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2%

3%

1%

6%

48% 40%

52%

53%

SOFTWARE

TECH

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INTRODUC TION

FIN A N CI A L S ERV I C ES I N D US T RY After several years of market uncertainty, the fi nancial

firms in the technology sector continue to branch out and

services industry is growing. This year, a survey by the

compete in areas occupied by traditional financial services

Confederation of British Industry (CBI) revealed that 45% of

firms, increasing competition between the two industries.

fi nancial services fi rms experienced increased employment over the past year. Additionally, 46% of fi nancial services

The information in this report reflects design trends over the

fi rms expect employment to rise even more sharply

past three years. It provides a detailed study of key trends

throughout 2014.1

and issues, benchmarks and user satisfaction related to new workspace in the financial services industry.

The financial services industry encompasses a broad range of organizations including merchant banks, credit card

For this report, HOK observed more than 1 million SF of office

companies, stock brokerages and insurance companies,

space from 11 top-tier financial services firms in London, New

many of which suffered during the 2008 financial crisis. With

York and Toronto. These firms and their space represent best-

renewed growth, these firms now face different challenges.

in-class workplaces. This dataset only includes corporate office space and does not cover retail banking space.

Recent growth in personnel has focused on the hiring of technology staff as the industry attempts to establish itself in areas such as mobile and electronic banking. Leading

Capital One, Toronto

PA G E 2

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Qube, London

TD Bank, Toronto

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Deloitte, New York

T R EN DS The design of workspace for the financial services industry

The digitization of commerce: Low-cost, high-speed,

responds to trends affecting that sector and the overall

seamless exchange of information enables new types of online

business world. The following trends are transforming

markets, payment systems and business models.5

traditional business models as well as how customers and professionals in the industry relate to these firms:

The automation of knowledge work: Using advances in artificial intelligence, deep learning and big data, financial

Increased competition, both new and old: Competition is

institutions can better understand client patterns. These

ramping up as firms from emerging markets with distinct

methods and natural user interfaces will increasingly automate

strengths take on longer-established corporations that could

knowledge work tasks.6

take for granted their own hard-won advantages.2 The automation of financial tools: An increasing array of Focus on the new customer: Today’s customers are digitally

financial services are being made available online and through

connected and highly informed. Instead of walking into a local

mobile applications. Financial software connected to the

bank and sitting down to open an account during banking

Internet allows for the automation of many common money

hours, these customers purchase their banking services much

management activities. This trend toward automation and

like they buy music, books or other products—online and 24/7.3

convenience is expected to continue.7

Companies are hiring, but top talent is scarce: Though

Remote work is on the rise: At any given time, about one-third

there are more jobs available in 2014 than in 2013, landing

of all professionals are working remotely. Only 30% to 40% of

a new position remains a challenge. Many new jobs are so

employees with assigned spaces are actually using them. This

specialized that they require training in skills that many people

is largely enabled by remote technology.8

haven’t acquired yet.4

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I N T RO D U C TI O N

USIN G T HIS R EP O R T As the nature of work changes within the financial services industry, the workspace must adjust to accommodate these changes. Readers can use this report to help guide management and design decisions about the workplace. In the short term, the convergence of technology and financial services may result in financial services companies increasingly adopting the culture and workplace design practices of the technology industry. These include providing increased on-site amenities, flexible workspaces, creative office environments and mobility strategies.

EN DN OT ES 1

http://www.cbi.org.uk/media-centre/press-releases/2014/03/ steady-growth-continues-in-financil-services/

2

http://d2mtr37y39tpbu.cloudfront.net/wp-content/ uploads/2014/03/Business-Trends2014.pdf

3

http://www.bai.org/bankingstrategies/Operations-and-Technology/ Technology-and-Information/Top-Ten-Banking-Trends-for-2014

4

http://www.forbes.com/sites/womensmedia/2014/04/12/2014update-of-business-trends-from-the-trenches/

5

Ten IT-enabled business trends for the decade ahead, McKinsey Global Institute, 2013.

6

Ibid.

7

http://www.forbes.com/sites/rodebrahimi/2013/12/23/financialservices-trends-to-watch-in-2014/

8

PA G E 4

The New Federal Workplace, GSA Building Services, June 2009

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CIBC, Toronto

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K E Y FI N DI N GS SUMMARY

1

GROW TH IS BACK . . .

46% OF FINANCIAL SERVICES FIRMS

expect employment to rise

even more strongly throughout 2014. But this growth is accompanied by new challenges related to talent and competition from technology firms.

…BUT, SO IS THE NEED FOR MORE TR AINING.

Sector

F INA NCIA L S ER V IC E S

Percent of Gen Y/ Millennials (born after 1980)

Percent Average of Gen Y/ Millennials (born after 1980)

60%

37%

A much larger percentage of young people are entering the workforce of financial services companies than those in other industries. Given the highly specialized requirements of these positions, businesses will need to invest in more training for

Energy

17%

29%

Government

18%

60%

their people. Analyzing our three-city data, Toronto has the most balanced talent pool and New York is most skewed

Technology

PA G E 6

46%

32%

toward members of the Millennial generation.

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G ROW T H CA N B E ACCO M M O DAT ED T H RO U G H B E T T ER P L A N N I N G & U TILIZ ATIO N OF E XIS TING SPACES .

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2

HOK’s observation of 6,000+ seats revealed that workstations and offices are occupied about half the time.

48%

OF SEATS ARE UNOCCUPIED THROUGHOUT THE DAY

75% of financial services professionals work in assigned spaces in the office

29% Typically, conference rooms are not used to their full potential. HOK’s data shows that meeting spaces are used, on average, just 29% of the time.

AVERAGE UTILIZATION OF MEETING ROOMS

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KEY FINDINGS SUMMARY

3

M EE T I N G S PACE S H O U L D B E A PPROPRI AT ELY SIZED & FL E XIBL E .

