With nearly one million square feet of office real estate, Colony Square in Midtown Atlanta is launching a novel workspace program designed for employers who are looking for market responsive move-in ready workspaces and economy driven short-term commitments. The program is responsive to the state of office leasing today, when many employers are hesitant to sign long-term leases and invest capital in designing and furnishing new office space.  

Colony Square’s developer 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. Key features include: 

• 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. 

• Internet wiring is time-consuming and requires permitting, but with built in connectivity businesses can open up their laptop, flip the switch and get online. 

• UV lighting and other COVID-19 safety measures. 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 Tim Perry, Managing Partner at NAP. “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.”

Managing Director at Cushman & Wakefield Andy Sumlin added, “There are still so many unknowns about the virus’ impact on the economy and more specifically, office real estate. Employers are understandably seeking to run their businesses with low risk and low commitments. We are filling a gap in the market by offering a solution outside of coworking, remote working and traditional office space.”

Since acquiring Colony Square in late 2015, NAP has hosted hundreds of community events; demolished the former indoor mall; completed Building 300, one of two new office towers and home to the new regional headquarters for Whole Foods Market; started construction on Building 500, future home of international law firm Jones Day; and created more pedestrian connectivity and greenspaces throughout the mixed-use destination, while also enhancing street-level retail space to further engage the surrounding district. In addition, Colony Square launched its Elevator Concierge program this month to help guide and support the return of office workers. The full-service Concierge will open at the bottom of Building 300 on July 6.

By 2021, Colony Square will encompass over one million square feet of office, retail, dining and entertainment space, including luxury dine-in movie theater IPIC, Holeman and Finch Public House, Rumi’s Kitchen, American Barber Shop, Brown Bag Seafood Co., AYA Medical Spa and a 20,000-square-foot food hall, among others. 

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 [email protected].