GenslerFinalDeliverable

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Project Scope
Over the next twelve to fifteen years the Chinese government intends to move 250 million people
from the countryside of China into its cities (nytimes.com, Johnson 2014). This large migration will join the
already existing 400 million that have relocated in the last 30 years to China’s cities (McKinsey Global
Institute, 2009). China’s current plan is much more deliberate, encouraging its citizens to move out of the
countryside and into newly built residential centers. If this endeavor is successful 70% of China’s
population will be living in cities (nytimes.com, Johnson, 2014). In doing so the government hopes that
the countryside dwellers will become urban consumers and more productive citizens, improving the
economy.
The Chinese government has expressed a desire to move most of its population into urban areas
by 2050, and the necessary new infrastructure for this project could cost upwards of $600 billion a year
(nytimes.com, Johnson, 2014).
To address this potential market demand, our team will work with the Gensler Shanghai office on
the “Spaces In Between (SIB)” project to develop a quantitative model to demonstrate the varying “return
on investment”, or ROI, to relevant stakeholders in China and internationally, including the Chinese public
at large. With a successful rollout of SIB based projects in China, Gensler can expand SIB to other
nations, according to their needs. Our team will address the following items as a deliverable for Gensler:
1. Methods of valuing investor/stakeholder benefits from SIB elements.
2. How to measure (if possible) the necessary quantity of each SIB element.
3. What the implications of including SIB elements will be.
4. Identify best practices and use of SIB elements.
Methodology
In order to understand how each element of SIB may increase the value of real estate
development, and how each element may be measured, our team has outlined methodologies that may
be applied to varying scenarios and or areas around the world. This methodology will additionally address
the manner in which decisions are made within the design, development and real estate agencies, which
will be represent steps in the decision making chain. Further this report will consider the potential

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roadblocks that may occur when attempting to integrate all or some of the seven SIB elements, along with
how culture may impact implementation. Following the description of our methodology this report will
provide examples in existing mixed use projects in China and elsewhere. Due to time and resource
restriction our team was unable to fully conduct the outlined methodology for Gensler, however during our
time we were able to complete a variety of the steps. The models that will be discuss are the “economic
model methodology”, the “SIB placement model methodology” and the “culture/political model”.
The “economic model methodology”:
1. Identify real estate projects: In order to understand the value of each of the seven SIB
elements, real estate projects that contain these elements need to be identified in a designated
area of desired development or interest, such as the charts provided in the “International Data
Collection” section. These projects can be identified by speaking with varying developers, real
estate sales agents, designers and other real estate constituents. By identifying these currently
operating real estate projects, which contain SIB elements, researchers have a property to
compare against the industry averages.
2. Collect four measurements: For each of the projects it is crucial that researchers collect
consistent data that can be compared against the industry average and additional SIB in real
estate projects. The measurements identified by our team were selected with the understanding
that these measurements should be collected by any operating/functioning real estate project.
The four following measurements can be collected by the property’s real estate management
company; rent price/m2, sale price/m2, occupancy rate and absorption. The measurements may
be defined as the following:
a. Rent Price Per Square Meter: The rent price of an entire property or facility divided by it’s
total square meter measurement.
b. Occupancy Rate: In real estate, the number of units in a building that have been rented
out as compared to the total number of units in the building (Investopedia, Occupancy
Rate, n.a.).

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c. Absorption Rate: The rate at which available homes are sold in a specific real estate
market during a given time period. It is calculated by dividing the total number of available
homes by the average number of sales per month. The figure shows how many months it
will take to exhaust the supply of homes on the market. A high absorption rate may
indicate that the supply of available homes will shrink rapidly, increasing the odds that a
homeowner will sell a piece of property in a shorter period of time (Investopedia,
Absorption Rate, n.a.).
d. Expenses Per Square Foot: Knowing the expenses of the property will allow for
researcher to compare against the lease per square foot and understand what the profit
margin is for the project.
These measurements, which are often used as indicators of success, will be compared against a
geographically identified industry average for each operating project.
3. Establish baseline for identified projects: In real estate, a baseline measurement is an
average of all properties within a specific sector, and geographical submarket; these averages
are presented in a variety of metrics. This information is then used to compare individual projects,
and understand how they perform against their competitors and the industry. In the United States,
baseline performance measuring metrics uses data from large international real estate
investment firms such as CBRE, Jones Lang LaSalle or Savills. These companies currently
collect real estate performance market data for metropolitan areas, breaking the data down by
type of real estate (office, residential, industrial and retail) as well as class (Class A, B or C).
Class is usually defined by luxury, “A” being the highest and “C” being the lowest. Additionally,
this data is segregated to submarkets of a metropolitan area, allowing the baseline measures to
be quite accurate in isolating geographic location influences on a project’s performance. Although
these baseline measurements are useful they are usually present in more developed countries. If
a baseline is desired for an area or market which does not already have one established (such as
the market for SIB projects), our team has outlined the following steps:
a. Establish an area of research surrounding identified real estate prosperities containing
SIB elements from Step One of method.

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b. Gather data on the four indicated measurements from five different real estate sales
representatives on the designated research area.
c. Average the findings of each of the four measurements gathered from sales
representatives.
4. Compare measurements of identified SIB properties to the baseline: In comparing these
measurements a researcher will be able to see how a property with a specific SIB element
performs against the industry averages and competitors.
5. Identify stakeholders and create a decision making chain: Within each industry and country
the decision making process for designs, development and real estate sales differ. Each
stakeholder in a decision making process will contain varying levels of decision-making power.
With this in mind, it is important to understand what extent each stakeholder is interested in the
seven SIB elements.
6. Identify all potential roadblocks: From the point of design to the final sale of a property, there
are many problems that may occur. Now that the researcher understands all stakeholders and
their areas of interest, potential areas of conflict should be outline in order to proactively avoid
issues.
The “SIB Measurement Model”:
This model has been outlined to address the second question of our project scope; “How to
measure the necessary quantity of each SIB element.” This model was generated from following a
conversation our team had with Li & Fung employees during a company visited we conducted. Li & Fung
is a global sourcing firm, based out of Hong Kong. Although the company sources for a number of
different industries the garment and apparel industry consist of two-thirds of the organization’s business
(Wikipedia, Li & Fung, n.d.). Li & Fung utilize this model to assist in the decision of where to place new
storefronts for clothing sales. The model focuses on the measurement of foot traffic in desired areas of
store locations. Utilizing a similar model, our team has tailored Li & Fung’s in order to measure the
necessary use of SIB elements. The method is outlined in the following steps:

