7 minute read
INTERIOR TRENDS
INTERIOR DESIGN FOR A BRAVE NEW WORLD
What key interior design concepts and trends should be implemented to accommodate our new realities? BETH AMATO fi nds out
Joanina Pastoll
The business world has been toying with the idea of working from home long before the COVID-19 wave hit global shores and accelerated a change in the way we work. It is now undeniable that the “To Let” and “For Sale” signs adorning South Africa’s once vibrant economic hubs are clear indicators that workspaces are changing and working away from the offi ce is now a reality.
So, do we scrap offi ces altogether and let those workspaces become like shipwrecks and museum relics? Not so fast, says futurist and economist Bronwyn Williams, partner at Flux Trends. She says that while the pandemic has changed the way we use and design buildings, offi ces are critical spaces for innovation and connection.
“We used to think that the offi ce led to distractions and lost productivity. But the conversations sparked at the coffee station, or in an impromptu chat with a colleague, often result in innovation,” she says.
Williams refers to research conducted by Yale University’s Department of Economics about the effects of alcohol prohibition on human invention. “It’s a fascinating insight into how in-person communication is important for the creation of new ideas,” she says. Other research published by The Economist suggests that people work longer hours when they work from home and that email communication is often not as effective or productive as people hoped.
Will innovative offi ce pods become the new norm in interior offi ce design?
“WE’LL BEGIN TO SEE OFFICE SPACES THAT ARE MORE MODULAR, WITH SMALLER ‘PODS’ IN WHICH TO WORK.” –
BRONWYN WILLIAMS, PARTNER, FLUX TRENDS
Nevertheless, we can’t go back to open-plan, close-contact, air-conditioned offi ce spaces. We have to nurture innovation by encouraging connection and meaningful in-person engagement without spreading disease. Even with the arrival of the COVID-19 vaccine, employers will still have to ensure extra health and safety measures.
WHAT CAN WE EXPECT?
Joanina Pastoll, creative director and owner at Studio Stirling, says that COVID-19 has changed the way we think about offi ce interior design. In particular, offi ce furniture will have to be multifunctional and mobile to save money and promote hygiene. “As offi ce interior designers, we have to ask ourselves whether a piece of furniture can be used as a meeting table, a conference table, or a socially-distanced lunch table. The height of a table, for example, could also change for a standing meeting, and then revert to a seated work station,” says Pastoll. Standing desks are popular for quick, effi cient meetings, and promote health and safety, especially as exposure to people for longer periods increases the risk of viral droplet spread. For aesthetic purposes, Pastoll suggests customised multifunctional furniture that, when adapted, fi ts harmoniously into a space. “We also need to start thinking about ventilation and light,” she says. “How do we get air to move in an offi ce? Do we need to think about having more outdoor spaces, especially in a country like South Africa? Does an offi ce worker take a new collapsible ‘desk’ with shade and anti-glare solution and set up anywhere they deem safe and hygienic? There are many questions around this. We have to “We’ll begin to see offi ce think outside the box to spaces that are more modular, redesign offi ce space and with smaller ‘pods’ in which human interaction.” to work,” says Williams. These She suggests designing modular spaces are not the “nesting” spaces in offi ces. private room offi ces seen in “The pandemic has shown traditional offi ces; they allow us how important it is to fi nd for more containment without quiet time to destress. There being completely closed off and Bronwyn Williams is plenty of research pointing can be used for small meeting to the benefi ts of meditation, groups. They can also be mindfulness and rest for portable and remodelled to fi t requirements. productivity.” Pastoll adds that these nesting
Williams says that the hot desking system, spaces with appropriate furniture could also be whereby desk space is allocated to workers on placed outdoors. a rotational basis, is probably the most viable “Offi ce interior designers have to embrace system for these times. Workers can spend multifunctionality and be open to radical a portion of their working time in the offi ce, changes and shifting needs. It’s daunting yet ensuring easier adherence to safety measures. exciting,” she says.
BUYERS’ MARKET FOR THE
INDUSTRIAL PROPERTY SECTOR
Tyrone Varga, director of Newpoint Property Group – one of Johannesburg’s leading property brokerages focusing on sales, rentals, investments, management and new developments in industrial property – points out that demand in the industrial property market has not diminished in the face of the coronavirus pandemic.
“The industrial property market continues to do well as businesses still need to manufacture, store and distribute products, leaving the industrial market in high demand for owner-occupiers and investors.”
Varga says that the fi nancial constraints faced by property owners are resulting in lower prices for listed properties, while property funds are also looking to sell off older properties at affordable prices.
“Due to factors such as fi nancial diffi culties, immigration and investors needing their capital, more owners are wanting to sell their properties. This results in a fl ood of properties coming onto the market, forcing sellers to drop their prices. Property funds are also wanting to sell their older stock and move into newer logistic nodes and logistical warehousing, further amplifying the number of properties being sold.”
Varga points out that Newpoint Property Group is achieving impressive returns for investors who are taking advantage of the prevailing market conditions. “We are achieving yields of up to 16 percent for investors because sellers are dropping their asking prices but rental prices are remaining strong and still escalating. This has created favourable market conditions for investors. The current low interest rate has also encouraged business owners and investors to look at purchasing property.”
Now could be the perfect time to invest in industrial property as sustained high demand combines with lower property prices to create a buyers’ market in the sector
Tyrone Varga
TIPS FOR INVESTING IN PROPERTY IN THE CURRENT MARKET
Varga, who has more than a decade’s experience in the industrial and commercial property sector, recommends several factors that investors should take into account when looking to invest in industrial property. These include the quality of the tenant and the potential future yield of the property.
“Although the length of lease is important, quality of tenant in today’s market is more important to secure the investment,” Varga explains. “Investors should also look at the future yield of the property, not necessarily the yield the property is achieving right now. Some tenants may have been in the property for many years with an escalating rental, driving their rental higher than the current achievable market rental, thereby showing a yield that will not be sustainable.”
Investors should also not be afraid to negotiate with sellers; this is where the true value of a property broker can be harnessed.
“Negotiation is very important in today’s market, many sellers are negotiable, hence the importance of using a broker. The broker has experience on what is a fair price in the current market or area of choice and is aware of the seller’s position in terms of what the lowest possible price will be,” Varga explains. “The broker can also advise on what the going rental in the area is, ensuring the current tenant is paying the correct rental, and can also ensure that proper due diligence is done on the property.”
He suggests that investors should look at purchasing property in areas with high rental demand and consider physical characteristics that will make the property appealing to tenants.
“Areas with high rental demand include those around airports and ports, for example. In terms of the property’s characteristics, investors should be looking at what tenants would need such as good yard space, reliable power, good racking height, multiple roller doors and good security,” Varga concludes.
For more information:
+27 (0) 10 035 4431 www.newpointproperty.co.za
