SECTOR COMMERCIAL & INDUSTRIAL
Getting the job done — a hybrid style BAYLEYS REALTY GROUP LIFTS THE LID ON HYBRID WORKING MODELS AND THE NEW LEASE OF LIFE IN THE POST-COVID OFFICE SPACE.
Reflecting on the past two years of disruption for office-based businesses, the way forward will involve balance, flexibility, and an ability to embrace hybrid working models that serve business owners and their teams.
Lloyd Budd, Bayleys Director Auckland Commercial and Industrial, refutes the opinion of some commentators that the days of the physical centralised corporate office are numbered, pointing to development pipeline data as evidence that the office workplace is very much alive. Prime office space remains sought after — in particular, premium rents are being obtained for A-grade spaces with amenities and inherent adaptability to new working styles. “News of two new high-spec Green-Star-rated office developments worth more than $600 million planned for Auckland's Wynyard Quarter by leading developers Precinct Properties and Mansons TCLM, to create spaces for more than a thousand office workers, is just one example,” Budd says. Claiming that in many instances and, arguably, for too long, workplaces were robotically going through the motions, subscribing to the notion of “provide a desk and a chair and they will come”, office space is much more than just an item on the balance sheet. With employees having extended time working away from the office during the pandemic, many relished not having to commute and felt safer staying within their household bubbles. However, there comes the point when people want to start maintaining a sense of normality again, and this is where human interaction comes into play. “Although some workers may be questioning the value of the centralised office, the onus is on business owners to provide high-performance workplaces that factor in flexibility, hybrid working models and the wellbeing of staff.
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The Real Estate Institute of New Zealand
“Lockdown-fatigued personnel are hunting for human connection, and business owners need to ensure that the physical workplace they offer is in-step with today’s corporate working landscape, making it worthwhile for workers to return to the office,” Budd says.
Flexible working in the real estate space Whilst the real estate sector itself was an early adopter of the flexible, more fluid and mobile workplace model, the corporate real estate office will continue to have its place in the reimagined post-COVID world. “For decades, real estate agents have drawn-up sale and purchase contracts on the bonnets of cars, in cafes and away from the office,” Budd points out. “That flexibility and the hybrid model of working between home, neutral ground and the real estate office will continue — but the office is perhaps even more important now viewed through a pandemic lens.” The fit-for-purpose physical office with its business infrastructure, the unstructured water cooler conversations and stairwell interactions with colleagues, and the ability to foster team culture, will remain critical for the majority of businesses — including real estate agencies. Budd says workers are increasingly looking to align themselves with companies that place a high value on the office environment they’re providing. It’s fair to say that some occupiers now find themselves in a workspace that doesn’t echo the new ways of working, nor the revised expectations of their teams. “With all the best intentions, many corporates committed to office space in