Top-tier financial services firms in London, New York

3%

and Toronto devote more than half of their meeting and collaboration space to rooms that are medium to extra large in size. Companies can maximize space efficiency

12%

by making larger spaces adaptable to smaller meetings.

47% 38%

53% M E D I U M T O X- L A R G E MEETING ROOMS

X-Large Meeting Room (21+ people) Large Meeting Room (13-20 people) Medium Meeting Room (7-12 people) Small Meeting Room (3-6 people)

73% OF MEETINGS ARE BETWEEN 2-4 PEOPLE

PA G E 8

Based on HOK’s observational data, 73% of meetings occur between 2-4 people. To maximize utilization, meeting spaces should be highly flexible to accommodate large, medium or small groups.

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9 1% O F I N DI V I D UA L LY A S S IG N ED S PACES A R E ‘ O PEN OFFICE .’

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4

Individually assigned workspaces include enclosed offices, open workstations and benching areas.

9%

The majority of individual workspaces across the three financial services locations are composed of open workstations. Enclosed offices make up 9% of all seats counted, while open workstations and

23%

benching comprise 91% of seat count.

68%

91% OPEN OFFICE

Enclosed Office OPEN OFFICE

Average Size Workstation Benching

Of the time spent in the office, financial services professionals reported working alone 54% of the time. This individual work tends to be focused and primarily done in quiet areas that enable concentration. It also lends itself to be conducted at home or in isolated settings away from the office.

54%

OF TIME IS SPENT WORKING ALONE

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KEY FINDINGS SUMMARY

5

M O B ILIT Y S T R AT EGIES A R E CO M M O N , B U T A DO P T IO N R AT E VA RIES G R E AT LY.

The average sharing ratios between London, New York and Toronto range from a high (people observed in seats at peak times) of 1.7 : 1 to a low (people observed in seats during low occupancy) of 1.2 : 1. The lowest value during low occupancy is 1 person per 1 seat in New York, and the highest value at high occupancy is 1.9 people to 1 seat in Toronto.

1.7 : 1.0 HIGH

Sharing Ratios

(People to Seats) RANGE HIGH TO LOW

1.2 : 1.0 LOW (People to Seats)

2.2 Collaboration Space Ratio

1.0

PA G E 1 0

Individual workstation-to-collaboration (meeting) space ratios indicate there’s a meeting room seat for about every two workstations.

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B UIL DIN G EFFICIEN CY IS TIGH T. . .

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6

Efficiency factors (multipliers that reveal how much space

1.46

1.50

1.42

increases from assignable to usable to rentable area) are tight across Toronto, New York and London, as real estate

1.10

1.18

1.10

costs are at a premium. Toronto has the highest average Design Efficiency Factor for assignable-to-usable area at 1.50, followed by London at 1.46 and New York at 1.42. New York has the highest average factor for usable-to-rentable area at 1.18, followed by London and Toronto, both at 1.10. The average floorplate size used to determine these

LONDON

NEW YORK

TORONTO

factors was 27,500 SF/ 2,500 SM.

Design Efficiency Factor (Assignable to Usable Multiplier) Building Efficiency Factor (Usable to Rentable Multiplier)

… A N D SO IS T H E AV ER AG E A R E A P ER S E AT. HOK’s data shows an average of 155 RSF per seat for financial

155

117

services firms observed across London, New York and Toronto.

RSF / Seat

USF / Seat

This metric should be distinguished from area per person, which would be even tighter with mobility strategies in place.

This is equal to 14 RSM / Seat & 11 USM / Seat.

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KEY FINDINGS SUMMARY

7

T H E AV ER AGE O P EN O F FIC E R A N G ES F RO M 3 3 S F TO 4 3 S F. . .

The average size of open workstations is 43 SF.

180

Enclosed offices range from an average of 353 SF

160

for an extra-large office accommodating five or more

140

guests to a regular enclosed office, which averages

120

143 SF and accommodates 1-2 guests.

178 Lowest SF / Type

143

Average SF / Type Highest SF / Type

103

100

The chart to the right illustrates the range of sizes for

68

80

60

each work environment.

38

40

43 26

33 36

20

0

REGULAR ENCLOSED OFFICE

AVERAGE-SIZE WORKSTATION

BENCHING

Office & Workstation Sizes (Note: These exclude large enclosed offices and

1,143

extra-large enclosed offices.)

1,200

Lowest SF / Type

1,000

Average SF / Type

769

Highest SF / Type

0

X-LARGE MEETING ROOM

LARGE MEETING ROOM

Meeting Space — Types & Sizes

72

SMALL MEETING ROOM

51

MEDIUM MEETING ROOM

38

148

305

102

200

133

400

310

309

600

…AND THE AVER AGE SMALL MEETING ROOM IS 148 SF.

191

507

597

730

800

PHONE ROOM

The size of meeting rooms varies from small two-person rooms with an average of 51 SF to extra-large meeting and training space that can accommodate more than 21 people. As noted previously, small meeting rooms make up 47% of collaborative space.

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8

14 WORKPLACE ATTRIBUTES THAT ENHANCE HUMAN CAPITAL AND PRODUCTIVITY...

According to HOK’s nature of work study, which examined a total of 14 workplace attributes, the seven attributes mentioned below have the smallest gap between what employees deem important and their level of satisfaction, meaning they are delivered at a more acceptable and consistent level of quality.

4.74

3.87

4.54

3.22

SUFFICIENT TASK LIGHTING

RANGE OF WORK SPACES

4.39

4.03

4.94

3.69

3.32

4.18

SPACE FOR SPONTANEOUS MEETINGS

ACCESS TO NATURAL LIGHT / VIEWS

TOOLS & TECHNOLOGY (IN MEETING ROOMS)

4.22

4.30

3.41 3.41

BRAND / COMMUNITY

SPACE FOR SCHEDULED MEETINGS

High Performers - Importance / Satisfaction Score

… A N D T H E 7 AT T RIB U T ES T H AT FA L L S H O R T. The remaining seven attributes listed by respondents have a larger

Low Performers - Importance / Satisfaction Score:

disparity between their importance and satisfaction levels. These

•

Space for focused work

attributes represent opportunities for improvement in order to

•

Overall impression

enhance the workplace environment and if left unattended have

•

Tools and technology in the workspace

the potential to hinder productivity.

