A shift to remote working during the Covid-19 pandemic has shown the importance of the office for businesses and their employees and its essential role as a hub for collaboration, community and development. So, what can we expect in the office market as we enter 2021?
Writing for Property Week, Giles Fuchs argues that the pandemic is far from the end of the workplace, but that what businesses want is shifting towards greater flexibility around lease lengths and space commitment, which flexible workspace is primed to cater to.
However, as a third national lockdown continues, co-working spaces and flexible workspace operators with a leasehold model dependent on high occupational density will struggle more keenly.
Giles argues that the UK office sector will continue to thrive in making the UK a global beacon for business post-Brexit.
Meanwhile, in a post-pandemic world ‘smart’ office technology and greater digital demands from tenants are likely to become standard expectations for tenants. Likewise, hybrid working is set to go mainstream, as businesses seek more agile alternatives to the traditional office. Flexibility, convenience, hospitality and personalisation are likely to be key drivers in the future of the office space market. Weaving this into everything from the length of a lease to the services and furnishings on site will help to enhance the appeal of office space offerings.
With everything to play for, the office market will certainly not be standing still in 2021.
You can read Giles thoughts in full here.
