Office Focus – Open Floorplans? – 2019 Q3 Review

Lock RichardsOpen office floorplans have become trendy over the past several years. Driven by the tech industry and other “new economy” sectors, such layouts were developed to enhance worker collaboration, creativity and job satisfaction, with the ultimate goal of improving worker productivity – all while reducing real estate occupancy costs.

With such lofty ideals attributed to open floorplans, it makes sense for today’s conventional office tenants and landlords to join this trend – right? Perhaps not, as a recent study from Harvard Business School determined that open floorplans actually contribute to a decline in cognitive focus and worker productivity. Both visual and auditory distractions have been shown not only to decrease productivity, but also to increase worker stress and frustration. Other studies have shown that open floorplans actually decrease face-to-face interactions, as workers strive to find privacy via the increased use of headphones, electronic messaging, etc.

Of course interpersonal interaction via an open floorplan will, at times, produce ideas or solutions that may not have otherwise come to light; but at what cost? How much value did each person who abandoned their own projects actually add to the new project, and how much was lost on their assigned projects?

The open office concept may be a trend that has reached its peak in many markets. While the premise of the concept is indeed attractive, jumping in without careful thought could be penny-wise and pound-foolish.

AVAILABLE FOR FOR SALE Q3 2019   
LocationSq. Ft.List PricePrice/SF
Industrial
11978 Charles Dr, Grass Valley2,500$299,900$119.96
13242 Grass Valley Ave #22-23, Grass Valley2,716$195,000$143.59
13242 Grass Valley Ave #24, Grass Valley1,358$195,000$143.59
12509 Loma Rica Dr, Grass Valley1,524$122,000$80.05
174-178 Lower Grass Valley Rd, Nevada City8,320$1,249,000$150.12
110 Spring Hill Dr #19, Grass Valley3,753$374,000$99.65
Office
10015 Alta Sierra Dr, Grass Valley4,176$760,000$181.99
563 Brunswick Rd # 2, Grass Valley1,151$195,000$169.42
565 Brunswick Rd # 9, Grass Valley1,387$290,000$209.08
13421 Grass Valley Ave, Grass Valley13,136$1,395,000$106.20
154 Hughes Rd, Grass Valley6,650$850,000$127.82
Medical/Dental
152 Catherine Ln., Suite E & F, Grass Valley1,393$225,000$161.52
411 Coyote St, Nevada City1,842$559,000$303.47
105 Margaret Ln, Grass Valley2,460$375,000$152.44
300 Sierra College Dr #250, Grass Valley1,740$615,000$353.45
300 Sierra College Dr #165, Grass Valley4,787$1,450,000$302.90
Retail
210 Broad St, Nevada City21,675$2,100,000$96.89
311 Broad St, Nevada City1,320$649,000$491.67
315 Broad St, Nevada City4,979$1,350,000$271.14
426 Broad St, Nevada City1,333$575,000$431.36
231 - 233 Colfax Ave, Grass Valley4,440$890,000$200.45
131-139 Joerschke Dr, Grass Valley19,580$1,800,000$91.93
104 E Main St, Grass Valley1,387$419,000$302.09
840 E Main St, Grass Valley28,706$5,450,000$189.86
206 W Main St, Grass Valley3,950$875,000$221.52
633 - 653 Maltman Dr, Grass Valley8,595$995,000$115.76
123 Mill St, Grass Valley1,485$764,000$514.48
16282 Mount Olive Rd, Grass Valley5,655$660,000$116.71
1125-1165 Sutton Way, Grass Valley24,539$3,500,000$142.63
102 - 108 Union St, Nevada City14,000$3,200,000$228.57