•

Ergonomics

•

Space for private calls

•

Adaptable/ well laid out work spaces

•

Sufficient acoustical separation

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METHODOLOGY & TERMINOLOGY

M E T H O D O LO GY HOK used three main sources of data to triangulate the

Besides space data, HOK’s workplace methodology involves

findings for this report: a space analysis database, a space

surveying and collecting observational and self-assessment

utilization/observational survey and nature of work survey

data. In the last three years alone, HOK has conducted a total

results. HOK’s space data (as summarized in Figure 1) was

of 92 space utilization and nature of work surveys for over

compiled from 11 top-tier financial services firms in London,

11 industries, covering approximately 39,000 observed

New York and Toronto, encompassing more than 1,160,000

employee seats for the space utilization surveys and 23,000

SF (more than 100,000 SM) within 46 floors of office space.

survey responses for the nature of work surveys. Within the

The workspaces documented here represent office projects

financial services industry, HOK’s observational and self-

that were completed within the last five years and that

assessment dataset included data from 10 clients at 38

embody the latest workplace trends.

locations, mostly in the United States, Canada and the United Kingdom.

Data from London, New York and Toronto locations was extracted from each project’s Building Information

To collect space utilization data, HOK observed how people

Modeling (BIM) system and categorized based on the space

occupy space in a building, and how much time they are

classification system established by the Open Standards

observed to spend at their desks versus another location. This

Consortium for Real Estate (OSCRE). HOK uses BIM software

observational data was primarily collected through iPads and

to plan and design buildings in three dimensions while

fed into a proprietary software for analysis and reporting. For

attaching data and attributes to building components. Metrics

the nature of work surveys, HOK collected self-assessment

such as space class types, square footage, cost of materials

employee data such as demographic information, how much

and occupancy can be recorded in BIM and exported to a

time employees believe they spend in meetings or working

database.

from home, and the levels of satisfaction and importance employees place on certain workplace attributes.

# of Floors

Ave rag e S F of F loor

Ave rag e S M of F loor

Tot al S F

Tot al S M

London

11

38,152

3,544

419,676

38,989

New York

11

21,305

1,979

234,359

21,773

Toronto

24

21,235

1,973

509,646

47,348

G RA ND TOTAL

46

26, 898

2, 4 99

1 , 1 63 , 682

1 0 8, 1 1 0

Lo c a ti o n

FIGURE 1: Location, Size and Number of Floors Observed

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EXTERIOR GROSS AREA

Core Building Service & Primary Circulation

Includes primary circulation and everything in Usable & Assignable Area

B U I L D I N G R E N TA B L E A R E A

Encroachment & Expansion Space

Includes secondary circulation and everything in Assignable Area

USABLE AREA Includes the following space types plus others not listed: [OFFICE]

Office, Business Support, Training and other types

- offices, workstations, open collaboration space, filing space and storage rooms; [BUSINESS SUPPORT] - reception areas, mail rooms, meeting rooms, auditoriums, print rooms, waiting areas, locker rooms, security rooms, libraries, AV equipment rooms, and IT tech; and [TRAINING] - classrooms and computer labs

ASSIGNABLE AREA FIGURE 2: High-Level Overview of OSCRE Space Classes 2

K E Y TERMS & DEFINITIONS Building Rentable Area: This method measures the

Assignable Area: The International Facility Management

occupant space occupied by the owner, manager and/

Association (IFMA) defines assignable area as the portion of

or single occupants. It includes space such as computer

the plannable area on a floor that can be assigned to occupant

rooms, copy/mail rooms and lunchrooms that serve office

groups or functions. It’s calculated by subtracting secondary

tenant operations.3 The Rentable Area of a building may vary

circulation, restricted areas, interior encroachments and

according to the terms of a specific lease.

occupant void areas from plannable area (the portion of the floor enclosed within the face of interior encroachments).5

Usable Area: The Building Owners and Managers Association

Assignable area is used to measure space assigned to tenant

(BOMA) defines usable area as occupant area plus building

personnel, furniture, equipment support areas and common

amenity areas. Occupants include tenants as well as owner

support areas.

occupants. Usable area does not include building service areas, such as building lobby and corridors; fire control center

Absenteeism: Frequent or habitual absence from work or

and equipment; restrooms and janitors’ closets; mechanical,

school.

electrical and communications rooms and closets; truck loading, receiving and trash; or building management and maintenance.4 PA G E 15

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M E T H O DO LOGY & TERMINOLOGY

Benching: Open-plan workstations typically consisting of a

Exterior Gross Area: The sum of the floor areas on all levels

long, rectangular desk occupied by multiple people.

of a building that are totally enclosed within the building. It is calculated by measuring to the outside face of exterior

Building Owners and Managers Association International

walls, disregarding canopies, cornices, pilasters, balconies

(BOMA): An organization that publishes the Office

and buttresses that extend beyond the wall face and

Measurement Standard, which provides a methodology for

courtyards that are enclosed by walls but have no roof. 8

measuring both individual occupant space and the space that benefits all occupants.

Financial Services: Professional sector encompassing a broad range of organizations, including merchant banks, credit card

Building Information Modeling (BIM): A software platform

companies, stock brokerages and insurance companies.

that allows for the creation and management of threedimensional digital representations of physical and functional

Flexible Work (or mobile work): A work style in which a

characteristics of spaces.

person consistently uses multiple spaces/places in which to accomplish his or her work.9

BYOD (bring your own device): A policy permitting employees to use personally owned devices in the workplace. Such a

Huddle Room: Smaller room, usually assigned to a specific

policy requires three components: a software application for

department, to be used for daily team or staff meetings or

managing the devices connecting to the network, a written

other quick get-togethers or stand-up meetings.10

policy outlining the responsibilities of both the employer and the users, and an agreement users must sign, acknowledging that

International Facility Management Association (IFMA): The

they understand and will comply with the policy.6

world’s largest and most widely recognized international association for facility management professionals, supporting

Collaborative Workspace: Open areas for meeting and

more than 24,000 members in 94 countries.

collaborating in the office. These spaces are part of an openplan office and may include minimal dividers between seats.

