What is the future of office spaces globally?

Real estate has been adversely impacted by Covid-19. Savills, a globally leading property agent suggests the following implications for offices:

1. Unlike WFH, offices provide a vital role in culture, community, and connection and will remain.

2. As per a global sentiment survey in 31 countries, 84% of respondents expected increased working flexibility and 16% expected a drastic increase. Video conferencing would increase greatly.

3. An expedited shift to a hybrid model- home working, local office hubs, and head offices, leading to lesser travel, shorter supply chains, and sustainable building design. WFH will be optimized.

4. Greater focus on safety, hygiene, and employee wellbeing will result in a focus on regular cleaning, contactless building design, increased focus on building rating schemes like LEED.

5. Investment to be more cautious as firms begin to reevaluate office space usage. The desk design densities would likely increase although working flexibility will reduce demand for space.

6. 50% of researchers expect a slight fall in occupier demand while the rest anticipate long-term economic stability. Flexible office-spaces will be impacted by a focus on hygiene in the short run but are lucrative flexible work options in the long run.