In January of 2019, many of us were working from our cozy offices. Now, millions of people are adjusting to working from home, and trying to figure out how to balance work life and home life.
As the next few weeks unfold, some companies may find themselves considering shifting from working in a traditional office space to incorporating remote teams and an off-site business model. When this happens, how will it impact the demand for office space, especially in some of the world’s biggest cities and metropolitan areas?
Earlier in 2019, millions of people across the world quickly transitioned from working in their traditional offices to working from home. For some companies, this unexpected change revealed new ways to implement remote teams and set plans in motion for future teams to do more work from home. And while working remotely may be an added strategy for many businesses, chances are it will not completely replace the traditional work model.
There are some things that are just more productive and efficient when done in a shared office environment. Impromptu staff meetings, brainstorming sessions, and client meetings can be done quicker in a traditional office environment. Proximity directly affects collaboration and communication, and many large-scale businesses will hold onto the traditional office model because of this. For these reasons, companies will most likely still choose to go back to working in office spaces, and the demand for this kind of commercial will remain high.
While we may not see a huge shift in the demand for office space, we may see a shift in how this kind of space is used altogether. With so many companies quickly learning how to do work from home, companies may start rethinking the way traditional office space is used. In the future, businesses will think very differently about how they group up, how they meet, how they gather and how they create work and review work. We may see a change in the demand for smaller office spaces, as companies adjust to working with more people at home and fewer in the office.
Co-working spaces are popular amongst small businesses, tech companies, artists and entrepreneurs. These are smaller offices, sometimes lofts, that multiple companies share. These are often open spaces designed to promote teamwork, collaboration, and connection. Instead of multiple individual offices, co-working spaces allow teams to work in open spaces and share resources.
As a global community, our mindsets about this kind of work environment may begin to shift. Our feelings about working in close quarters with people and sharing resources may change, and people may be less inclined to invest in these types of workspaces.
A study by Coworker researched over 14,000 coworking spaces in 172 different countries, and found that since the COVID-19 outbreak, 72% of spaces have noticed a significant drop in the number of people working from their co-working spaces.
Those who are used to working around other people in co-working spaces but have a new perspective about smaller, shared spaces, may consider looking into traditional office space again. This will contribute to the continued demand for office space and commercial real estate
We’re all navigating this shift in economics together. It is too early to tell how COVID-19 will impact the workforce across the globe. Businesses across the world are learning to quickly adjust to new work methods, and there will be changes in the way companies take advantage of remote work.
Businesses and investors can rest in the idea that most experts think this work from home experiment will change the way people use offices, but not remove the need for office space altogether.
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