Meeting Room: Collaborative space enclosed by four walls and typically able to accommodate from three to more than

Efficiency Factor: Represents the percentage of net rentable

20 people.

square feet devoted to the building’s common areas (lobbies, restrooms, corridors, etc). This factor can be computed for

Open Standards Consortium for Real Estate (OSCRE): A

an entire building or a single floor of a building. Also known

non-profit organization dedicated to the development of

as a Core Factor or Building Efficiency Factor, it is calculated

industry standards for data exchange. OSCRE has developed

by dividing the rentable square footage by the usable square

space management standards defining property and space

footage.7 The Design Efficiency Factor is used as a multiplier

attributes, space allocations and other metrics.

from assignable area to usable area. Phone Room: A small, enclosed space, typically able to EMEIA: A regional designation to indicate the countries in

accommodate one or two people and often used for private

Europe, the Middle East, India and Africa, collectively. Used

phone conversations.

for government, marketing and business purposes, the term is common among North American companies.

Plannable Area: The portion of a floor enclosed within the face of interior encroachments.11

Enclosed Office: An office space enclosed by four walls. The space can be assigned to individual workers and can

Presenteeism: The practice of coming to work despite illness,

accommodate from one to more than five visitors.

injury, anxiety, etc., often resulting in reduced productivity.

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TD Bank, Toronto

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Deloitte, New York

Rentable Square Feet: Exterior gross area minus exterior walls, major vertical penetrations, interior parking space and void areas.12 Training Room: A space dedicated and equipped for employee learning to support instructor-led courses, individual online instruction, and/or face-to-face and distance learning applications. Training rooms may vary in size and generally include audio-visual equipment to support a variety of educational technology applications.13 Workstation: An individual workspace that can be connected

EN DN OT ES

to a series of desks and includes separations in the form of dividers and file storage space.

1

OSCRE is a non-profit organization dedicated to the development of industry standards for data exchange.

2

This chart provides a high-level view of OSCRE space standards as they relate to this report.

3

BOMA’s 2010 Floor Measurement Standard

4

Ibid.

5

(2010). IFMA. Space and Project Management Benchmarks.

6

Source: http://www.itmanagerdaily.com/byod-policy-template/

7

Source: http://commercial-real-estate-brokers.blogspot.

(ANSI/BOMA Z65.1-2010).

com/2007/11/efficiency-factor.html 8

(2009). IFMA. Operations and Maintenance Benchmarks: Research Report #32

9

(2009). IFMA. Distributed Work: Research Report #31

10

Ibid.

11

(2010). IFMA. Space and Project Management Benchmarks: Research Report #34

12

(2009). IFMA. Operations and Maintenance Benchmarks: Research Report #32

13

(2012). IFMA. Workplace Amenities Strategies: Research Report #36

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WORK S T Y L ES & USE OF SPACE

I N DI V ID UA L WO R K Financial services professionals spend 54% of their time on individual work HOK’s Nature of Work Study surveyed a range of professionals

In the area of virtual collaboration, which includes

around the world, asking them to answer the question, “When

videoconferencing, email, instant messaging and phone

you are in an office, what percentage of time do you typically

conversations, financial services professionals reported

spend doing each of the following activities?”

spending about 20% of their time in the office communicating with others remotely. This compares with an average of 17%

Respondents from the financial services industry reported

reported by professionals across all four industries.

spending a majority of their time in the office working alone (54%), which exceeded the time reported by professionals in

The table below illustrates a comparison of HOK’s benchmark

the government and energy sectors, but was less than those in

data for financial services, energy, government and

the technology sector (67%).

technology sectors. The data was collected over the last three years across global corporate locations.

On average, financial services professionals indicated spending 26% of their time in the office participating in faceto-face meetings, aligning with average benchmarks within the energy industry.

Average % of Working Alone

Average % of Face-to-Face Collaboration

Average % of Virtual Collaboration

FINA NCIAL SE RVI CE S

54%

26%

20%

Energy

51%

26%

23%

Government

52%

41%

7%

Technology

67%

16%

18%

55%

27 %

17%

S ector

G RA ND TOTAL FIGURE 3: Benchmarks for Office Activities

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9%

120%

100%

7%

20%

23%

26%

26%

54%

51%

52%

FINANCIAL SERVICES

ENERGY

GOV’T

18%

80%

60%

41%

16%

23%

40%

68%

67% 20%

0% TECH

Virtual Collaboration

Enclosed Office

Face-to-Face Collaboration

Average Size Workstation

Working Alone

Benching

FIGURE 4: Benchmarks for Office Activities

FIGURE 5: Individually Assigned Space by Seat Count

Most employees conduct individual work in an open-plan workstation Workstations and benching make up most individually

Open floor plans can offer space savings and greater

assigned space across London, New York and Toronto, with

flexibility for firms and their employees. Unassigned hoteling

68% of individually assigned space composed of average-

workstations can easily be integrated into open floor plans,

sized workstations and 23% made up of benching areas.

increasing the utilization of existing office space.

Offices in Toronto had the highest number of open

One financial institution discovered that 40% of its employees

workstations relative to enclosed offices, at about 93%,

were working remotely on an average day. By shifting its

revealing a preference for more open, collaborative work in

employees from private environments to shared spaces, the

that location.

company saved on real estate costs and increased the ratio of workers to seats by as much as 2:1.

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WO R K S T Y L E S & USE OF SPACE I N D I V I D UA L WO R K I N DI V ID UA L WO R K HOK surveyed a range of professionals about where they did most of their work: in an assigned and

2% 3%

120%

1%

enclosed office, in an assigned workstation, in a unassigned workstation or other/telework.

