Corporations, design firms, technology, and furniture companies are rethinking the concept of the ‘workplace’ environment and built ‘office’ in an effort to respond to changing characteristics of the workplace. The following report presents a case study, post-occupancy assessment of an architecture firm’s relocation of their corporate headquarters in Dallas, TX. This ethnographic research transpired from September 2013 to February 2014 and included participant observation, employee interviews, and an office-wide employee survey. Applying a user-centered approach, this study sought to identify and understand: 1) the most and least effective design elements, 2) unanticipated user-generated (“un-designed”) elements, 3) how the workplace operates as an environment and system of design elements, and 4) opportunities for continued improvement of their work environment. This study found that HKS ODC successfully increased access to collaborative spaces by increasing the size (i.e. number of square feet, number of rooms), variety of styles (i.e. enclosed rooms, open work surfaces), and distribution of spaces throughout the office environment. An increase in reported public transit commuting from 6.5% at their previous location to 24% at HKS ODC compares to almost five times the national public transit average (5%) and fifteen times the rate of Texas workers (1.6%) and Dallas-Fort Worth-Arlington, TX Metro Area (1.5%). This supports the real estate decision and design intent of the office that relocating near public transit would increase use (nearly six times that of reported use at 1919 McKinney, 6.5%). Additional findings and discussion relate to HKS ODC’s design enabling increased access to natural light and improved air quality, increased cross-sector collaboration, increased connection to downtown Dallas and engagement with the larger Dallas architectural community, as well as the open office environment encouraging education between all employee levels. Discrepancies between designed ‘flexibility’ and work away from the desk are explored along with the role of technology to facilitate work without replacing face-to-face interaction. This work also identifies key challenges with the design and employee experience and provides recommendations for addressing areas of concern for continued improvement of the workplace design. Continued user-centered research in the field of workplace design is necessary to assess the effect of current interventions in other office environments for comparison and inform future endeavors.

Few areas of research in the finance literature have received greater attention than the efficient market hypothesis. Much of the research has been directed toward the securities market while very little research has been done in the real estate markets. The existing research on real estate market efficiency has been either descriptive or illustrative with very little empirical testing being performed. The major reason for the lack of empirical testing has been the inability to develop an adequate data base. The results of the empirical work that has been done do not support the widely held belief that real estate markets are inefficient. This study, using the autoregressive-integrative-moving average (ARIMA) time series analysis technique, tests the weak-form efficiency of the Dallas-Fort Worth office properties real estate market. According to the weak-form efficient market hypothesis, all price information should be capitalized into current real estate prices and not provide the basis for earning abnormal returns in trading. Price data formed from office building sales dating from January, 1979 to January, 1985 are used to test the market. The data was gathered from the files of several professional appraisal firms located in the Dallas-Fort Worth area. The transaction information includes (1) transaction price; (2) location of the property; (3) net rentable area; (4) gross income multiplier (GIM); (5) net income multiplier (NIM); and (6) net operating income. The results of the study indicate a lack of significant autocorrelation. This suggests that the Dallas-Fort Worth office properties real estate market is weak-form efficient. As further evidence of weak-form market efficiency, ARIMA models are estimated to predict future sales prices but they are unable to outperform a simple mean series forecast. The results indicate that a change in traditional real estate theory concerning market efficiency may be warranted.