently multi-family projects. Some of his most notable projects include Eberlestock, Fusions, Alavita, Bittercreek, Bardenay(s), Bogus Basin, and the Waterhouse Row townhomes.
Todd Weltner: Founder & President of VERTICAL Construction
“Its a relationship business, and we are building those relationships just like we do people’s dreams.”
Vertical Staying Lean And Mean
Unlike most companies, Todd is determined to stay lean and mean. “It sounds cliche, but we really just want to work with good people. It is a relationship business, and we are building those relationships just like we do people’s dreams. We work for people we trust and who respect what we do and appreciate the advice we bring to the table.” Todd likes to work directly with his clients. This helps them not only accomplish their needs, but also do it within budget.
Working With Repeat Clients
While VERTICAL is not “everybody’s” contractor, they are fortunate to work with many repeat clients. One such client is HUB International, a leading insurance broker in Boise. Fifteen years ago, VERTICAL remodeled the first floor of their building. Today they are reconfiguring the second floor. When finished, the space will have brand new offices, conference rooms, and a break room complete with Steelcase furniture from OEC.
“Who else gets to, literally, have a hand in making a dream a reality the way we do – a dream that will still be standing when we are all gone?”
By getting involved early in a project, VERTICAL can assist with the design of the project alongside the architects, designers, and business owners to help maximize the spaces. An example of this recently happened at HUB. After gutting the second floor, VERTICAL showed the design team that the ceiling could be raised to nine feet instead of eight, greatly enhancing the feel of the offices and open spaces.
Working Through The Unexpected
While there have been many curveballs for VERTICAL, Todd is looking forward to a future where the important things remain the same. “As long as we can bring passion and energy to every project, we are not going to change much. We will continue to work with people we like and offer creative solutions to some interesting dilemmas. Who else gets to, literally, have a hand in making a dream a reality the way we do – a dream that will still be standing when we are gone?”
Like any good friend, VERTICAL goes the extra mile. They not only minimize costs, but also deliver the kind of experience that brings clients back fifteen years later.
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Develop more explicit norms to set hybrid teams up for success.
As more organizations return employees to the office, many are also allowing more flexibility for employees to choose where and how they need to work. When everyone is in the office, many cultural values and social norms can go unspoken. A hybrid workplace requires more clearly communicated shared etiquette and protocols. More explicit norms will increase equity and engagement, and create a sense of inclusion and belonging. Remember to stay agile and revisit these as needs change.
Here are six tips from Steelcase
1. Schedule Transparency
Develop a system for communicating who will be in person and who will be remote. This will impact who comes in (when your colleague is in the office, you’ll likely want to be as well), and it will impact the space and technology needed. Make this available to all so people can plan the best possible collaboration experience.
2. Social Start
Make proper introductions so everyone in the room and on video is familiar (remote participants should have video on whenever possible), and start each meeting with just a few minutes of check in to build social capital.
3. Hear and Be Heard
Know and clearly mark where microphones are in the room and make sure everyone who is remote can hear what’s going on and be heard. Ask people to avoid making noise that will make it harder to hear (loud typing, crunching, side talk).
4. See and Be Seen
Consider assigning an in-person participant to pay attention to what remote attendees see. Does the camera need to move? Can remote attendees see content? Do you need to send a photo for a close-up of markerboard content?
5. Pause with Purpose
Stop regularly and ask remote participants if they have input. Develop engagement protocols based on group size and type of work. Will everyone raise their hand digitally? Who will monitor the chat? How will you ensure remote participants can jump in and engage?
6. Clear Next Steps
One of the worst experiences as a remote participant is missing the wrap up conversation that can happen after a meeting is officially over. Avoid this by ending each collaboration session with clearly stated and visible next steps.
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The future of the workplace is hybrid and so is the future of collaboration. Sixty-eight percent of global organizations are planning to experiment with hybrid work. They are allowing employees to work partly in the office and partly at home or elsewhere to varying degrees. Even companies who will primarily be in the office will encounter hybrid work — some partners, suppliers and customers will expect to connect over distance — and that means people will be collaborating with a blend of remote and co-located teammates more than ever before.
Leading organizations are taking steps now to prepare for a significant increase in hybrid collaboration, as more people return to the office, so they can be as productive as possible. These organizations recognize how much they need the energy and vibe that drive innovation and growth, but understand if people struggle, they will retreat to their homes.
Hybrid Collaboration Is Complex
“Starting now, every space is a video space. People are spending so much time adjusting camera angles, and figuring out content streams, they are losing the human connection and we need to make things easier,” says Jessie Storey, Steelcase design manager who’s been working on improving the hybrid experience for 15 years. The problems people faced pre-pandemic will only accelerate and masks and distancing won’t help, notes Storey. Issues people will struggle with are:
Inequitable environment – When remote teammates can’t see or hear, they have to work harder to be involved. The root cause of that presence disparity is the poor integration of physical space and digital tools.
