In fact, asking rents for Class A office space in Miami Beach has grown to $55.66 per square feet, which is up 10.2% year-over-year. The market is showing some of the fastest post-pandemic recovery rates. The submarket’s supply is also limited when it comes to feasible office space.
In Brickell, the Class A market has seen a great rate of recovery due to many corporations relocating from the Northeast and Midwest. For instance, Thoma Bravo signed a 36,500 square foot lease, while other existing tenants like HIG Capital have renewed their leases.
The suburb of Coconut Grove has also benefited from companies migrating to the area. For example, Mercy Hospital and many other tenants are renewing their existing office leases in the area.
The Wynwood neighborhood of Miami is also seeing new transplants from out of state, such as Spotify and Live Nation Entertainment Co.
Hybrid Work Prevails, But Workers Have Concerns
Flexible office operator Mindspace’s new survey of over 2,000 UK workers found that although most are ready to adopt a hybrid work model, there are still lingering fears about how it could impact the office environment.
The survey, which was conducted by Vital Research, showed that 39% were ready to embrace hybrid working. However, 25% would prefer to work remotely full-time and 22% looked forward to returning to the office every day.
Additionally, 55% revealed they would go into the office at least one day a week, while 15% stated they would be going in every day.
Even more, 38% of respondents believe their company will continue with a hybrid approach this year, while 13% believe their company will adopt this model forever.
“The hybrid work model appears to be prevailing for the majority of companies in the UK and globally, yet it’s not without its challenges as employers are tasked with handling a myriad of preferences amongst their employees, highlighting the need for a higher level of flexibility,” said Dan Zakai, CEO and cofounder of Mindspace. “It’s not surprising to see that many workers are choosing to go back to the office for most or all of the week, having spent so much time away from colleagues – collaboration and connection between employees are critical, both of which are best conducted face to face.”
Synchrony’s Work Policies Sets Itself Apart From Competitors
The bank recently began testing its reopening plans over the past few weeks by bringing in around 200 employees to its Stamford, Connecticut headquarters, as well as three other locations in the U.S.
This move greatly differs from its other competitors such as Goldman Sachs, which is bringing back as many of its employees as it can this summer.
The biggest difference is that Synchrony’s staffers have been told they will not be returning to the office five days a week.
“Our employees told us across the board they wanted a more flexible work arrangement,” said Brian Doubles, CEO of Synchrony. “A big part of this is how do you go about this in a way that’s inclusive?”
Moving forward, Synchrony will have three types of arrangements: virtual hubs, hoteling sites and a hybrid schedule.
Virtual hubs will be dedicated to employees working remotely permanently, hoteling sites will allow employees to book a desk when needed and the hybrid schedule will offer workers the option for assigned seating.
The company anticipates that around half of its staffers will work from hybrid offices, 30% will operate from the hoteling sites and one-fifth will transition to fully-remote positions.
Booking Platform Aims To Nurture Collaboration Anywhere
The pandemic has left a permanent impression in the way the global workforce functions. While remote working may continue to be part of the plan for many companies, the challenges this arrangement has caused will need to be addressed.
That’s exactly what FIOasis intends to do. The booking platform allows workers to perform their tasks from local, domestic or international spaces to help professionals who are tired of working from their homes.
Partnering with guesthouses, farm stays, coliving spaces and hotels, FlOasis allows users to have access to workspaces that feature safe work accommodations, amenities and community.
Most of their locations are in Europe, but the company is in the process of expanding its presence. In an effort to combine the best of travel and business, cofounders Kristina Kutan and Lola Casamitjana hope to boost collaborative opportunities for remote workers.
FlOasis’ locations stretch across Croatia, Greece, Morocco, Norway, Spain and Switzerland.
Are Location-based Salaries Fair?
As companies adopt more hybrid and remote arrangements, people have started moving away from expensive large cities. However, many of these policies are contingent upon workers taking a pay cut that accommodates the cost of living in their new city.
However, some may find this approach is unfair and indicates that they deserve to earn less simply based on their living arrangement.
For instance, Google recently introduced its Work Location Tool that allows employees to request office transfers or to apply for full-time remote working positions. Through this tool, employees also will see how their pay is adjusted depending on where they request to work from.
On the other hand, companies like Reddit and Zillow have allowed their employees to work from wherever they’d like and still make the same amount of money.
This method could likely help employees attract and retain their top talent, and open up a door of opportunities for workers in regions that do not offer appropriate jobs.
The only potential downside to this policy is the increased competition for candidates. Before geographic boundaries within the workforce came down, professionals only had to worry about competing with people in their region. Now, they will have to compete with applicants from all over the country.
Supporting Working Parents During The Hybrid Era
Remote working has been a boon for many parents during the pandemic, as they are able to better manage their childcare responsibilities with their work tasks.
However, this isn’t always the case. Remote working has caused instances of more conflict and stress.
Now, as parts of the world emerge from the pandemic, self-advocacy is more important than ever before.
This starts with clearly communicating what parents may need from their employer to get their job done effectively and efficiently. Many companies have already opted for this, offering allowances or reimbursements for home office tools, as well as access to resources that support their mental and financial health.
Another challenge for remote teams is the lack of communication, especially for those who will remain in remote positions in the future. For instance, how do companies plan to adjust to hybrid arrangements where some employees are together in an office, and others are still working from home?
Without the proper planning, remote workers may feel left out of the conversation. That’s why business leaders need to ensure that they keep these employees in the loop, even when they aren’t physically present in the office.
Aayat is an editor for the Daily Digest based in Lexington, Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces.