Real estate leaders weigh in on the future of office

EVENT COVERAGE: REAL ESTATE DIGITAL CONFERENCE Real estate leaders weigh in on the future of office

Around 100 attendees took part in the first-ever Commercial Real Estate Digital Conference.

The future of the office will have more flexible arrangements as businesses colleagues. As such, there needs to be a rethink about how officers are being organized,” he added. worldwide continue to adjust to changes in working conditions.

Primarily, the office will function as a magnet for people to interact, said EY Partner Seng Leong Teh in Realestate Asia’s “Commercial Real Estate Digital Conference” held last 8 June 2021.

“Work from home is not a fad, we think it is here to stay. There is productivity gain and there’s value in work from home. Whilst we acknowledge the flaws associated with this, we believe that there is a need to change our way of thinking to make hybrid work effective,” he said.

Teh said that with the hybrid model, office will not just be a place to come to. Employees will come regularly either to socialize or to network.

“The future office requires a significant amount of investment, especially in technology. The office space is primarily used to collaborate and network with Opening flexible arrangements for work will offer ways to ensure productivity from employees. CBRE Singapore Co-head of Office Services David McKellar said that this will benefit those who prefer to have separate office spaces when doing work. “Dwelling sizes in Asia are small and Singapore homes are smaller than the Asia Pacific median. Inadequate workspace, distraction from family members and ambiguity of who bears the cost,” he said, are some of the challenges faced by those in work-from-home arrangements. As commercial spaces adjust to changing needs of lessees, such as downsizing or having preference over shared amenities in buildings, the industry is seen to thrive in the coming years. “The new supply pipeline is forecast to be 25% less for the next four years in comparison to the

Work from home is not a fad; it is here to stay. There is a need to change our way of thinking to make hybrid work effective

10-year historical annual average. So long as Singapore remains an attractive place for companies to locate, we do not expect to see a glut of availability and rents will likely remain firm for the foreseeable future,” McKellar said, citing Singapore as an example.

“Towards the end of 2020, office demand was ramping up. Given Singapore’s highly educated workforce, favorable business environment with low corporate and personal tax rates, and easy access to most major cities within a single flight, Singapore will continue to attract firms from all over the world that engage in business activities within Asia Pacific,” he added.

Constantly evolving commercial and public spaces

Real estate developers in the Asia Pacific region are gradually adapting to the changing needs of business when it comes to office spaces. GuocoLand is one of the companies that have adapted to this change early on, as can be seen from their recent projects in revamping GuocoTower and in the upcoming Guoco Midtown.

Valerie Wong, Asset Management General Manager for GuocoLand Limited, said that they adapted an integrated development connectivity for GuocoLand to F&B, amenities, and public spaces.

“The MRT stands over the

Integrating lifestyle, leisure, and avenues for communitybased spaces will help employees enjoy going back to the office

Developers must be mindful and learn how to build functional small rooms that can offer a place to live, work and play

basement concourse and it connects directly to GuocoTower. For the integrated development, there are public transport nodes and a way to connect them to the rest of the neighborhood. An employee could take the lift up to go to the hotel at level five, or through the urban park to reach various components of the retail and office tower,” she said.

GuocoMidtown’s highlight, which has a total of 770,000 sq ft of office space, is its Network Hub. The hub houses communal facilities and is directly connected to the main office tower.

“There are three main components: the office, the residential tower, and the retail, but we’ve also created a new concept that’s called the Network Hub. It will house 40,000 square feet of spaces and communal minds facilities, and will connect directly into the main office tower,” Wong said.

“It’s around 30,000 square feet per floor. An individual may go down to level two and cut across directly to the Network Hub. We have facilities for over 200 persons and spaces for meeting rooms. The rooftop also has a 40-metre swimming pool and houses private dining facilities,” she added.

Adapting to changing needs

By integrating lifestyle, leisure, and avenues for community-based spaces, these will help employees enjoy going back to the office and enjoy the flexibility of having to work within the area.