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1. Choose three locations exhibiting varying levels of an SIB element: To understand the
quantity of an SIB element desired by consumers researcher must select three different locations
which exhibit a “high”, “medium” and “low” level of that element. For instance, if measuring the
inclusion of nature, a “high” representation could be a gardens with trees lining and crossing over
a pathway leading into a shopping area. A “medium” representation could be a walk way with
planter boxes and shoulder to head high plans lining it. lastly, a “low” representation be a walk
way with no plants or green activity. While picking these levels of representation caution choosing
areas that have strongly varying external factors, such as having your “high” representation
leading into a hospital, and your “low” representation leading into a shopping center. The areas of
representation should be areas where people go out of choice, that way consistency in reasoning
may be maintained.
2. Count foot traffic at varying times of day and year: After deciding the locations of desired
research, varying times of day and year need be identified. In doing so this takes into account the
high and low trafficked time frames which the chosen location may encounter. This would be
most accurate if three or more time frames where measured during the year, and three or more
different times during that chosen day. Again, to avoid inconsistencies, be cautious of any special
events that may be going on at the location of measurement.
3. Averaging foot traffic count: Once the counting at each location and day is complete, average
each locations’ foot traffic count. The location with the largest amount of foot traffic will represent
the most attracting level of foot traffic for the specified element.
4. Qualitative consumer interest: To supplement the quantitative data gathered by the foot traffic
testing the method should also include consumer feedback and interest. Similar to the previous
steps, researcher can take a group of consumers around to each identified location in Step One
and gather their perception of each location. Information could be gathered through a 1-10 scale
measuring interest, or general questions.
The “Culture/Political Model”:
This model has been developed to consider the differing cultural or political necessities that lie
within different nation states and also within each nation state.

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1. Identify Countries political or cultural regime: The reason for this suggestion is that it will
identify the style of communication and design needed to implement a successful project. For
example, the clothing company Religion was spelt backwards, Noigiler, in order for it to enter the
Chinese market. Another example for this would be a collectivistic or individualistic culture. Some
design techniques could be a symbol versus a written description, one is suggestive and the
other is straight and to the point.
2. Identify decision makers and their purchasing habits: understanding the clients or prospects
buying habits and interests are essential. This creates an advantage in design techniques and
underlying value add that is often more difficult to spot. Many times “outside-the-box” thinking
transpires going against the grain, rather than typical social and market conformity. A famous
quote by Henry Ford, “If I had asked the customer what they wanted, they’d have said a faster
horse.” The most recent example of this was Religion – Noigiler.
3. Identify Project economic scope: Identifying if there is a budget and who will be the target
market and level of income and affordability of said real estate project. Many of the contacts the
DU team met with suggested the 2nd and 3rd tier cities to be ideal.
4. Collect data samples about which elementsare most important to the consumer in a
geographic location: A survey will be necessary to collect and extract the opinions of the local
and global consumer. The global consumer might suggest other trends on the horizon and allow
for a proactive approach to future design ideas. In addition, suggestive reasoning could help sway
a consumer towards a totally disruptive and innovative idea. For example asking, “What do you
think other people would say?” Groupthink is a powerful psychological tool used to control the
market.
5. Identify a location: Location, location, location… a few common sense thoughts would include
identifying high traffic areas. Some of the best identifiers for this include retail shops and places,
or opportunities for entertainment.

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To test the validity of these methods, and to gain a better understanding of each SIB element’s
contribution to development, we’ve identified five projects in the Denver area that include various levels of
SIB. These projects were identified in the course of multiple conversations with Denver based architects,
commercial leasing agents and design professionals in the Denver area. The test subjects are all located
in the central business district, the 80202 zip code, again, to isolate the impact of geographic location on
the building’s performance.
Following the evaluation for each of these Denver based projects our team has identified
international projects worldwide that have been implementing and profiting from SIB elements. In
identifying these projects, our team will conduct a qualitative analysis indicating the successes of these
projects and their use of SIB elements, through the utilization of our designated methodology.
Additionally, upon our arrival to China we visited known real estate development sites that include SIB
elements, and will evaluate them in a qualitative manner. In concluding our report, the team will provide a
list of ideas that may enhance the incorporation of SIB elements in designs. These ideas are items
identified for potential further research that lie outside of the team’s original project scope.
Denver, Colorado, USA Based Developments
To gather an understanding of the real estate industry and to begin to explore the use of SIB elements in
various forms of real estate we identified Denver based projects in the 80202 zip code. With our recent
identification of these projects, we have begun an analysis of their characteristics, the project’s SIB
elements and any currently available metrics regarding performance indicators. With the recently granted
access to industry metrics and baselines, these projects will later be evaluated to identify their standing
against the industry. In addition to evaluating the four measurements earlier defined, a qualitative analy sis
will provide surface value to SIB elements and their contribution to real estate development. We identified
two older properties (1801 California and 1001 17th Street) that had been purchased and extensively
remodeled. We also identified two newer properties (1401 Wynkoop St and 1515 Wynkoop St) that had
been completed in late 2008, just as the Denver commercial real estate market crashed badly. Lastly, we
identified a project that is currently compltelying construction, 1515 Market Street “16M”.

