Work From Home 1-3 Days A Week After Pandemic

Staff May Work From Home 1-3 Days A Week After Pandemic

SINGAPORE – Over 75 percent of surveyed real estate professionals think that employees could remotely work for 1 to 3 days per week in a post-COVID-19 world, according to a recent global poll jointly conducted by EY Consulting and the Urban Land Institute (ULI).

Asked about their anticipated key changes to office demand, 97 percent of respondents think that large companies will look for a more tailored and flexible office. 66 percent said that flexible lease contracts will become the new normal, while 60 percent believe that major corporate occupiers will seek more widespread coworking space.

On the other hand, only 41 percent of the respondents said that long-term lease contracts will remain the norm.

“It is no longer just about selling ‘offices’ but ‘workspaces’ for real estate players.’ ‘Developers and owners will need to offer flexible scalable solutions to attract tenants.’ It is proposed that data tracking of how spaces are used will be vital for organizations in understanding what mix of long-term office space and flexible spaces they will need,” remarked a respondent.

Queried about the main changes initiated or accelerated by the COVID-19, 83 percent of the respondents think that suburban areas and Tier 2 cities will become more attractive for businesses and people.

“So location is no longer becoming a real driver in terms of people deciding where they work. It is more being driven by actual lifestyle and affordability rather than being close to your employer. So some of the trends that we saw already in the last five years, where major corporates were starting to decentralize to various second-tier cities in the UK, in Eastern Europe, in the U.S. This is absolutely being accelerated today,” opined a respondent.

However, another argued that although suburbs could become the new central business district (CBD), it will not replace large CBDs, which attracts significant talent. The latter will continue to remain appealing to organizations as a 24/7 vibrant live/work/play environment.

The survey, which involved 555 property professionals from across the globe, was carried out from 4 August to 15 September 2020.

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