Complex connections – It’s tough to read body language, make eye contact and sense the group’s mood over video.
Failing to engage – It’s hard to share content in a way that engages both in-person and remote participants. Can remote teammates see if someone is using a markerboard?
Inhibiting innovation – Generating new ideas is the most difficult type of collaboration. Being active can help people be more engaged and creative — that’s tough on video.
A Hybrid Future + BYOD
As organizations test new ways of working some variables will remain in flux. For example, how many people will participate on both ends of a video call, how will employees own and share different types of collaboration spaces, and what hardware and software platforms will stick.
Other shifts are more certain — like a hybrid future and a BYOD (bring your own device) model. BYOD relies more heavily on workers’ mobile devices instead of completely integrated, dedicated room systems. By supporting and integrating a variety of hardware and software solutions, people can connect in the easiest and most productive ways for them.
Range of Spaces + Technology
To create the best possible hybrid work experience, organizations will want to offer a range of spaces and technology solutions to easily support diverse types of collaboration — from a planned creative session to an impromptu one-on-one and everything in between. “We need to focus on braiding the digital and the physical,” says Storey. “It’s not enough to just bring remote people into the space. We need to give those in the office a better virtual presence by designing important elements like cameras, acoustics, content and lighting.
“It’s not enough to just bring remote people into the space. We need to give those in the office a better virtual presence.”
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OEC talked with Architects and Designers about their experiences returning to the office.
Jennifer Duke-Turner Designer & PM, HUMMEL ARCHITECTS
What do you like about being back in the office?
The collaboration. There’s nothing like physically working near colleagues in a design service industry. While remote we had zoom staff meetings, team calls, but most of the time you were looking at a name on a blank screen because of technological or home office restraints. In the office you can have impromptu chats that solve problems, innovate ideas, saving time and effort. We are able to sustain our workplace culture, which gives employees a feeling of family and commitment to the firm.
What do you appreciate now that you didn’t before?
I appreciate my health, watching so many people die from the pandemic, I am grateful to be alive..
What changes have you seen or would you like to see in the future?
The biggest change has been workflow. So many projects were put on hold last year due to Covid, but now our expectations are optimistic for the foreseeable future.
Curtis Hendershot Principal, TREANORHL
What do you like about being back in the office?
The healthy, competitive nature within an office and the banter between co-workers. I also recognize that many of our intern staff were missing out on critical learning skills that can only be picked up in an office environment. For example, listening to a senior architect on a call with an owner or contractor, understanding how to handle situations effectively, and asking co-workers what they would do in specific situations. These are things that cannot be learned in your home and most likely NOT over zoom calls.
What do you appreciate now that you didn’t before?
Last year had lots of bad outcomes, but we should also see that it brought some monumental change in how we all work and interact. It works well when you have senior staff that are dedicated to their jobs.
What changes have you seen or would you like to see in the future?
I would like to see a hybrid approach adopted and in fact that is currently our office policy. We have decided to have two “in office” workdays per week. We recognize that having a MANDATORY back to work policy would drive many of our staff to look for new positions. There most likely will be some very healthy work experiences with this new blended model.
Rachael Ross Designer, OEC
What do you like about being back in the office?
It is much more conducive to collaborative work especially as a designer. I missed the human interaction with both my coworkers and our clients. The ability to drive clients through their designs in person fosters a better relationship and flow of work.
What do you appreciate now that you didn’t before?
I have come to appreciate the products we sell. When I began working at home I was sitting in a chair that lacked many of the ergonomic features of my setup at the office. I came to OEC and picked up a chair and there was an immediate, noticeable difference. Having a height adjustable desk and adjustable dual monitor arms allowed me to work without feeling like my focus and quality of work were being compromised.
What changes have you seen or would you like to see in the future?
Internally, our most notable change has been how we conduct meetings. Rather than in an enclosed space we have been able to utilize many of our open areas. The need for space hasn’t gone away, but we are seeing changes in the way it is being used.
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Pets are a big part of our lives in the U.S. They make us laugh, comfort us when we cry, share in our vacations, and hang with us at home. For many people, they are an irreplaceable part of the family. Pets make life better; that is why PETIQ is making it affordable and convenient for all pet parents to provide their pets with the care they need to live full, healthy lives. With the new PETIQ Headquarters in Eagle, Idaho, they will be able to do that like never before.