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1801 California
This building’s current state was done through a renovation in 2012. It is a 1.5M ft2 building that is
primarily office space with limited retail on the first floor. It was originally built in 1982 and in 2011 the
building was acquired for $215 Million, or $160/sq ft, by Brookfield properties. In 2012 the building
underwent extensive renovations which included the incorporation of retail spaces, the expansion of the
lobby (now becoming a multi-level lobby), the inclusion of further natural light fixtures and art, a
replacement of the HVAC and an update of the common areas to become more inviting. The re-designing
of unused space encouraged social gathering and the conversion of entry areas to include art, nature and
human scale.
When evaluating the property’s use of SIB elements our team saw the following in 1801
California:
● Low inclusion of nature
● High inclusion of history and culture: This was due to the buildings history within the
Denver area.
● High connection to surrounding community: This is due to the transit oriented design
(TOD) development and the building placement along light rail stop.
● High inclusion of art: The owner is known for bringing in local art and musicians into
properties. This not only showcases local art but also incorporates the community into the
building’s community spaces.
● Medium community spaces: The renovated areas have community spaces, but the higher
floors in the building do not incorporate the concept
● Medium human scale: The entrances of the building have good representation at south
entrances where renovation and conversion have occurred. However, other entrances
have not been converted to incorporate the element.
● High unified design: Strong consistency throughout the building's design.
When further evaluating this buildings performances our team saw the following post renovations:
● Lease Rates: $33.96 sqft.
● Occupancy Rate: 65% (March of 2014).

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● Absorption: 8%
● Expenses: Cost per sqft is $11.15.
In comparing this project to the industry baselines we can see how this property performs:
The lease rates for this property are approximately 10% higher than the baseline for CBD
(Central Business District) properties. While the current occupancy rates are well below the submarket’s
94%, they have increased substantially from 40% to over 60% in the past two years. The property
manager believes this trend will continue and expects the occupancy rates for this building to mirror the
submarket rates by 2016.
1001 17th Street

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This 20 story building located in Denver area is a 662,565 sqft renovation done in 2008 at that
incorporates retail and office space. Originally built in 1980, the building was sold in 2006 for $108 million.
The building is again under contract to sell for over $218 million in August of 2014. The remodel of this
building in 2008 included and updated to the HVAC, scaling down of the entry way and an incorporation
of open spaces. In addition the renovations included amenities such as the incorporation of TOD
(bike/walk paths and connections to transit), ground level retail/dining/fitness center, 500 parking spaces
and LEED gold certification.
When evaluating the property’s use of SIB elements our team saw the following in this property:
● High inclusion of nature: The entry and mid level terrace include extensive planting.
● High inclusion of history and culture: The building has long history in Denver
● High connection to surrounding community: TOD walking distance to light rail stop
● High inclusion of art: The entry to the building includes extensive artwork throughout
entry and hallways. The massive mosaic at the escalator in the lobby creates a major
"wow" factor in entry lobby.
● High community spaces: The new street level entry and open terraces/courtyards are
well designed to encourage people to gather and linger.
● High human scale: The re-design of the street level entry does an outstanding job of
inviting and transitioning from CBD street to office environment.
● High unified design: Building design ties together well.
● Lease Rates: $32.79 sqft
● Occupancy Rate: 84.2%
● Absorption: -5%
● Expenses: Cost per sqft $11.29

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This project is particularly interesting to study because the owner not only renovated “the usual”
components, but they also re-designed this building to be a good example of SIB. The artwork in the entry
is truly amazing and the re-design of the entry shows how effective several SIB design elements can be.
The original entry was a horrible box; now there is a human scale transition from street to office through
nature and art with spaces that encourage people to meet and linger. The addition of the mid-level terrace
space (also incorporating nature and quiet spaces) is a recognition of the importance of SIB design to
marketability. From the graphs above, you can see the project has been able to maintain occupancy rates
on par with the sub market's baseline while commanding significantly higher lease rates. This project also
gives an unusual opportunity to see the return due to the pending sale. The owner’s investment of $168M
(purchase and renovation investment) has produced income returns at or above the submarket with an
additional $50M over an 8 year hold period.

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1400-01 Wynkoop
Located along Cherry Creek in Denver, the project is designed for pedestrian and bike
connections to the surrounding neighborhoods. It is a mixed-use structure with ground floor retail, office
space and residential condominiums on the upper floors. There are multiple terraces and small
lobby/common areas serving as community spaces and art is present throughout the project.
● High inclusion of nature: The location along cherry creek brings nature right up to building
and invites the outdoor in via open air seating of a restaurant on south side of building.
Additionally, the mid level open terrace has a lot of planting.
● High inclusion of history and culture: The building located in LoDo area, which is subject
to strict architectural control requiring all buildings to "fit" with the historical district.
● High connection to surrounding community: The project has great pedestrian/bike
connections to Denver, and is walking distance to Union Station (major transit hub in
Denver).
● Medium inclusion of art: It does not have a high density of "art" in the traditional sense,
but the finish in all common areas is very beautiful and arguably artwork itself.
● High community spaces: The restaurant and terrace provide nice gathering spaces.
● High human scale: Again, the strict architectural control in LoDo specifically requires
human scale design elements along street level.
● High unified design elements: LoDo architectural controls require unified design.
● Occupancy Rate: 99%
● Absorption: NA
● Expenses: $13.29 sqft

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This project is a mixed use (residential, retail and office) project that was completed and came on
to the market just as the Denver real estate market was crashing. The project sold prior to completion in
2008 for $99/ft. What is interesting to see in these graphs is that the new owner was able to lease up and
stabilize this project at significantly higher lease rates than the market baseline. The occupancy dip seen
in 2012 is due to a large tenant transition in a smaller project. However, it is apparent there was little
difficulty in re-leasing the space, again at above market rates. All indicators are that this project will
provide a good return to the owner upon sale.
1515 Wynkoop
The fourth subject is 1515 Wynkoop. This is a LEED gold certified, 8 story 300,000 ft2 mixed use
building with office and retail space. The project is currently 90% occupied and with art and nature
incorporated into the lobby and office areas. The exterior is masonry with a façade that is compatible with
the 1800’s era look of the LoDo Denver area.