6%

100%

23%

80%

48%

The majority of financial services professionals reported working in assigned space. Just over half (52%) said they worked in assigned open

39%

financial services professionals reported working in

40%

60%

52% 40%

workstations and 23% indicated they worked in assigned enclosed workstations. In total, 75% of

9%

20%

49%

52%

53%

GOV’T

SOFTWARE

TECH

23% 0% FINANCIAL SERVICES

an assigned space, while 23% work in unassigned space and only 1% indicated that they telework or

Other / Telework

work in a space type not listed.

Unoccupied / Unassigned Assigned Workstation Assigned Enclosed

FIGURE 6: Assigned vs. Unassigned Space

Financial services organizations are more likely than other sectors to provide ‘free-address’ or ‘unassigned’ workspaces as part of an alternative workplace strategy

Compared with the other industries surveyed, a lower percentage of financial services professionals reported working in assigned,

75% of financial services professionals work in assigned spaces in the office

enclosed workstations (such as offices). About half of professionals from government, software and technology indicated they worked in enclosed spaces. However, a higher percentage of financial services professionals reported working in unassigned/vacant spaces when compared to the other industries (23% for financial services vs. 0% to 9% for the other three industries). All four industries responded with low percentages (0% to 2%) of telework.

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WO R K S PACE U TI L IZ ATIO N Unoccupied workstations are common in financial services locations and could be better utilized by creating flexible work environments HOK’s space utilization study, a survey of more

120%

than 6,000 seats, reveals that 48% of employee workstations and offices are unoccupied throughout the day, with about 17% of spaces temporarily

100%

35%

80%

39%

33%

2%

occupied throughout the day. The technology sector had the highest percentage of unoccupied space at 72%.

60%

17%

16% 18%

40%

“Internal mobility” within the financial services sector is about 33%, which is in the benchmark range of 25% to 35% for knowledge workers.

26%

72% 48%

43%

FINANCIAL SERVICES

ENERGY

20%

51%

0% GOV’T

TECH

Internal mobility is a metric calculated by dividing the number of temporarily unoccupied seats by the sum of occupied and temporarily unoccupied seats.

Occupied Temporarily Unoccupied Unoccupied

FIGURE 7: Seat Utilization — Observational Study

Average of Assigned Enclosed

Average of Assigned Open Workstations

Average of Unoccupied / Unassigned

Average of Other/Telework

FINA NCIAL SE RVI CE S

23%

52%

23%

2%

Government

49%

39%

9%

3%

Software

52%

48%

0%

0%

Technology

53%

40%

6%

1%

37%

48%

14%

1%

S ector

G RA ND TOTAL

FIGURE 8: Assigned vs. Unassigned Space

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WO R K S T Y L E S & USE OF SPACE

I N DI V ID UA L WO R K When alternative work strategies are in place, the average sharing ratio is 1.3 people per 1 desk

According to HOK’s data for financial services firms, the average sharing ratios between London, New York and Toronto range from a high (people observed in seats at peak times) of 1.7 : 1 to a low (people observed in seats during low occupancy) of 1.2 : 1. The lowest value during low occupancy is 1 person per 1 seat in New York, and the highest value

1.7 : 1.0

at high occupancy is 1.9 people to 1 seat in Toronto.

HIGH

1.2 : 1.0 LOW

(People to Seats)

(People to Seats) RANGE HIGH TO LOW

Location London New York Toronto

AVERAGES

% of workforce considered mobile

High (people to seats)

Low (people to seats)

n/a

n/a

n/a

n/a

1.5 : 1.0

1.0 : 1.0

63%

1.9 : 1.0

1.4 : 1.0

6 3%

1 .7 : 1 . 0

1.2 : 1.0

FIGURE 9: Workforce Mobility and People to Seats

FACE TO FACE TIME IN THE OFFICE

N umber of O bs er ved

1:1 Meetings

3-4 Individuals

4+ Individuals

Training

London

39,379

46%

27%

18%

7%

New York

34,577

40%

30%

23%

3%

4,802

62%

17%

5%

16%

Location

Toronto

FIGURE 10: Benchmarks for Face-to-Face Time in the Office

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CO L L A BO R ATIO N Meeting rooms in financial services firms have an average utilization of 29% throughout the day HOK’s observational data from the space utilization study reveals that meeting rooms are used, on average, only 29% S e c t or

of the time.

Nearly half of all meetings are between just two people. Survey respondents from the space utilization study indicated that they typically have meetings with four or fewer attendees. This was in response to the question,

Average Meeting Room Utilization % (Occupied)

F IN A N CIA L SE R V ICE S

29%

Energy

29%

Government

23%

Technology

53%

“When working with others face-to-face in the office, what percentage of time to do you typically spend on a) 1:1

FIGURE 11: Average Meeting Room Utilization

meetings, b) small group meetings (3-4 individuals), c) large group meetings (4+ individuals) or d) training.”

HOK’s global database of observations measures when there is more than one person in a space, providing a comparison to survey responses. Globally, 73% of all observed meetings were with four or fewer attendees. This is slightly higher than the Americas benchmark (70%) and lower than the EMEIA region (79%).

Throughout the day, meeting rooms in financial services firms were observed to have an average utilization of only

29%

Traditional meeting space is not well utilized. Typically, conference rooms are not used to their full potential. Based on observations of more than 6,000 conference rooms globally over the last three years, HOK’s data indicates that meeting rooms (including 1:1, 3-4, 4+ and training rooms) are only used 25% of the time, on average, during the work day.

EN DN OT ES 1

Difference between OS and SA numbers may be caused due to observational limitations in differentiating computer work from email & IM activities.

2

HOK APAC & HOK financial services-only information not available for this metric.