PETIQ Grows
Although PETIQ started in Eagle, Idaho, it has since expanded into forty-one states, with twelve hundred manufacturers and five hundred plus distributed medications. In 2017, the company went public and has been rapidly growing since with acquisitions and offerings. After such strong growth, the company decided to consolidate with a new headquarters. Because the founder and CEO, McCord Christensen, grew up in Eagle, he wanted to give back by putting down roots in his hometown. Fortunately, Eagle had everything that PETIQ needed to support the endeavor, and in 2019, Cole Architects began drawing the plans.
PETIQ Headquarters Rooftop Deck
Unfortunately, things did not progress as smoothly as planned. While the architects almost immediately hit the design spot on, the city of Eagle needed some persuasion to accept a bold, modern design in an otherwise quaint town. Through some heavy negotiating, PETIQ got its modern design, and Eagle got a brick-clad job generator on its main intersection. In the middle of the design negotiations, Covid hit the country. The shutdown was an interesting time for PETIQ. While they continued to grow on their product side, they had to shut down their service offerings. Due to the careful planning of their leadership team, they did not lay anyone off and decided to continue the build process.
The New Headquarters
Fast forward to the present, and PETIQ has moved into its beautiful three-story building with a rooftop deck (pictured on the cover) and incredible office furnishings. The structure of the building is unique; with a 45-degree break near the centerline, the design capitalizes on the surrounding views. The executive offices and terrace enjoy excellent views of Bogus Basin to the east while staff enjoys waterside views on the patios accessible from the café. An atrium stairway connects all three floors. OEC designed the furniture on each floor to meet the needs of the occupying department. For example, the IT department has an open floorplan with flexible furniture options. In contrast, cubicles and sleek Volo Wall private offices take up a majority of the other spaces.
Executive Conference Room Table
“We are entrenched here; our roots are here [in Eagle]. We wanted to give back, and this was one way we could give back immediately.”– Chad Longson
Giving Back
While new employees begin to occupy the building, providing jobs is not the only way PETIQ is making a positive change in Eagle. At the ribbon-cutting ceremony, the mayor of Eagle shared his appreciation for PETIQ’s dedication to the city. Not only would the company’s headquarters improve the city’s commerce by providing jobs for its residents, but it was also helping the community in a way it was perfectly suited for: building a dog park. When the mayor called Chad Longson, the PETIQ VP of Real Estate, about the dog park, Christensen and the CFO, John Newland, jumped on board right away. “We are entrenched here; our roots are here [in Eagle]. We wanted to give back, and this was one way we could give back immediately.” -Chad Longson.
Staircase & Atrium
With a new PETIQ Headquarters, and a new dog park bearing its name, the company will do what it does best. They will continue to grow by helping keep pets around the country happy and healthy.
I’m constantly reminded why space matters. A few weeks ago OEC hosted a Casino night at our downtown Boise office where we hosted influencers from architecture, design, commercial, real estate, and general contractors. Over 100 guests spent the evening connecting, having fun, eating and drinking, learning (how to play roulette and craps), networking, and transacting business. Not transacting business in the sense of selling chairs. Rather, transacting future business built on trust and personal connection.
Scott pictured with key talent from Steelcase who flew into Boise to celebrate the casino night event. (Left to Right) Bonnie Carpenter, Deborah Warren & Anne Chillman
Space brings people together in a way that fosters trust and personal connection; this is something zoom can never do. Sure, zoom is a great tool for having meetings and sharing information. But there really is no replacement for space where you create shared work and personal experiences.
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“Passion for your work will follow your working hard at something and achieving mastery in it.” – Mike Rowe
For years, students preparing to graduate high school have heard “Work Smarter, Not Harder!” disparaging trade work and promoting a four-year degree with touted higher earning potential. While college life is exciting and developmental, the reality is many students will leave with high student debt and a job unrelated to their field of study. All the while, plumbers and electricians are in high demand with few replacements. So where did we go wrong and, how can our cities, counties, and states revive the trades?
Clay Long | Idaho CTE
Giving Students Direction
Clay Long, the state administrator at Idaho Career & Technical Education (CTE), knows well the challenges facing Idaho trades. He guides Idaho’s six educational regions toward developing youth and adults for the workforce. “We want to focus on the broader spectrum of career exploration. When someone sees where they are headed, it makes all the difference in the world. I would attribute that to the fact that a student feels connected, and it is not a guessing game where they are heading.”
The CTE programs available range from traditional ag to the medical field, and the CTE’s major focus right now is apprenticeship programs. While there may not be a complete welding program within a district, the CTE can partner with a local employer so that a student can go through an apprenticeship model. “If we don’t have businesses, then we won’t have successful programs. It doesn’t do a student, parent, community, or employer any good if students complete a program and the skills are not directly aligned to what the labor market needs.”