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● inclusion of nature: low - there is really not any open space with this building, there are
plants throughout the internal common spaces and some aquariums in high traffic lobby
areas
● inclusion of history and culture: high - another LoDo building with strict architectural
controls requiring inclusion of history and local culture in a building’s design
● connection to surrounding community: high - very bike and pedestrian friendly access
with proximity to Union Station, a Denver transit hub
● inclusion of art: high - traditional art in lobby and hallways and very very nice finish
throughout that creates a feel of a museum (in a good way)
● community spaces: medium - because of the limited open spaces and the design of the
common areas that are of "museum quality", the invitation to linger and gather is not as
strong as with some other properties
● human scale: high - relatively smaller building because of LoDo location, subject to strict
architectural controls. The ground level design is a good transition from street to interior
uses.
● unified design elements: high - subject to strict LoDo architectural control
● Occupancy Rate: 84.2%
● Absorption: -5%
● Expenses: $11.29

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This project has enjoyed occupancy rates on par with the baseline for its submarket. In 2009,
near the bottom of a severe real estate downturn, this property sold for almost $350/ft. This was the
highest price ever paid for office space in the Denver area at that time. Additionally, it has enjoyed lease
rates at 10% to 50% above its market baseline.
1515 Market Street “16M”
Our final inclusion is a project located at 1515 Market Street (“16M”). This project (interestingly
enough a Gensler designed project) is nearing completion and slated for occupancy by fall of 2014. It is
located between the older redevelopments and the newer projects in the transition area between LoDo
(historic) and the CBD (Central Business District). The exterior design is a contemporary reflection of
LoDo with retail space on the ground floor that facilitates an approachable entry. The building has a large
open terrace space that brings nature into the project, artwork in the common lobby areas and several
internal spaces that lend themselves to human interaction and gathering. Obviously, metrics on this final

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project are incomplete, but the indicators (higher than baseline rents and 75% pre-leased) are very
encouraging.
● High inclusion of nature: There is extensive plantings throughout and very nice mid level
open terrace.
● Medium inclusion of history and culture: The architectural controls do require design that
is fitting for LoDo district, but this is a contemporary expression, not a renovation.
● High connection to surrounding community: The 16th street mall transit (a very popular
shopping and heating street) is in close proximity. Additionally the pedestrian walking
proximity to Union Station.
● Unknown inclusion of art: Remains to be seen. according to leasing agents, there will be
art throughout the building.
● High community spaces: There are community spaces incorporated into the building for
both the office and residential spaces to use. Further the open terrace will be inviting for
people to gather.
● High human scale: The street level is deliberately designed for small retail to invite the
street traffic into the building.
● High unified design elements: The building's design ties together well.
Conclusion of Denver, CO Test Projects
The interesting observation from this exercise is that SIB seems to act as a safety net. Each
property we selected outperformed the submarket baseline by some combination of higher lease rates
and/or higher occupancy rates. The newer properties (Wynkoop Street addresses) were both released
into the worst commercial market in Denver in the past 30 years and both of them maintained lease and
occupancy rates above the market. 1515 Wynkoop sold in 2009 for the highest price per square foot on
record for the Denver market at that time. Both of the remodel properties enjoyed a significant
performance turnaround after the renovations were completed. The one located at 1001 17th Street is
scheduled to be sold in August for over twice its purchase price in 2006.

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Our group was asked by Gensler if there were any alternatives to the SIB elements provided to
the DU student group. We do have two suggestions: first, in both China and Denver, there seemed to be
little interest in multilevel connectivity. However, there was very consistent interest in how a building
relates to the surrounding neighborhood and larger metro area. A leasing agent in Denver expressed that
the retail space on the ground floor was not only to service the occupants of the building, but also to draw
traffic from the street. Its purpose was to serve as a transition between the building and the
neighborhood. Additionally, a project’s proximity to convenient (not automobile based) transit is a
powerful selling point when leasing office space. This alteration of that SIB point seemed to be in
harmony with Gensler’s goal of preserving culture and sense of community. The second item that is
currently not listed in the SIB toolbox is energy efficient design and construction. Not only have these
certifications become culturally popular in the US and Europe, that have a very real impact on the
financial performance. Sophisticated commercial tenants are very much aware of utility expenses in the
case of leases that pass this expense through. If that expense is borne by the owner, it eats away at the
return. Either way, energy efficiency impacts financial performance of a building.
Conversations with various real estate professionals (leasing agents, property managers,
developers and architects) indicate that the industry views SIB as an amenity, just like parking or exercise
facilities. When competition in a marketplace increases, due to either falling demand or oversupply, SIB
provides an edge for a property. While this is not a scientific study and may only be anecdotal, we believe
it to be a powerful argument to developers that there is tangible financial reward for incorporating SIB
techniques.
International Developments
In order to achieve a methodology that has global relevance, locations beyond China and the
United States have been selected. The developments were chosen based on the incorporation of the
elements of design, and the success of each development will be explored further to understand the
value added from the elements of design.
Blue Sky Tower, Ulaanbaatar, Mongolia

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The Blue Sky Tower is located in Ulaanbaatar, Mongolia. As a mixed-use development, the Blue
Sky Tower offers residential units, office space, and a five star hotel. The building is set apart from the
cluster of square buildings near it by a curved edge and blue glass windows. The visage does not bear
any Mongolian architectural elements; however the name ‘Blue Sky Tower’ is reflective of Mongolian
spirituality, which places an emphasis on the ‘Eternal Blue Sky.’ Blue Sky Tower also utilizes unified
design elements. The interior utilizes modern design, with an expansive atrium that serves as a
community space.2
Blue Sky Tower arrived on the scene in 2009. With 25 stores, it is the tallest building in Mongolia
(Weil, J. n.d.). The entrance to the tower is staggered back, with the first six stories jutting from the
building and creating ‘human scale’. The intention behind the design of the Blue Sky Tower was to
celebrate ‘the past and present, tradition and innovation (Occupancy Rates, n.d.).’
Ulaanbaatar has experienced significant growth, which has impacted the office space rental
market. In 2011, Mongolia had an oversupply of office space (Occupancy Rates, n.d.). By 2012 the
scene had changed, with most office buildings reporting 100% occupancy, though it must be noted that
many nearby office buildings are government buildings, including state owned enterprises. Blue Sky
Tower reported 80% occupancy of office space in 2012 (Occupancy Rates, n.d.). The Blue Sky Tower
has served as an attractive space for Bloomberg News, Mongolia and international visitors, but is facing
competition from older, but updated facilities such as the Bayangol Hotel.
Burj Khalifa, Dubai, UAE
Dubai has been transformed in recent years by a skyline that boasts an array of skyscrapers.
Burj Khalifa stands above them all at with 163 floors, and is the world’s tallest building (Burj Khalifa, n.d.).
Burj Khalifa opened in 2010, after being delayed by updates that were decided on throughout the
development of the project (Burj Khalifa, n.d.).
Burj Khalifa incorporates elements Islamic architecture, with a spiraling minaret that resembles
local minarets (Burj Khalifa Facts, n.d.). The minaret design was also used to stabilize the structure, as
the tubular design reduced the amount of steel that was required. The lobby displays artwork by Jaume
Plensa, and features bronze and brass cymbals that represent different countries (Burj Khalifa Facts,
n.d.). A waterfall was designed to drip water onto each cymbal to replicate water falling on leaves. There