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SPACE STANDARDS

SPACE ME ASUREMENT & EFFICIENCY FACTORS Are real estate decisions being influenced by building efficiency? Observed spaces included 11 financial firms in 12 buildings

highest factor for assignable to usable area at 1.50, followed

and 45 floors across London, New York and Toronto. The

by London at 1.46 and New York at 1.42. New York has the

charts below document space measurements as assignable,

highest average factor for usable to rentable at 1.18, followed

usable and rentable areas, in SF or SM, and as detailed

by London at 1.10 and Toronto at 1.10.

previously. The average floor plate size used to determine these factors Building efficiency factors—multipliers that reveal how

was 27,500 SF / 2,500 SM.

much space increases from assignable to usable to rentable area—are noted for each firm and location. Toronto has the

1.89 1.37

1.32

1.84 1.07 1.13

1.53

1.06

1.08 1.13

1.24 1.08

Average

1.46

LONDON

1.42

1.50

NEW YORK

TORONTO

1.10

LONDON

1.18

1.10

NEW YORK

TORONTO

Low Design Efficiency Factor (Assignable to Usable Multiplier)

Low Building Efficiency Factor (Usable to Rentable Multiplier)

High Design Efficiency Factor (Assignable to Usable Multiplier)

High Building Efficiency Factor (Usable to Rentable Multiplier)

FIGURE 12: Design Efficiency Factors

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Average

FIGURE 13: Building Efficiency Factors

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The building efficiency factors are summarized on Figure 14 along with the total square feet and total square meters associated with firms surveyed in this report. The factors associated with increasing measured space from assignable area to usable area are higher than factors for usable to rentable area. This is because when measuring usable area from assignable area, a significant amount of circulation is added to the total. When measuring rentable area from usable area there are fewer significant components of a building that are added to total the rentable area measurement.

Assignable Area

Sector

Total Square Feet

Total Square Meters

Usable Area

Design Efficiency (Assignable to Usable)

Total Square Feet

Total Square Meters

Rentable Area Building Efficiency (Usable to Rentable)

Total Square Feet

Total Square Meters

London

260,183

24,172

1.43

371,658

34,528

1.13

419,676

38,989

Firm 1

260,183

24,172

1.43

371,658

34,528

1.13

419,676

38,989

New York

170,480

15,838

1.33

226,051

21,001

1.14

257,279

23,902

Firm 2

8,448

785

1.35

11,391

1,058

1.08

12,291

1,142

Firm 3

86,594

8,045

1.2

103,659

9,630

1.09

112,937

10,492

Firm 4

36,763

3,415

1.44

52,766

4,902

1.28

67,744

6,294

Firm 5

25,447

2,364

1.43

36,312

3,373

1.06

38,564

3,583

Firm 6

13,228

1,229

1.66

21,923

2,037

1.17

25,743

2,392

Toronto

353,400

32,832

1.49

528,170

49,069

1.1

579,723

53,858

Firm 7

86,361

8,023

1.54

133,202

12,375

1.1

146,123

13,575

Firm 8

25,632

2,381

1.55

39,846

3,702

1.08

42,995

3,994

Firm 9

133,777

12,428

1.53

205,314

19,074

1.1

225,506

20,950

Firm 10

37,824

3,514

1.55

58,791

5,462

1.12

65,875

6,120

Firm 11

69,806

6,485

1.3

91,017

8,456

1.09

99,225

9,218

784,063

72,842

1.44

1,125,879

104,598

1.12

1,256,677

116,749

GRAND TOTAL

FIGURE 14: Area and Efficiency Factor Measurements by Firm and Location

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S PAC E

STANDARDS

O P EN & C LOS ED O F FIC E S PACE Top-tier financial services firms devote about 36% of building space to open and closed offices Financial services firms employ a large number of people working in individual workstations. These are made up of a

7%

10%

14%

range of offices, open workstations and benching areas. In London, New York and Toronto, open workstations range

86%

90%

93%

LONDON

NEW YORK

TORONTO

from 86% to 93% of the number of total workstations (which includes enclosed offices).

Closed Office

Open Workstation

FIGURE 15: Percent of Open & Closed Office Space by Seat Count

The majority of individual workstations at top-tier financial services firms are open The charts below compare the amount of closed and open office space to the remaining square footage by location. Closed office space includes enclosed offices and open offices include cubicles, average-size workstations and benching areas. Shared support space makes up an average of 42% of building SF and individual work space makes up an average of 58% of SF.

36% 64%

38%

32%

41% 62%

LONDON

59% NEW YORK

68% TORONTO

Closed & Open Office Remaining RSF (includes food service areas, general file & storage rooms, lecture & classroom space, lobbies, meeting rooms, circulation, waiting rooms, and wellness & fitness rooms)

FIGURE 16: Percent of Open & Closed Office Space vs. Remaining Square Feet

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P RO P O R TIO N O F S PACE Collaborative vs. Individual Seats The ratio of conference space to total space has been steadily increasing for the last several years. According to HOK’s global benchmark data, financial institutions that have adopted new workplace strategies, such as distributed work and activity-based neighborhoods, are allocating conference spaces at an average ratio of 0.75:1. In other words, for every individual seat, threefourths of a collaborative seat is dedicated to that space. Conversely, for every one seat of collaborative space, there are about 1.33 individual seats. For financial services locations in London, New York and Toronto, there are about 2.22 individual seats for every collaborative

2.2

seat. Both the global and location-specific data do not include open collaborative spaces internal to the team (such as a circular table in a bullpen configuration). Collaborative spaces include soft seating, huddle rooms, conference rooms or café areas that are shared across groups and accommodate more than one person. For

1.0

traditional work environments (where all seats are assigned), the ratio typically ranges from 0.2:1 to 0.4:1 (collaborative:individual seats).

