Businesses are stalling travel, downsizing their real estate, and allowing employees to choose their work schedules and environments. So where does the office fit into the picture?
Although it may be concerning for landlords that companies are reducing their real estate footprint, there are new opportunities emerging, such as incorporating a flexible office within their space.
As mentioned before, workers want a bigger say in their work environment, from where it’s located to the amenities it offers. By adopting a flexible office, they can have what they desire and more.
Hybrid work models typically combine the main office, a home office, and a third office that is closer to an employees’ home. By including a flexible workspace in their building, landlords allow themselves to tap into this emerging new market.
According to Knight Frank’s 2020 Re-occupancy and Re-imagined Workplace Survey, 47% of UK companies plan to adopt flexible offices into their future real estate strategies.
This is good news for both businesses and flexible operators, with many focusing on servicing suburban areas to accommodate employees that live outside of cities. In fact, IWG stated that inquiries into suburban flexible office space grew by 32% during the first quarter of the year.
“We know it is better for people to work near to where they live,” said Professor Carlos Moreno of Paris’ Sorbonne University. “If they can go shopping nearby and have the leisure and services they need around them, too, it allows them to have a more tranquil existence.”