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are over 500 pieces of artwork throughout the Burj Khalifa that reflect on local and world culture (Burj
Khalifa Facts, n.d.). A park surrounds the Burj Khalifa, which was designed using the same concepts as
the tower, and offers a series of water fountains and water works.
The Burj Khalifa cost an estimated 1.5 billion USD to complete, and was completed in the midst
of the global economic crisis (Burj Khalifa Facts, n.d.). The government was in debt, and was given a
multibillion bailout from the UAE, which was also used to finish the Burj Khalifa. The Burj Khalifa was
named after the UAE president in recognition of their support (Burj Khalifa Facts, n.d.).
The Burj Khalifa had a dismal start, reporting 825 apartment vacancies out of 900 only nine
months after completion. Contributing factors included the overall economic situation, as well as a market
that was heavily saturated with skyscrapers. By 2012, occupancy rates had improved with rental units at
80% occupancy (Burj Khalifa Facts, n.d.). Alternatively, while in 2012 100% of office space had been
sold, only 33% of that space was occupied by companies (BBC, 2012). It will be important to investigate
if the Burj Khalifa’s use of the elements of design helped it to recover quickly from the economic crisis.
Xintiandi, Shanghai, China
Xintiandi was developed in the historic French concession district of Shanghai, which had been a
residential neighborhood with Shumen style housing. Shikumen was a blend of Western colonial period
architecture with traditional Chinese style architecture. The neighborhood had been an attractive location
during the 1920’s, but over the years fell into disrepair (Xintiandi, n.d.). By 1997, Shui On Land
approached the local government for a redevelopment project focusing on preserving the historic
shikumen architecture. Xintiandi is a ‘property led development’, in which the local government works
with the developer (Xintiandi, n.d.).
Xintiandi was transformed from a residential neighborhood to a retail and office development. In
order to achieve this, the original 70,000 residents were relocated (Xintiandi, n.d.).
Xintiandi successfully implemented the elements of design. In addition to the shikumen buildings,
Xintiandi has a park with a ‘city lake’ that provides a natural, community space. A museum is dedicated
to the history of the area, and the building of the first People’s Congress has been preserved (Xintiandi,
n.d.). The Shikumen buildings are two to three stories, and create narrow alleys that capitalize on the
human scale.

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Xintiandi has been a success as a destination for locals and tourists. Rental units are at 100%
occupancy with a significant wait list, while in the rest of the Puxi district, there is a glut of offic e space
and in Pudong, occupancy is currently at 96.5% occupancy and rising quickly, but it still does not have
the waitlist that Xintiandi has (Mingtiandi, 2014). Due to Xintiandi’s success, Shui On Land has copied
the design elements and replicated them throughout China, including a new development in (Wuhan Shui
On Land Spins Off Xintiandi, n.d.). Research conducted in China by the team has revealed a variety of
opinions about the levels of success that Shui On Land’s Xintiandi projects have achieved as well as what
factors have led to Shanghai Xintiandi’s continued success.
Tian Zi Fang, Shanghai, PRC (Wu, Rosie, 2014)
Originally built and designed as a “shikumen” (stone gate) community in the 1930s, representing
a traditional Shanghai community. This community included dense, multi-family housing and communal
areas. In 1998, Chen Yifei, a renowned Chinese architect at the time, took over two units that had
become small factories (one was a former tannery) and converted them into artist studios. As more
foreigners began to move to Shanghai, this new community became a hotspot for artists and bohemian
lifestyle types from around the world. The central location, close knit community, the rise of small food
and beverage businesses serving international cuisine and especially the comparably low rent made this
hidden gem a perfect place for startups to call home. The area was officially rezoned in 2005 and 2006 to
allow the expanded presence of other businesses focused on the creative industry and the development
of internationally focused rental and owned residential units.
In a city with the size and density of Shanghai, it is difficult to truly incorporate nature. Tianzifang
encourages the presence of outdoor plants and open spaces. Many buildings have been remodeled to
maximize the use of natural light, and the low height of the buildings allows sunlight to penetrate the
complex’s passages.
It was easy to incorporate art at Tianzifang, as it is a creative community, allowing artists to post
their work on the exterior walls of the buildings, and commissioning local artists to add their own touches.
The shikumen communities can be said to be a part of the soul of Shanghai, and while other shikumen
redevelopments have catered to well-heeled clientele, Tianzifang provides a more welcoming
environment. Tianzifang is an open access, street level development that gives the impression of being

21
immediately welcoming to everyone, regardless of nationality, ethnicity or economic status, which
contributes greatly to it being a community space.
Multilevel connectivity was harder to incorporate because of the low vertical story count of this
development; there is no need for multi-level connectivity. The unified design elements are the
compound itself, as the overall layout and most of the structures have been in place since the original
construction in the 1930s. The entire complex is open to thoroughfare and most if not all of the food and
beverage vendors have open-air seating, taking advantage of the original plaza style layout. Additionally,
the art studios are open the public during normal hours.
Jinli Street, Chengdu, China (travelguide, 2014)
Jinli Street is not just historical in appearance, since about 200 BC this street has been the most
well known place to buy baldachin, a luxurious fabric. This street appears in Chinese historical papers
and stories. The street contains plenty of retail outlets selling antiques, tourist trappings, tea and both
local and international food. The area is heavily vegetated and while it is unknown how old many of the
structures are, it is obvious that the city has gone to great lengths to preserve original architecture.
This street demonstrates all SIB elements and it is interesting to note that such an ancient mixed
use development has long demonstrated so-called “modern” architecture developments. It is assumed
that it would not be permissible to remodel this street due to its genuine and ancient history. However, it
can serve as inspiration for future SIB developments in Chengdu and the region, when combined with
modern technology and amenities. The most notable of its SIB incorporations are its use of history and
cutlrue and the incorporation of nature and art.
With unified design Jinli incorporates the ancient Chinese architecture style to all of the two story
facility in the area. With shops, restaurants, tea houses and offices this location maintains the same
architecture. Further, the location has plants and trees growing within all of the side streets and alleys of
the location, which lead to a large pond and community space. When observing the art in Jinlin, it also
reflects the Chinese culture and history. The art in this location frequently lines the walls of the side
streets and alleys, often being built into the facilites.