The changes in consumer demand for commercial and residential real estate will be key for developers to succeed in the next few years, according to Huttons Asia CEO Mark Yip.

As consumers prioritize budget concerns alongside how much space they need rather than want, developers will have to review their projects.

“The developer has taken that into consideration where they allow community spaces that are outside your units to enjoy. This presents a very good proposition from the developer point of view to the consumer like us taking this opportunity when prices are still in the affordable range,” he said.

“What do you need? From your current working condition and with current members staying within a home. Big or small, it is based on your own unique needs. That is the current condition in Singapore,” he added.

In order to properly assess what kind of developments should be offered, a closer study of the various segments is needed. These may include those who are staying with families, relocating to smaller homes, or even those who prefer to live nearer to their workplaces.

“We have to look at the various segments. Who are these buyers? We have the HDB upgraders in which we are aware that 80% of the population stays in HDB. Then we have another group of the buyers who have been staying in large homes and their children are grown up, so they would like to do what we call a downsize,” he said.

“It all boils down to affordability. In most key cities and central locations, residential prices have gone up. Small apartments here in Singapore, because of the limited scarcity of land and the development and labor costs, have risen in price. Real estate developers will need to be mindful and must take this into consideration. Developers must learn how to build functional small rooms where you will have a decent corner, or places within your compound that can offer you a place to live, work and play,” he concluded.

Developers must adapt to changing needs for commercial and residential real estate

DESIGN BRIEFING: SMART HOMES Smart homes with Japanese-inspired minimalist designs are on trend in Manila

Mixing elements of Japanese functionality and simplicity, Tokyo Grand Renovation is becoming famous for making homes into office-ready spaces.

Smart tech is now in demand when it comes to interior design and construction -TGR lead interior designer Ken Ferolino

Many homebuyers are seeking hybrid living spaces now that residences are now serving as places for both work and leisure. Another side of this are those who opt to go into renovating homes and apartments, either to adapt to safer ways of living or simply just to give a new look to their spaces.

Among the many interior design firms in Manila is Tokyo Grand Renovation (TGR), a subsidiary of Japan-led company Hikarinobe. Not only has client briefs shifted from having more space to rest, but specific requests also such as having smart homes or offices is now becoming a top priority for many.

“We noticed some changes when it comes to our clients, mostly about precautionary measures such as less touch and less contamination, so you cannot contract the COVID,” Tokyo Grand Renovation lead interior designer Ken Ferolino told Real Estate Asia in an exclusive interview.

“Our clients usually would request smart home devices, smart home designs, or ask if we can integrate smart technology to the interior spaces. We can, and we did that already. Smart technology is really in demand right now when it comes to interior design and construction,” he added.

One of their luxury projects is designing a penthouse in the Grand Hyatt Residences in Bonifacio Global City in Manila.

Their client’s request was to integrate European details into the design while still keeping it simple. TGR integrated a neoclassical theme by importing chandeliers and focusing on every corner with every possible detail they could from the ceilings to the cabinets.

“For our first Grand Hyatt project, it is a penthouse apartment located in BGC where the client’s brief indicated that he wanted European ambience while maintaining simplicity. So the question for us was how can we maintain simplicity with this European design style?” he said.

“Neoclassical was brought to the table. Then, we imported chandeliers and installed it in every room to provide warm lighting textures, creating depth and ambience to the interior space. Basically, the penthouse interior design project in Grand Hyatt is an example that though TGR embodies the Japanese philosophy of simplicity, we can delve into other design styles as well,” he added.

A more recent project, also in Grand Hyatt Residences, TGR created a Home Studio where they installed soundproof walls and designed a more cozy room to fit their client.

They turned this 80 sqm unit into

Homebuyers now request smart home devices, smart home designs, or ask to integrate smart technology to the interior spaces

There is luxury in minimalism if you choose the right material and put the right thing in the right place

TGR is riding through the current trend of having minimalistic but functional spaces

a functional studio and bedroom that is maximized to enable their music producer client to be able to work from home in style.

