According to the Urban Land Institute and EY’s “Future of Work 2020: A global real estate players’ point of view” report, the real estate industry will heavily focus on flexibility over the next three to five years.
The survey of 555 real estate experts found that 96% of respondents expect home working to increase, while 67% anticipate increased use of satellite offices outside of large cities.
While the research indicated that the majority of employees would be spending time working remotely, 96% of respondents said that the role of a physical office will still be crucial in supporting workplace culture.
Over half of respondents also said they anticipate a drop in office space usage, while a staggering 96% of respondents expect that demand for health-related amenities will grow.
“While the total office space is likely to decrease, the quality of real estate will be even more critical. The physical office space will play a key role in preventing a loss of corporate culture, less effective talent management, a higher staff turnover and a loss of creativity,” said Vincent Raufast, EY Consulting Associate Partner. “It will need to meet new demands including healthy building amenities and more space designed for collaborative work, as well as formal and informal meetings with colleagues.”