22
Roppongi Hills, Tokyo, Japan
In 2003, Minotoru Mori and Mori Corporation unveiled a unique concept, a “city within a city”.
Roppongi Hills would incorporate work, life and lifestyle within one complex. This urban development
follows Mr. Mori’s vision that nations with strong urban centers will be the powers in the foreseeable
future and that urban living will and must become more compact and generally accessible. Roppongi
Hills’ purpose is to alleviate the lack of available office space in Tokyo, provide access to nature, the best
global art and entertainment, primarily to those who work and/or live in the complex, with some
accessibility to the general public.
There are many "nature" features built in to the architecture, but it appears that most of what
would be called "green space" is built into the residential areas, and some into the areas accessible by
people who work in the towers. Much of the architecture is described as having "natural flows" which
makes me think of Feng Shui principles. There is also an observation deck with seemingly reasonable
prices.
The Mori Art Museum takes up many of the top floors of the Mori Tower. Membership prices do
not seem to welcome people below middle-income level. There does appear to be generous use of
works by local artists for both functional and visual purposes. Additionally, the presence of local culture
appears to be more contemporary through the presence of works by local artists, and garden spaces
follow traditional Japanese garden design, but this development targets international business and culture
so there is a strong international presence there.
When observing community spaces, there is a unique contrast. There are a lot of references to
wide pedestrian spaces and more specially designated bike areas. On the other hand, its website points
out that designs like Roppongi Hills, while incorporating art and human friendly design, are following a
cookie cutter approach and therefore "creativity" is lost as a mass-produced commodity by the "creative
class". Apparently, there are a few remnants of old Roppongi Hills, in the form of a few temples, a
Japanese garden and a children's park. Otherwise the human scale is in the form of the Mori Museum,
which requires payment.
Connectivity occurs solely at ground level in the form of a pedestrian only zone within the
buildings of the Roppongi Hills complex. The unified design elements appear to occur in the form of a

23
specially zoned district for the entire complex. There does not appear to be unified design among the
buildings in the complex. The Mohri Gardens serves as a common area for the Roppongi Hills
community, though it is not clear if these gardens are open to the public or only accessible by Roppongi
Hills workers and residents.
Hammarby Sjostad, Stockholm, Sweden (Iverot, S & Nils Brandt, 2010)
By 2012, Hammarby Sjostad, a former industrial area in the southern part of Stockholm, Sweden,
had been fully developed and was able to accommodate approximately 35,000 people. This
development has won numerous awards for its reduced environmental impact, nearly 50% average reuse
of waste material, as well as inclusion of current and future residents of the area in planning and
development. There are test beds such as Masdar and Dongtan to examine the use of the newest
technologies and design practices for the cities of the future, and then there are developments like
Hammarby Sjostad, which are real, inhabited, functional and utilizing the existing environment to improve
the standard of living for all.
The site for the city utilized existing but abandoned industrial land, and nearly all construction
materials were recycled from other projects. The community uses trees and green spaces generously, as
well as being located on the waterfront.
Modern Swedish architecture focuses more on function than form. However, building lobbies are
decorated with artistic, yet functional furniture and paintings from local artists. Also, there is little in the
way of local history present in the Hammarby development. The project overall highlights the
Scandinavian collaboration model as well as open sourced problem resolution. Additionally, the buildings
are only a few stories high, with balconies facing every pedestrian walkway. This attempts to maximize
person-to-person contact. Multilevel connectivity, however, is not present between buildings.
The master planning of Hammarby intended to combine mixed use residential, office and retail
with mass transit and access to water views and a sense of “natural cycles” which is also the theme for
the development’s reuse of solid, liquid and heat waste.Lastly, the entire complex focuses on community
spaces with residential islands among them. All buildings are accessed through common courtyards.

24
Consumer Interest
Following our work in identifying domestic and international projects to measure the performance
of SIB elements within real estate development, we began to seek customer feedback and opinion
regarding the elements of SIB. In doing so, our team created a questionnaire that put a numerical value of
one through ten to each SIB element and asked our project contacts, along with randomly chosen people
in downtown Denver to answer the questions. In compiling our collected information we say that the
integration of nature and inclusion of community space were the most popular options (see figure #1).
However an important item to note is that there was a strong deviation among the inclusion of community
space. This was due to the varying definition that people interpreted “inclusion of community space”. This
information provides us with further points of reference for our final triangulation on SIB elements being
integrated with designs.

25
International Data Collection
The variables that could be involved in international data collection should be recognized as
similar in many aspects, but also widely variable based on regional cultural (including religious) values,
the objectives of national and local governments, the objectives of regional, national and local private
sector stakeholders, as well as existing and proposed laws at the national and local levels. It is also
important to recognize that best practices and regulations in SIB development can come from multiple
sources.
Additionally, our research has revealed that some SIB elements are easily quantifiable
(Incorporating Nature, Multi-Level Connectivity, Unified Design) in large part because these elements
occupy definable space in structures and communities. Less, or even unquantifiable elements such as
Incorporation of Art (is the art you want to use effective? Or offensive?) or the Inclusion of History and
Culture.
The quantifiable data can then be correlated to the “4 measurements” discussed earlier in this
paper: Lease rates, Occupancy rates, Absorption, Operating Expenses. It is vital to incorporate
established methodologies and data frameworks for data collection from transparent real estate markets.

