Office life moves ‘ from experimentation to evolution’
New research by Bayleys’ global real estate partner Knight Frank has highlighted the increasing complexity of the business environment and property’s critical role in supporting business transformation agendas over the next three years.
The research i s outlined in the latest edition of Bayleys’ Total Property portfolio.
The surveyed occupiers largely agree that a centralised office is core to their operational strategies, although many are still struggling to resolve their optimal workplace areas, configuration and models of work.
A key theme of Knight Frank’s ( Y) our Space report i s the shift in approach over the global pandemic timeline. It has moved from forced experimentation, to evaluation, to where we are now – evolution – as office occupancy models worldwide adopt the best practices learned during the pandemic while simultaneously returning to more traditional styles of occupancy.
The research showed 50 per cent of heavyweight global employers with more than 50,000 staff intended to reduce office space, typically by 10 to 20 per cent by 2026, but most companies with up to 10,000 staff expected to increase office space.
Factors like expansion into new geographical markets, growth via acquisition, digital transformation and diversification into new business areas are all impacting commercial real estate strategies and decisions at both a portfolio and workplace level.
Bayleys’ recently appointed national head of occupier strategy and solutions, Steve Rendall, said the research gives global context for New Zealand businesses making decisions about their future occupancy arrangements.
“Complexity and transformation are inherent across the office sector, with 39 per cent of survey respondents deeming changes to the way they operate will have ‘ high impact’ ramifications for the real estate they occupy. The data that sits behind the report has been invaluable for decision- makers.”
■ Edited. Full report oneroof. co. nz