Real estate is no longer viewed as single, physical product – it now serves as a flexible, sometimes multi-purpose space that supports an increasingly hybrid and flexible workforce.
Because of this, businesses need to know how to assess their future space needs. While it is too early to predict exactly what the practice will look like in the long run, leasing deals should be reliable in the future.
One example of how the company is adjusting its office needs based on current climatic conditions is Bonnier Books, which recently changed its traditional 20,000 square foot lease to 8,000 square feet of service.
Many companies are looking to return to the office, citing concerns about diminishing opportunities for collaboration, worsening employee well-being, and other aspects of the workplace that are best done in person. However, flexibility is still a necessary part of the business, as employees have a growing desire to have their say when organizing the workplace.
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The need for more flexible offerings is not new. Before the pandemic, many real estate industries began to gradually move towards more flexible working methods, and this practice has only accelerated since then.
According to a recent report by Knight Frank, 47% of organizations will seek to improve the quality of their space, and 46% say they want to specifically improve employee experience. Along with this, 55% of respondents said they would create more collaboration spaces.