In another project, they were asked to design a minimalist Zenstyled room. Ferolino said that they incorporated different design philosophies for this space in Kroma Tower to keep elements of luxury embedded with the simplicity wanted by the client.

To do this, they focused on picking the materials used in the furnishings and carefully planned their placements in the room.

“We were commissioned to create a space where traditional meets modern and contemporary styles. Another challenge for us in this Kroma tower project is to have a modern Japanese design entangled with Japanese design philosophy and the Zen style,” he said.

“There is luxury in minimalism if you choose the right material and put the right thing in the right place. The highlight of this project is the bedroom. Here, there is an elevated bed area adjacent to the working station. This area is liked by our client the most,” he added.

With a team of young interior designers, TGR is riding through the current trend of having minimalistic but functional spaces. Not only do they use Japanese tools and materials during construction, but their employees are likewise trained in Japan to bring the best of traditional practices to the designs of homes in Manila.

Japanese roots

TGR was primarily opened as a store that offered the tourist-favorite Happy Wash-U: toilets with sensors, a built-in bidet, and other functions. After garnering high sales and upon realizing that there is a gap in home construction in the Philippines, TGR decided to open in 2012 as a fullservice interior design company.

“When we came to the Philippines around 2012 or 2013, the first activity we had as TGR was selling Happy Wash-U which is a toilet bidet. We focused on selling, then came 2015 when we returned to start the business for interior design build which our Japanese company counterparts originally did in Japan,” TGR’s Marketing Manager Masahiro Kato said.

“We noticed that there’s opportunity and there’s a possibility to provide our interior design and build services in the Philippines. We also found that in the Philippines, it’s common that interior designers and the constructors are separate. So, we thought, what if we provide an all-inone operation, starting from interior design to construction managed by us?” he added.

Being a subsidiary of Hikarinobe, TGR also applies the same practices done by their Japanese counterparts. They can arrange temporary housings to clients, provide a onestop service for all construction needs, and they also use materials sourced from Japan to make their spaces more authentic and true to clients’ briefs.

“Our mother company Hikarinobe operates as a one stop service in Japan. From purchasing, renovating, providing temporary housing while your property is under construction, to setting arrangements for your items to move back and forth from your property, this could be the most convenient housing process you could think of,” Media Representative Celina Guinoo said.

“We also use Japanese products in our projects. When it comes to constructions, we use Japanese power tools which deliver much faster and higher quality finishes for home and design. We also deeply promote the use of Sangetsu wallpapers, a well-known Japanese wallpaper company, even though it is not popular here in the Philippines,” she added.

‘New Normal’ Dining

Also known for designing restaurants and cafes, TGR was able to adapt to the ‘new normal’ through its experience of having done al fresco or open-spaced area before the pandemic.

One of their more known projects is designing the UCC Clockwork branches, part of the famous coffee chain of the same name from Japan.

Ferolino said that in their most recent UCC Clockwork project located in Nuvali, they focused on catering to the younger generation. With this came open areas which turned out to be for the better as Manila currently requires all restaurants and cafes who want to operate to have open-air dining areas to abide by safety protocols.

“UCC Clockwork is a bit different from ordinary UCCs. It reflects the constantly evolving generation. It was designed to accommodate the younger generation, and it was intended to be more friendly and to have a younger vibe. Located in Nuvali, it is in the mixed-use development that caters to indoor and outdoor activities,” Ferolino said.

“The highlight of this project is the al fresco dining. So, we can say that we are prepared for this pandemic. The protocols require that all indoor establishments shall be closed, and only outdoor dining can accommodate customers,” he added.

TGR said that apart from having upcoming UCC branches in Davao, Bacolod, and Iloilo, expansion plans are also on the plate for Mega Manila. The company is looking forward to continuing all these when restrictions ease.