Hybrid Work Doesn’t Mean Office Redundancy: C&W
SINGAPORE – Cushman & Wakefield (C&W) thinks that offices won’t become obsolete despite the prevalence of hybrid work arrangements, according to an article written by the property consultancy that was published by The Business Times on Monday morning (7 November, SGT).
C&W’s Head of Asia Pacific Tenant Rep Anshul Jain said lockdowns of varying degrees in 2020 have resulted in the growing popularity of remote working, with staff now wanting more flexibility.
“The pandemic has altered the way we live and work. Flexibility has become an essential component of work today – working from home, office or any third place will continue to be a feature going forward.”
Consequently, businesses and their workplaces cannot stay the same. “Employers need to be cognizant of that, and ensure that workplaces adapt accordingly to cater for modern workforce demands,” he noted.
Nonetheless, “contrary to what some may believe, hybrid working doesn’t mean that offices will become redundant.”
But to adapt in the post-COVID world, the office of the future needs to be more holistic in fostering networking and collaboration, as well as boost productivity. Moreover, offices must operate in a more efficient and sustainable way.
The design of the workplace of the future must also blend hospitality and the features of an office where collaboration and flexibility prosper.
With a greater focus on improving their workplace, firms in Singapore are looking for better quality office property in the Central Business District (CBD). In turn, this has driven demand for such commercial properties.
Looking ahead, C&W expects CBD Grade A office rents would rise by 5.4 percent for the entirety of 2022 following a 2.3 percent uptick last year. As for office vacancy, it could tighten further from 5.1 percent in Q2 2022 to 4.0 percent by the end of the year.