October 26, 2017
Houston – Just as increased collaboration and changing work habits are reshaping the office environment, market forces are transforming the design of classrooms and schools. The latest edition of Insights explores how these spaces enhance the learning experience while helping students develop collaboration skills they will need in their chosen careers.
“Three trends driving changes in the design and function of educational facilities – whether it be schools, universities or for-profit providers – are a growing consumerist approach to education, the need for cost control, and advancements in teaching and learning,” said Phil Utigard, Executive Vice President and leader of Transwestern’s Education Advisory Group. “As a result, there are significant implications for owned and occupied real estate in the education sector.”
Today’s students, for example, expect a variety of housing, dining and entertainment options, preferably within walking distance of the school and public transportation. More and more education centers occupy converted downtown office buildings or even multitenant properties that provide convenient student access and urban, live-work-play amenities, which may be lacking on a traditional campus.
In addition, educators competing for promising students are striving to offer an appealing learning environment and the right mix of amenities for socialization and collaboration. The newest facilities offer features that have taken hold in the business world, including Wi-Fi connectivity, ample seating, charging stations, glass walls and marker boards. Lecture halls and classrooms, in many cases, are being replaced by multiuse rooms with advanced audio-visual capabilities, much like team rooms in a modern office.
“Given their shared goals of attracting and retaining bright minds, it isn’t surprising that educators and office developers today employ many of the same tactics when it comes to real estate,” said Utigard.
Some education providers are choosing to free capital for operations by leasing instead of owning their space and are amortizing tenant improvement costs over their lease terms. Many schools are using sale-leaseback transactions to finance investments in mechanical systems, technology enhancements, aesthetic upgrades and health and safety improvements.
Read more on how educational facilities are emulating workplace design at: http://twurls.com/ed-design
Transwestern is a privately held real estate firm of collaborative entrepreneurs whodeliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern.