by Amanda Fanoun
The Future of the Office
With 2020 in the rear-view mirror, there’s reason to be optimistic about the year to come. A vaccine roll out is underway, surely to bring a boost of morale to communities around the world, and an uptick in workers trickling back to their offices. While the return to a full five-day week in the office is unlikely in 2021, the silver lining of the global coronavirus pandemic has been the market opportunity left in its wake.
Instant Offices predicts a 21% growth in flex-space office supply globally. Where will this growth come from? The shift towards flexible office models has accelerated, causing landlords to look more thoughtfully at rolling out flexible propositions. Meanwhile, pure play flexible workspace operators are well positioned to grow and meet market demand. Of course, this will depend on how well they’ve planned for the rainy day.
For both market players, the writing is on the wall. There is the need and the enthusiasm to drive the workplace experience into its next phase of evolution. Flexible is the future of the office and occupiers are at its core. Those who are positioned to clear complex operational hurdles and adapt to tenants’ evolving requirements will undoubtedly see the light at the end of the tunnel.
Worker Choice is Key
Real estate guru, Dror Poleg, shared his insight on the office market in a recent New York Times article. The office will become “more dynamic than ever”, he writes. The expected change is being driven both by where people choose to work and the consumerisation of the office. Poleg emphasises the importance for space providers to adjust to the new era of worker choice.
Read the full article here.
Positive Long-term Outlook
In a recent CBRE occupier survey, 86% of respondents consider flexible office space as a key component of their real estate strategy and portfolio plan up from 73% less than a yea ago. The latest North America flex office report identifies the case for optimism within the market as 2021 gets underway.
Perseverance and adaptation are essential during the continued pandemic. Key indicators for resiliency will be a space provider’s ability to deliver on new office requirements and evolve existing business models to meet demand.
For the full report, click here.