Individual Workspace to Formal Collaboration Seats Ratio

R SF/ SE AT

Shared Support Space

Individual Workspace

Individual Workspace to Formal Collab. Seats Ratio

Informal Collab. Seats to Individual Workspace Ratio

Total formal Collab. Seats to Individual Workspace Ratio

London

134

53%

47%

1.80 : 1.00

0.03 : 1.00

0.56 : 1.00

New York

179

39%

61%

2.67 : 1.00

0.10 : 1.00

0.37 : 1.01

Toronto

153

34%

66%

2.18 : 1.00

0.17 : 1.00

0.46 : 1.00

155

42 %

58%

2. 22 : 1 . 0 0

0.10 : 1.00

0 . 46 : 1.00

Lo c a ti o n

AV ERAG E

FIGURE 17: Financial Corporation Utilization Metrics

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S PAC E

STANDARDS

WO R K S PACE On average, workstations are smaller within the financial services industry The average size of open workstations surveyed was

178

180

43 SF, which is smaller than the 64 SF associated with a standard 8’x8’ workstation. Enclosed offices ranged from an average of 353 SF for an extra-large

160

143 140

office accommodating five or more guests to a regular enclosed office accommodating one or two guests at an average of 143 SF per room.

120

103 100

The chart to the right illustrates the range of sizes for regular enclosed offices, average-size workstations

80

68

60

and benching. Regular enclosed offices range from 103 SF to 178 SF across all three locations. These exclude large enclosed offices and extra-large

38

40

43 33

26

36

20

enclosed offices, which range from a low of 161 SF to 0

a high of 595 SF.

REGULAR ENCLOSED OFFICE

AVERAGE SIZE WORKSTATION

BENCHING

Lowest SF / Type Average SF / Type Highest SF / Type

FIGURE 18: Office & Workstation Sizes

Square Feet (SF)

Square Meters (SM)

Average SF / Type

Lowest SF / Type

Highest SF / Type

Average SM / Type

Lowest SM / Type

Highest SM / Type

Total Number of Rooms

Capacity / Type

X-Large Enclosed Office

353

286

595

32.84

26.52

55.28

17

5+ guests

Large Enclosed Office

161

131

305

14.97

12.17

28.34

375

3-4 guests

Regular Enclosed Office

143

103

178

13.28

9.57

16.54

352

1-2 guests

Average Size Workstation

43

38

68

3.99

3.53

6.32

5,558

1-2 seats

Benching

33

26

36

3.11

2.4

3.32

5,932

1 seat

WORKSTATION TYPES

FIGURE 19: Office Space - Types and Sizes

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M EE T I N G & C O L L A BO R ATI V E S PACE Financial services firms include a lot of highly flexible, small & medium meeting space Top-tier fi nancial services fi rms in London, New York

Fifty-eight percent of productive space (space that is

and Toronto devote, on average, 47% of meeting and

used for meetings or individual work) consists of open

collaboration space to small conference rooms.

office space. Designating space to accommodate small meetings can help professionals locate appropriate

Based on HOK’s observational data, 73% of meetings

spaces for both scheduled and impromptu gatherings.

actually occur between two to four people. Depending on circumstances unique to individual firm locations, it may

Open offices generally promote collaboration but also

be prudent to plan for more small meeting space when

generate noise. Having a range of meeting room sizes can

designing future workspaces.

allow for flexibility in how professionals work.

3% 12%

21% 47%

38%

21%

58%

X-Large Meeting Room (21+ people) Large Meeting Room (13-20 people) Medium Meeting Room (7-12 people) Small Meeting Room (3-6 people)

FIGURE 20: Meeting & Training Space by Room Count

Closed Office Open Office Collaboration Space (Small to Large Meeting Rooms)

FIGURE 21: Productive Space Comparison

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S PAC E

STANDARDS

M EE TIN G S PACE Top-tier financial services firms include collaboration and meeting spaces with a range of sizes

from small two-person rooms (on average 51 SF)

1,143

Across the three cities, meeting room sizes vary 1,200

to extra-large meeting and training space with

0

SMALL MEETING ROOM

38

MEDIUM MEETING ROOM

72

148

102

200

average size within each category.

51

LARGE MEETING ROOM

305

X-LARGE MEETING ROOM

sizes and capacities per category as well as the

191

507 310

400

309

600

The following table illustrates the range of room

597

800

these spaces at 47% of collaborative space.

133

earlier, small meeting rooms make up the bulk of

769

1,000

730

capacities of greater than 21 people. As noted

PHONE ROOM

Lowest SF / Type Average SF / Type Highest SF / Type

FIGURE 22: Meeting Space — Types & Sizes

Square Feet (SF)

Square Meters (SM)

Average SF / Type

Lowest SF / Type

Highest SF / Type

Average SM / Type

Lowest SM / Type

Highest SM / Type

Total Number of Rooms

Capacity / Type

X-Large Meeting Room

730

309

1,143

67.84

28.71

106.19

12

21+ people

Large Meeting Room

507

310

769

47.12

28.8

71.44

24

13-20 people

Medium Meeting Room

305

133

594

28.32

12.36

55.18

103

7-12 people

Small Meeting Room

148

102

191

13.73

9.48

17.74

225

3-6 people

51

38

72

4.69

3.72

5.95

113

1-2 people

WORKSTATION TYPES

Phone Room

FIGURE 23: Meeting Space - Types and Sizes

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Confidential Financial Client, Atlanta

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WORK PL ACE PERFORMANCE

SATIS FAC TIO N WIT H T H E WO R K P L ACE EN V IRO N M EN T For financial services, having sufficient “space for focused work” has the largest gap between importance and satisfaction

The table on the following page highlights the workplace

Financial services professionals reported similar importance

attributes that survey respondents deemed most important

scores as the HOK global benchmark in the following areas:

as well as their satisfaction with those attributes in their

access to natural light/views, adaptable/well laid out work

current workplace. Access to natural light and having

spaces, space for focused work, sufficient task lighting, and

sufficient task lighting received high importance and high

tools and technology in the workspace. When compared with

satisfaction scores by respondents representing financial

the financial services sector, the HOK EMEIA region had higher

services firms as well as HOK global benchmarks. Financial

importance scores for ergonomics and tools and technology

services firms also valued adaptable/well laid-out work

in the workspace, while the HOK Americas region placed higher

spaces, space for focused work, space for private calls, and

levels of importance on ergonomics.

tools and technology in the workspace. HOK Americas professionals revealed low deltas between A large delta (or difference) between “importance” and

importance and satisfaction for the following attributes: brand/

“satisfaction” scores reveals that professionals might have

community, space for spontaneous meetings, sufficient task

ranked an attribute highly but were dissatisfied with it. Among

lighting, and tools and technology in the workspace. Of these,

financial services firms, these large deltas are apparent in

financial services professionals shared a low delta in sufficient

the following attributes: adaptable/well-laid out work spaces,

task lighting.

ergonomics, space for focused work, space for private calls, sufficient acoustical separation, and tools and technology in the workspace.