26
This is because nations such as China, look to existing models, practices and laws in transparent markets
as platforms from which to build their own models and laws, while at the same time China and other
markets are very opaque when it comes to accessing reliable data. The transparent markets allow for the
development of a valuation model that is reliable and robust. This new valuation model can then be
deployed in markets with increasing opacity and unreliable data.
Conveniently, the example of regulated open space or green space is a great example of a
quantifiable best practice that is also often regulated and represents the “Inclusion of Nature” as an
element of SIB. The region around Denver, Colorado contains both state and locally mandated open
space, where no development can occur, but the population can access for restricted recreational
purposes such as hiking, horseback riding and mountain biking. Similarly, Hong Kong, SAR, within the
PRC, also mandates limited use green space. The most well known example there is the Victoria Peak
natural area. In the UK and greater European Union, regulated green space is also common. These
green spaces can be quantified as contributors to increased property value, representing definable ROI
for the investment of materials, labor and capital in creating these spaces. This ROI in separate locations
around the world justifies the Inclusion of Nature as a SIB element. Additionally, the United States, Hong
Kong and the European Union represent, to varying degrees, transparent real estate markets where data
on property values and the contributors to those property values are more readily accessible to the
general public as well as the real estate and finance industries than other real estate markets, such as
mainland China. Thus, some basic elements to create a valuation model for the Inclusion of Nature are
readily available to Gensler.
Lastly, the two charts below represent data collected by CBRE’s China office to display
information that can help guide Gensler in determining which cities should be initially targeted for SIB
development (Chart 1), and which economic tiers are perhaps over served and which are underserved
(Chart 2). The sources and reliability of this data are not known, but the reputation of CBRE is well
founded, and these charts could be relied upon as guidelines for SIB rollout.

27
Chart 1
Chart 2
Stakeholders & Decision Making Chain

28
To better understand the process of implementing design ideas and who would play a role in SIB
incorporation our team developed a brief decision making chain which outlines the stakeholders in the
industry. The first group suggested would be the government, both the municipalities and national
government. It has been an obvious point of conversation in every meeting during our trip to China. Next,
consumers due to the consideration of that groups thoughts surrounding the tact and approach for SIB.
Meaning, surveys quantifying the consumers interest in each SIB element then transferred over to the
design group. The design team will brainstorm various ideas based on the statistical data supported by
the SIB surveys. A model(s) will be produced as a demonstration of an idea to investors. If investors are
not interested, then the next step would be to consider banks. Once funding is produced it is
recommended to go ahead and execute with the idea(s).
Potential Barriers for SIB Implementation
With Gensler’s plan to implement SIB beginning in China, we will focus on potential barriers to
implementing SIB within the country. There may be similar barriers in other countries as Gensler
expands SIB to the rest of the world. By overcoming obstacles in China, the road to global rollout of SIB
becomes much smoother.
Potential barriers:
1. Cultural acceptance of SIB – it should be expected that SIB concepts developed in Gensler will
need to be adjusted to suit the culture in each local area in China. It should be noted that within
China there still exists 56 individual ethnic groups and that China has consisted of over 12
separate nations. At a minimum, insufficient or improper local market research to lead to wasted
resources as SIB elements fail to generate interest or ROI. At worst, improperly implemented SIB
elements such as Inclusion of Art and Culture and History could be deeply offensive (refer to
Nike’s use of a flame like symbol that closely resembled the Arabic spelling of “Allah”).
2. Government objectives – the central government in China has its own priorities concerning urban
development and the real estate market. Provincial and local governments also have their own
objects and just as in the US, these goals are not always the same and may be in direct conflict.
A notable conflict is the desire of the central government to settle rural dwellers in 2nd, 3rd and 4th

29
tier cities. Not every local government is enthusiastic or accepts this policy, and rural migrants
may still seek to move to the first tier cities and merely tolerate moving to the second tier cities.
3. Private market objectives – China has a thriving private real estate market, and there are many
domestic and international investment players involved. Additionally, the central government
openly favors domestic actors in this market, including direct competitors of Gensler. In our
interviews with domestic property developers, it was indicated that there may not be sufficient
economic incentive to incorporate many SIB elements into a project that did not demonstrate
obvious value.
4. Domestic real estate actors also appear to want to exclude international actors as soon as
possible, using the international name only for branding and to fill in skills gaps.
5. Addressing market needs – Gensler specializes in marquee, unique, high priced projects. Yet in
China and other countries there are a limited number of individuals and businesses to consume
those products (such as Shanghai Tower). Can Gensler and its partners bring international class
SIB projects down to a price point that China’s middle and upper middle class can afford? Can
Gensler do this for low income and elderly communities?
Cultural Shifts
Without clear definitions available on the internet, a “cultural shift” may be best described as the
filter through which ideas, concepts, values, etc. pass from one culture to another. Obvious examples
can be Chevrolet’s lack of awareness of the translation of “Nova” when it attempted to sell this car in Latin
America, Coca Cola’s translation errors when it entered China, expatriate eating establishments selling
beef products in India, and Nike’s use of a flame logo that apparently resembled the Arabic spelling of
“Allah”. Despite progress on understanding how different cultures can and will impact product perception
and acceptance, Gensler should pay special attention to cultural shifts in the arena of SIB.
This shift will not just take place between US and western based interpretation of what SIB should
be, but also a shift that will take place between what Gensler’s corporate culture interprets SIB to be, and
what its target audience in China, local Chinese municipalities, and other local areas through the world
perceive to be acceptable SIB practices.

