Post – COVID19; The Future of the Home & Workplace
The global pandemic has led to the rise in popularity of the “Home-office”. The future of the workplace and even the home is being reconsidered by key players in the real estate industry.
The flexibility of a lot of jobs is re-shaping the future of the workplace. Where and how business is done is being reconsidered, as the traditional office seems to be an expensive option when majority staff can work remotely. Businesses are looking at multiple locations, rather than one location. Hence, there is a rise in partitioned, smaller office units and co-working office spaces.
The binary of the office and home is now a blur. Through the support of technologies and the internet, the flexible nature of work, has been highlighted during this pandemic. As a result, workstyles seem more fluid where it is possible to work from home or the traditional office.
Multiple global surveys have revealed 61% of working people plan to work from home. This means that the demand for homes with office spaces will go up.
As the economy seems to be opening up, this new found way of working seems like it is here to stay. Some people are returning to their offices, but some continue to work from home and some are alternating between the two. This is the new norm. In the long-term, such a work-style will influence the commercial and residential real estate industry to evolve.
Commercial real estate tenants are beginning to re-think their business location as it’s no longer vital to be close to the city centre. This is not the end of the office setting but an evolution of it. The office is turning into a fundamental center for collaboration, creativity, social interaction, corporate culture, staff training and development. For the residential market, selling a lifestyle has become crucial. Homes with space or room to create an office will become more favourable.
The real estate industry is being re-shaped by the needs of tenants especially in the commercial and residential sectors. For landlords, pro-active action for example; in partitioning office spaces into smaller units, transforming larger office spaces into co-working spaces, creating a small nook in the home or backyard to incorporate a home office, will determine their return on investment and ability to attract long-term quality tenants.