Capital One, Toronto

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Confidential Financial Client, Dallas

TD Bank, Toronto

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N: 23,007

HOK FI NANCI A L SE R V ICE S

ATTR IBUTE S

V O L. 1 - F I N A N C I A L S E R V I C E S

I MPO RTANCE

SAT ISFACT ION

Access to natural light/ views

4.94

4.18

Adaptable/ well laid-out workspaces

4.49

Brand/ Community

H OK GLOB A L

DELTA

DELTA

IM PORTA N CE

SAT ISFACT ION

0.76

4.36

3.68

0.68

3.53

0.97

4.41

3.39

1.02

4.22

3.41

0.82

3.94

3.56

0.38

Ergonomics

4.45

3.40

1.05

4.39

3.54

0.85

Range of work spaces

3.87

3.22

0.65

3.88

3.28

0.60

Space for focused work

4.51

3.23

1.28

4.36

3.29

1.07

Space for private calls

4.48

3.44

1.04

4.18

3.12

1.06

Space for scheduled meetings

4.30

3.41

0.88

4.07

3.46

0.61

Space for spontaneous meetings

4.03

3.32

0.72

3.92

3.28

0.63

Sufficient acoustical separation

4.27

3.37

0.90

4.20

2.96

1.24

Sufficient Task Lighting

4.74

4.54

0.19

4.37

4.03

0.34

Tools & Technology (in meeting rooms)

4.39

3.69

0.71

4.25

3.55

0.69

Tools & Technology (in workspaces)

4.67

3.57

1.10

4.33

3.91

0.42

Overall impression

4.87

3.66

1.22

4.54

3.41

1.13

FIGURE 24: Importance and Satisfaction Scores - Global, Americas and Financial Services

Highlights on the table above call out the highest relative scores that respondents placed on the importance of various workplace attributes and their satisfaction with those attributes in their current workplace. The turquoise highlights represent the six largest values in the “importance” columns and the six largest differences between importance and satisfaction in the “delta” column. The orange highlights represent smallest differences between importance and satisfaction in the “delta” column.

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WO R K P L AC E PERFORMANCE

P RIO RIT Y A R E AS According to HOK’s nature of work study, which examined

are not satisfied with these attributes in their current work

a total of 14 workplace attributes, the seven attributes

environment. These attributes represent opportunities for

mentioned in Figure 25 have the smallest gap between what

improvement in order to enhance the workplace environment

employees deem important and their level of satisfaction,

and if left unattended have the potential to hinder

meaning they are delivered at a more acceptable and

productivity.

consistent level of quality. •

Space for focused work

On the other hand, the remaining seven attributes listed

•

Overall impression

here feature a larger disparity between their importance

•

Tools and technology in the workspace

and satisfaction scores. While employees believe space

•

Ergonomics

for focused work, tools and technology in the workspace,

•

Space for private calls

ergonomics, space for private calls, and adaptable and well

•

Adaptable/well laid-out workspaces

laid-out workspaces are important workplace attributes, they

•

Sufficient acoustical separation

4.74

3.87

4.54

3.22

SUFFICIENT TASK LIGHTING

RANGE OF WORK SPACES

4.39

4.03

4.94

3.69

3.32

4.18

SPACE FOR SPONTANEOUS MEETINGS

ACCESS TO NATURAL LIGHT / VIEWS

TOOLS & TECHNOLOGY (IN MEETING ROOMS)

High Performers - Importance / Satisfaction Score FIGURE 25: Importance and Satisfaction of Workplace Attributes

PA G E 3 4

4.22

4.30

3.41 3.41

BRAND / COMMUNITY

SPACE FOR SCHEDULED MEETINGS

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Qube, London

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DESIGN PRINCIPL ES

K E Y FIN DI N GS S U M M A RY

1

Growth is back…but, so is the need for more frequent training. Action Item: Financial services work is increasingly interrelated with information technology and may require more frequent training for a new generation of employees.

2

Growth can be accommodated through better planning/utilization of the existing spaces. Action Item: Ensure existing facilities are optimized to make the best use of space. Consider multipurpose and multi-use environments.

3

Meeting space should be appropriately sized and flexible. It’s important to make larger meeting spaces adaptable to smaller meetings. Action Item: Ensure support spaces can easily adapt to user needs.

4

54% of time is spent working alone. Action Item: Work on individual tasks can be done on-site or off-site, representing an opportunity for flexible work strategies.

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Mobility strategies are common, but adoption rates vary greatly. Action Item: There may be opportunities to implement mobility strategies in offices. Assess and choose appropriate sharing ratios suited to your organization.

6

Building efficiency is tight…and so is the average area per seat (155 RSF/seat). Action Item: Ensure existing facilities are optimized to make the best use of space. Consider multipurpose and multi-use environments.

7

The average office is 143 SF, while workstations are 43 SF, bench seating is 33 SF and meeting space is 148 SF. Action Item: These are averages for top-tier financial services firms in London, New York and Toronto. Use common size planning modules.

8

The following attributes fall short: space for focused work; overall impression; tools and technology in the workplace; ergonomics; space for private calls; adaptable/well laid out work spaces; sufficient acoustical separation. Action Item: Firms might want to focus on attributes such as these when assessing their space. Investing in your human capital pays off.

PA G E 3 7

C O N TA C T: G O R D O N W R I G H T

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