With all the talk of lease arbitrage, managed partnerships, and other approaches, an outside observer might ask: why aren't landlords doing this themselves?
"If the market is shifting and our clients are looking for something else, there was no reason why we wouldn't start to offer that something else as well," Galli said. The conference rooms in each Studio location are themed. The New York location boasts a homey Brooklyn Heights room and a sleek Chelsea room.
But the company won't be rolling out Studio into all of their properties. Tishman's investors are the most important consideration when deciding where to put in a Studio space.Separately from our tour of Studio, we spoke with Ben Munn, JLL's managing director of Flex Space globally, who also highlighted investors as one of the most important factors for landlords considering operating flexible space.
"If I look to my core customer base and say I want to provide it as an amenity, I don't necessarily need it to generate direct market rents if it provides conversions and renewals in the rest of the building," Munn said. She says that the business shifts from real estate to hospitality and that the team has to adapt by hiring staff with hospitality experience.
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