LEGAL Working practices have changed massively in the last year or so. Property expert Emily Wood considers the implications for the commercial real estate sector
DESTINATION COLLABORATION We didn’t witness the death knell of the office during the pandemic, but our expectations around the workplace have certainly changed. It’s also true that many businesses and individuals have come to value their commercial workplace as a collaborative, social hub that is critical to the culture and the future of their businesses.
TELL IT HOW IT IS
DMH Stallard undertook a post-pandemic workplace survey in Spring 2021 as we made our way out of lockdown to see how clients’ and contacts’ workplaces had been impacted by Covid, and what they thought the post-pandemic workplace might look like; we particularly wanted to understand the implications for commercial landlords. Responses came primarily from those in the property and professional services sectors. The majority had occupied offices as tenants pre-pandemic.
CUTTING BACK
More than one third reported a reduction in the commercial workspace they occupied during the year leading to May 2021; some of that was already planned, but more than half of those reducing their space attributed it directly to the impact of the pandemic, and downsizing seemed to go further and faster than originally expected.
Nearly one third of respondents believe their workplace requirements will change in year ahead: most, 81%, anticipate a reduction, but an encouraging number, 19%, expect to see an increase.
BACK TO IT
The return to formal workspaces has gathered pace over the summer. According to our survey, nearly half of workers will be back in a commercial workspace to some degree by the end of September, and 76% by the end of 2021. Looking forward, 87% of respondents will encourage a form of hybrid working with the working week split between home and office; a substantial number, 27%, acknowledged that some people will not be required to return to the workplace at all.
GOOD NEWS FOR LANDLORDS
Businesses and employees recognise the synergies of team working and collaboration in a shared space: over 90% of respondents maintain that there is still a need for commercial workspace. Training and welfare were amongst the key drivers cited for retaining space–key factors that contribute to the culture of a business
The biggest casualty [of working from home] has been company culture ❜❜
❛❛
22
