Hybrid Work Set-Up To Have Limited Impact On Future Office Demand
ASIA PACIFIC – A survey of more than 100 employers conducted by CBRE shows that despite the wider adoption of hybrid working arrangements, most businesses expect their staff to work in the office, reported The Edge on Wednesday afternoon (29 September).
For instance, the property consultancy’s study in May showed that about 20 percent of them think that their employees will work remotely for about 1 day a week in the future, a slight increase from the 18 percent who said so in October 2020.
On the other hand, about 15 percent of the polled employers, mostly Asian firms, think that remote working will not persist after the COVID-19 pandemic has been surmounted.
Although workers are expected to be allowed to telecommute during some days, most staff are expected to return to their workplace once COVID-related restrictions are lifted. As such, the impact on the office market is likely to be limited to some extent.
“As most companies will continue to require employees to spend most of their working week in the office, the adoption of these practices will have only a limited downside impact on future office demand,” stated CBRE in its report.
While top company executives are now willing to offer a more flexibility for their staff, with 47 percent of the respondents planning to permit hybrid work set-ups for their staff, employers still have a strong desire to bring workers back to the office.
Consequently, businesses are currently in the midst of crafting best practices pertaining to hybrid working policies. And several major tech companies have announced their stance on such policy, with those choosing to work remotely possible getting their wages reduced.
Meanwhile, office tenants have been taking into account uncertainty in their decisions related to their real estate footprint. In fact, more than 70 percent of the employers polled intend to include flexible workspaces in their office portfolios 2 years from now, up from 57 percent at present.