FEATURE
OPEN FOR BUSINESS The opening of the new Admiral Park Plaza shows there is demand for high quality new office space in the island. But the development was built at an uncertain time, with the effects of an unprecedented couple of years still somewhat unknown. We asked some of the most experienced property agents in the island to share their thoughts on the current commercial market and their predictions on what we might see happen in the future.
WE’RE HEARING THAT EMPLOYERS ARE PREFERRING PEOPLE TO BE BACK IN THE OFFICE WHERE THEY CAN BENEFIT FROM COLLABORATION, SHARING OF IDEAS, TRAINING AND MENTORING AS WELL AS GENERAL CAMARADERIE AND SOCIAL COHESION.
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Guernsey Property and Construction
Since the start of the pandemic, it’s seemed like much of the world has shifted to working from home. While many Guernsey office workers did exactly that during the island’s two lockdowns, local property experts are fairly certain the island’s unique situation means the shift here will be nowhere near as marked as elsewhere.
“Many businesses are offering their employees flexibility and choice, but overwhelmingly we’re hearing that employers are preferring people to be back in the office where they can benefit from collaboration, sharing of ideas, training and mentoring as well as general camaraderie and social cohesion.”
Jo Watts is the managing director of Watts Property Consultants. She said while Covid has clearly had an impact on the market, it hasn’t substantially reduced the demand for office space: “While we have seen a couple of firms downsizing as a result of a long-term shift towards working from home, this has been the exception rather than the norm. Whilst tenants are looking at using space more efficiently, it hasn’t particularly led to additional space being released onto the market. It has more been a case of business ‘working smarter’.
The managing director of D2 Real Estate in Guernsey, Alex Titheridge, agrees with her. He says the impact of working from home has been nowhere near as substantial as people may perceive: “The office remains central to the fortunes of the island’s economies. The impact has not been felt here as profoundly as other markets including the UK, for example. It’s worth noting that Guernsey-based occupiers don’t have the demands of a long commute on often overcrowded public transport systems so the office is often more appealing.”
