Harvard Business Review Predicts Minimal Change in Office Space Needs
HARVARD BUSINESS REVIEW SURVEY REVEALS ONLY 1% – 2% REDUCTION IN OFFICE SPACE – IN SPITE OF A TYPICAL REDUCTION OF IN-OFFICE DAYS BY 30%
While we’re all striving to discover the ‘new normal’ at this time and what it portends post-COVID, The Harvard Business Review predicts only a 1% to 2% reduction in office space, in spite of a 30% reduction of in-office days, per a recent survey of 500 U.S. firms.
This positive trend for the commercial real estate sector is due to the decrease in actual density within offices versus a decrease in space. Post-Covid, people will still want to be spacially distanced in their individual workspaces, but continue to need in-person contact for collaboration and coordination.
Consequently, open spaces, lounges, various outdoor gathering spaces are all gaining increased focus and favor. Add to that, an increase in the importance of on-site or close by amenities such as restaurants, bars, retail, and cultural venues, and we will see vibrancy to the office sector return and not have the mass exodus that was once predicted.
As such, it’s time to modernize workspaces based upon the emerging personal and corporate preferences, and to communicate those advantages within your developments to potential tenants. This can be best accomplished at the present time by a strategic campaign of branding, public relations, signage and digital advertising.
Call Kim Macy at Macy + Associates, 310/821-5300 x222 to explore options on how this type of campaign can be best implemented to maximize the results within your portfolio.