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Large Firms Are Seeking More Workplace Flexibility

Jo MeunierbyJo Meunier
November 10, 2020
in News
Reading Time: 1 min read
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A new report on the future of the workplace by EY and the Urban Land Institute, ‘Future of Work – A Global Real Estate Player’s Point of View’, suggests that large firms will seek out a more flexible office footprint as a result of the pandemic.

The research, which surveyed investors, developers, real estate services firms, architects and workspace operators, concluded that major changes are expected in the office market in the next 3 to 5 years.

The research revealed:

  • 96 percent expect large corporate users to look for a more tailored and flexible office footprint.
  • 66 percent expect flexible lease contracts to become the new normal.
  • More than half (53 per cent) of real estate players expect tenants to reduce their office space.
  • One quarter of respondents anticipate their office space requirements to decrease by more than 20 percent.

Mark Tindale, director at Sydney leasing agency Cadigal, said demand for flexibility from corporate tenants has increased over the past few years, and this will accelerate.

“One part of flexibility is providing access to third spaces including tenant lounges and larger meeting and event facilities,” he said.

Referencing coworking and flexible spaces, he added: “This sort of flexible amenity is greatly valued by tenants who in some cases will lease less space knowing they have easy access to such facilities.”

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Jo Meunier

Jo Meunier

Jo is Allwork.Space's Senior Editor for the UK and Europe. Jo has worked within business centre and coworking circles since 2009, researching and contributing written features for numerous industry publications. She reports on the latest market news and delves into local issues with one main objective: to champion the flexible workspace industry and its members.

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