Redefining Success
Perhaps the biggest problem facing the trades is the underlying push toward attending a four-year university. “There is still this stigma that CTE is for those students that aren’t ‘academically inclined,’ and I would argue that when I think of academically inclined, I think of students that can read and write, do math, and apply it. Every one of our programs does that. For example, a student who takes part in our CTE program and ends with a CAN certification after their first two years of school will have an easier time getting into an RN program than a student who takes multiple AP and dual credit courses.”
“With the CTE program, the student has already been exposed to medical for four years and is committed to what they are doing, so it gives them a leg up on the competition. So, when we see an oversaturated market of four-year degrees, it is because they don’t have any tangible skills to accommodate what employers are hiring for.”
Wayne Hammon | AGC
Success In The Trades
Wayne Hammon, the CEO of Idaho AGC, the state’s largest network of commercial contractor professionals, has been working hard to solve the labor problem as well. With 600 companies in the Idaho AGC and 60% of them located in the Treasure Valley, helping supply these businesses with skilled labor is a tremendous task. After 18 years working in the government, Wayne was happy to work with the hardworking community of tradespeople who just want to solve problems. While he and his team are great at their administrative jobs, please don’t ask them to hang a picture!
The AGC understands the importance of education in reviving the trades and is making in-roads with educators. “We have reached out to high school and junior high guidance counselors to educate them on a path forward [in construction]. Being a craftsman requires a lot of skill and thinking, and not every kid needs a four-year degree to be successful. [Students] can have just as successful careers in construction. So, let’s paint them a path to success tailored to their individual needs.”
Working With Local School Districts
Fortunately, the AGC has excellent school districts that are supportive of their work. For example, in the Boise School District, students can take a bus out of town to the Dennis Technical Centers for CTE classes. The AGC paid to take all 8th graders (10,000-20,000 students) in the district to see what the CTE programs had available when enrollment was dropping. After that brief field trip, enrollment doubled. The following year, the district asked if the students could bring their parents on a Saturday, and enrollment doubled again. With higher enrollment levels, the AGC is asking contractors around the area to tell them exactly what they want at the end of the pipeline to make these programs successful. Once they know the exact skills employers are looking for, they have schools ready to develop programs to teach them.
However, what really lies at the heart of trade work is a passion for the job and the assurance of stable employment. The AGC recognizes this and is trying to educate individuals on the perks of being a tradesperson. “Most tradesmen and women set their own schedule, and many of them own a business. That is a great way to run your life. You can live anywhere you want because there is a job in construction for you, no matter where you are. It is also a great way to make a really good wage with good benefits without college debt. It is a fast track to a rewarding, lifelong career.”
Aaron Brown | OEC
Getting Paid To Learn The Trades
Minimizing debt was important for OEC’s Construction Superintendent, Aaron Brown. Despite being pushed towards college by family, Brown knew early on that he wanted to do hands-on work. “I knew school wasn’t for me. I wasn’t going to pay for it, and I would rather get paid to learn what I want to do.” While his friends went off to college, and the inevitable debt, to discover what they wanted to do, he took a year off to travel before eventually connecting with a carpenter’s union. Through an apprenticeship, he was able to work and earn his AA in civil engineering over four years.
Brown’s enthusiasm for the trades has even extended to encouraging his nephews to pursue them as well. “I am always learning new things, and the industry is always changing. I like problem-solving, and with what we do, there is always a problem to solve.” Aaron learned about the trades after he graduated; so he sees the importance of teaching students about them early. “I think if schools preached the trades, it would change things a lot. The stability of having a job that will always be there with good pay is important. I keep telling the guys we hire that if they get good at this and take pride in their work, the sky is the limit on how far they can go.”
Mike Babbitt | OEC
Making Things Happen
Someone who has gotten very good at his trade is OEC’s Furniture Superintendent, Mike Babbitt. After 30 years in the industry, his expertise is unparalleled. “I have pretty much had my hands on every system of furniture that is out there.” His trade of office furnishings has taken him to New Orleans, Houston, Wyoming, California, and now Idaho. To Hammon’s point, furniture installation has been a consistent and successful career for Babbitt regardless of geography. Since every job is a new experience, Babbitt embraces each challenge. Hel loves that when there is a whole team together, they can make a lot of things happen.
Making things happen is precisely why the trades are so important to revive. While architects and designers spend hours a day designing extraordinary things, it all would be meaningless without the people who put in the blood, sweat, and tears to bring them to life. So, let’s not forget that CTE programs and four-year colleges, designers and carpenters, are equally important to building strong, robust communities.
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