30
A key moment in realizing this shift occurred during our group’s interview with Shui On (Miguel,
Shui On Interview citation). We expressed to the Shui On representative that we wanted to propose
Hong Kong style elevated walkways between the new apartment buildings that were part of the complete
Shanghai Xintiandi development project. Our goal was to include the multi-level connectivity aspect of
SIB into the development and promote walking short distances from the residential buildings to Xintiandi
and nearby subway stations. The Shui On representative, a Chinese Hong Kong native, informed us that
well off Chinese will not walk three blocks, as many well-off and physically able westerners might. Well-
off Chinese, especially the newly rich people, will get into their luxury cars and drive three blocks.
Our team was not aware of such a difference existed. However, this highlighted for us the idea
that our own concepts of SIB, and Gensler’s, may not be accepted by the Chinese community at large.
There may also be tangible and market-impacting differences in the perception of SIB between local
areas in China. There are notable differences in what defines “community” and “lifestyle” in the US, and
China has been separate countries in its past. Gensler should be aware that they may have to redefine
SIB for each region and municipality of China that they wish to work in for the sake of developing
economically successful SIB communities. This may also mean team up with and giving up some level of
control to local developers and real estate agents who know what the local market will accept. An
example would be Shui On’s use of local architectural styles in each Xintiandi development around China.
Value Added Proposals
The following are Value Added proposals that could help Gensler get over SIB implementation barriers as
well as win greater market share.
1. Develop business units focused on middle income, lower income and elderly communities in
which SIB could be incorporated at an affordable price point. These business units would
implement, where possible, technologies and methodologies used in Gensler’s high profile
projects. Bringing high level features into retail products is a common practice among luxury car
makers.
2. Where possible, retrofit existing communities and structures using SIB concepts.

31
3. Encourage locally driven, organically developed communities such as Shanghai’s Tianzifang
mixed use community. Gensler would provide design and advisory services at a locally
acceptable price point. There should be marketing value by having Gensler’s name and
international stature involved, at the same time emphasizing the use of local talent and local
employment.
4. Work with all levels of government to encourage “land banking” and “water banking” as both an
incorporation of nature (and environmental improvement) and a financial investment.
5. Include TOD in SIB list – Consider how buildings connect with the surrounding neighborhood.
6. Incorporate Chinese architecture culture and art (both ancient and modern) into SIB elements.
7. Soul – Buildings come to life via
a. Open sourced technology - Residential, people can adjust their surroundings and
environment to taste (visual, temperature, olfactory, etc).
b. Lions, Tigers and Dragons - Commercial, incorporating traditional animals into the
structure, either as decorative or as structural members.
c. Pentagonal Dome – Residential, using meaningful shapes as functional forms to
maximize sunlight, harness wind power, collect rainwater.
d. Using alternative and new technologies such as green energy engines, flexible solar and
micro wind generators.
Conclusion
Based on our comparative research in the United States and China, it is possible that both
Gensler and our team underestimated the scope of the work that is needed to quantify the elements of
Spaces In Between. We have concluded that some elements of SIB such as Multi-Level Connectivity, the
Incorporation of Nature and the use of Unified Design Elements can be readily quantified and
incorporated into valuation models. However, other SIB elements such as the Incorporation of Art, Human
Connectivity and the Celebration of Local Culture and History are not readily quantifiable and may require
localized market research in each urban market that Gensler targets for developments that incorporate
SIB.

32
Additionally, though our group utilized the Denver real estate market as a baseline, there are
differences between the US real estate market and the Chinese real estate market that may prove
significant when developing a SIB valuation model for the Chinese real estate market. Informal sources
have suggested that the European Union and China have a more similar land ownership philosophy as
well as the role of government in real estate development as opposed to the US.
These findings have led our group to conclude that Gensler should develop a robust baseline
incorporating data from a variety of transparent real estate markets to create a quantifiable SIB model
that will attract private investor support, financial institution support and the support of the local and
national government bodies in China (which includes the 4 state owned banks). Based on discussions
about the potential to take this SIB model beyond China, it becomes even more important to develop a
robust valuation model based on a variety of transparent real estate markets.
Recommendations
Based on our findings regarding the potential scope of the baseline valuation model that Gensler
should develop, as well as non-quantifiable SIB elements, we recommend the following activities:
1. Measure quantifiable SIB elements in multiple, transparent real estate markets. This would
include the United States, Canada and Australia but focus on the United Kingdom and the
European Union.
2. Measure national and local government incentives for incorporating SIB elements in transparent
real estate markets. These incentives may both financial and non-financial.
3. Utilize market surveys of the real estate industry, commercial property owners, residential
property owners and renters to qualify the value and impact of SIB elements that are difficult to
quantify or non-quantifiable.
4. Bring the information together to develop the quantifiable and non-quantifiable models.
5. To obtain greatest financial investment and government support, quantifiable SIB elements will
require some local market research for each targeted local market.

33
a. Non-quantifiable SIB elements will require more strenuous local market research to
develop a concept of those SIB elements that will generate the greatest economic
participation (property rental and purchase, and retail activity).
List of Contacts/Interviews
1. Chris Dunn – Dunn + Kiley Landscape Architecture; resort design in China
2. Jon Gambrill – Managing Director at Gensler, Denver branch
3. Brent Mather – Sr. Associate at Gensler, Denver branch
4. Sam DePizzol – Senior Vice President CBRE
5. George Thorne – University of Denver B-Burns, Mile High Development
6. Ken Hoagland - Community Capital Corp., affordable housing developer Denver
7. Dennis Humphries - Humphries Poli Architects, Denver architect
8. Mariela Alfonso - President Urban Imprint, Founder State of Place
9. Shu Wu, Real Estate Consultant, Beijing, PRC, shu_wu@yahoo.com
10. Jack Rack-Gomer - Manager, Business Development, Beijing, PRC
11. Breg E. Laxton - Vice President, Sales, Beijing, PRC
12. Jones Lang LaSalle - Shanghai, PRC
13. Ming Wen, Head of Foreign Affairs and Relations, Bao Steel, Shanghai, PRC
14. Tom Zeng and Richard Kisembo, Global Brands Group, Li and Fung, Shanghai, PRC
15. Grace Sun, Grace Sun Coffee Shop, Shanghai, PRC
16. Shamim Amadzadegan and Lin Jia, Gensler Architecutre, Shanghai PRC
17. Su Chen, Real Estate Financial Analyst, Chengdu, PRC, suchensu@126.com
18. Sevills Real Estate Services, Chengdu, PRC
19. Pratt & Whitney Aerotek Manufacturing, Chengdu Free Trade Zone, PRC
20. Miguel, Represenative, Shui On Land, Shanghai China
Resources:

34
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