203 York St, Nevada City3,265$1,300,000$398.16
AVAILABLE FOR FOR LEASE Q3 2019   
LocationSq. Ft.Min Base Price/SFMax Base Price/SF
Industrial
355 Crown Point Cir, Grass Valley4,800$0.60$0.60
10141 Evening Star Dr, Grass Valley2,750$0.80$0.80
972 Golden Gate Ter, Grass Valley4,864$1.00$1.00
12257 - 12263 Loma Rica Dr, Grass Valley4,500$0.98$0.98
Office
10015 Alta Sierra Dr, Grass Valley830$1.32$1.32
126 S Auburn St, Grass Valley5,100$0.65$0.65
131 S Auburn St, Grass Valley921$1.51$1.51
159 S Auburn St, Grass Valley2,242$1.12$1.12
375 Brunswick Rd, Grass Valley6,791$1.28$1.28
464-458 Brunswick Rd, Grass Valley4,970$1.58$1.88
512 - 528 Brunswick Rd, Grass Valley720$1.04$1.04
124 Clydesdale Ct, Grass Valley7,352$0.75$0.75
333 Crown Point Cir, Grass Valley7,925$1.70$1.70
350 Crown Point Cir, Grass Valley5,550$1.40$1.40
360 Crown Point Cir, Grass Valley9,603$1.39$1.49
431 Crown Point Cir, Grass Valley11,100$0.85$0.85
488 Crown Point Cir, Grass Valley5,168$1.80$1.80
200 Litton Dr, Grass Valley3,000$1.40$1.40
640 E Main St, Grass Valley1,579$0.66$0.66
900 E Main St, Grass Valley7,700$1.63$2.09
944 - 1020 McCourtney Rd, Grass Valley5,639$1.68$1.68
O84 Plaza Dr, Grass Valley2295$1.26$1.26
101 - 106 Providence Mine Rd, Nevada City1,650$1.41$1.43
200 - 208 Providence Mine Rd, Nevada City13,529$1.47$1.48
351 Providence Mine Rd, Nevada City1,152$1.70$1.80
352 Providence Mine Rd, Nevada City1,530$1.70$1.80
353 Providence Mine Rd, Nevada City1,704$1.70$1.80
356 Providence Mine Rd, Nevada City275$395$595
357 Providence Mine Rd, Nevada City1,800$1.70$1.80
400 Providence Mine Rd, Nevada City72,110$0.75$0.95
313 Railroad Ave, Nevada City1,469$1.35$1.35
120 Richardson St, Grass Valley1,635$1.15$1.15
360 Sierra College Dr, Grass Valley2,519$1.96$1.96
420 Sierra College Dr, Grass Valley1,750$2.20$2.20
143 Spring Hill Dr Ste 1A, Grass Valley5,082$1.23$1.23
165 Spring Hill Dr, Grass Valley2,500$1.00$1.00
1012 Sutton Way, Grass Valley3,200$1.87$1.87
908 Taylorville Rd, Grass Valley1,563$1.66$1.66
1415 Whispering Pines Ln, Grass Valley8,009$1.60$1.60
Medical/Dental
470 S Auburn St, Grass Valley1,045$1.25$1.25
152 Catherine Ln., Suite E & F, Grass Valley1,393$0.86$0.86
105 Margaret Ln, Grass Valley1,100$1.30$1.30
123 Margaret Ln, Grass Valley1,200$1.40$1.40
Retail
408 Broad St & 405 Commercial Street, Nevada City712$1.37$1.37
650 Freeman Ln, Grass Valley19,467$1.95$2.40
533-537 E Main St, Grass Valley14,300$1.20$1.20
840 E Main St, Grass Valley11,727$1.60$1.60
105 W Main St, Grass Valley4,000$0.75$0.75
111 W McKnight Way, Grass Valley9,398$2.06$2.06
2032 - 2118 Nevada City Hwy, Grass Valley5,950$1.76$1.76
984 Plaza Dr, Grass Valley6,300$1.03$1.14
102 - 108 Union St, Nevada City1,873$1.65$1.65
RECENT TRANSACTIONS Q3 2019   
LocationSq. Ft.Sale/LeaseClose Date
102 Catherine Ln, Grass Valley2,736Lease6/27/2019
972 Golden Gate Ter, Grass Valley4,864Sale7/1/2019
351-357 Providence Mine Rd, Nevada City10,554Sale7/1/2019
648 Zion St, Nevada City918Sale8/1/2019
653 A & B Maltman Dr, Grass Valley4,200Lease8/9/2019
355 Crown Point Cir, Grass Valley7,200Lease8/14/2019
901-D La Barr Meadows Rd, D, Grass Valley932Sale8/19/2019
333 Crown Point Cir, Grass Valley2,316Lease8/30/2019
438 Colfax Ave, Grass Valley2,464Sale9/5/2019

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