This is the smartest business move you're not making

In the world of modern business, where you are is just as important as what you do. The right location plays a big part in attracting qualified talent, allowing more collaboration, and presenting a relatable, physical association for customers and clients. Today, real estate is not necessarily seen as a source of competitive advantage - but it very much is. It's actually a tool that can drive business.

Skilled real estate management is a discipline; lack of experience can have serious consequences. Both new and established companies are susceptible to bad real estate decisions without realizing the implications they can have on the business - or the value a good real estate move can offer. Here's how one company has used real estate as a successful business strategy.

Taking a historic company into a new era

Young & Rubicam is one of the most recognized and respected ad agencies in the world. But a few years ago Y&R was going through changes. For more than 86 years, the agency's global headquarters were at 285 Madison Avenue in New York City, and the space was synonymous with the agency itself. However, as Y&R continued to expand, its space on Madison avenue no longer provided the amenities it needed. Finding the right space was critical for Y&R; not only did it have to meet its expanding needs, it also had to be a space where the agency's culture, ethos, and creativity could thrive.

Working with CBRE, a commercial real estate services firm, Y&R identified 3 Columbus Circle as the ideal site for its new global headquarters. CBRE helped Y&R secure a hybrid deal to acquire a condominium interest of floors three through eight, and enter into a 20-year lease for floors nine, 10, 18, and 19 at 3 Columbus Circle.

One of the many draws of the new building is that it provides a number of features that are appealing to both employees and clients, including a sunlit mix of public and private space. Different pieces of art on the walls match the creativity of the campaigns that come from the agency teams. Recognizing that the office is where many employees spend most of their time, Y&R created a number of break areas: a roof deck where people can enjoy stunning views of Central Park; a cafeteria that offers a number of different dining options; and areas for employees to relax and even play foosball and shuffleboard.

And it's not just the actual building that can influence employees' happiness - the location is also a big draw. The neighborhood has easy subway access, so it's convenient for employees from across the numerous New York City boroughs. Because the office is part of a hub that houses other agencies within WPP (Y&R's holding company), it creates a great space for Y&R to collaborate with colleagues at sister firms.

The space has proven to be a valuable asset for Y&R, helping the firm deliver on its best-in-class creative reputation and serve as a place where both employees and clients want to be. Another reminder that it's not just about what you do, but where you do it.

Find out more about Y&R's story and how the right real estate can help your business.

This post is sponsored by CBRE.

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