The future of work
As our Attitudes Survey points to a fifth of commercial property portfolios being in offices, Flora Harley, Deputy Editor of The Wealth Report, asks Dr Lee Elliott of Knight Frank’s commercial research team about new research examining the latest occupier trends.
2 minutes to read
You’ve just launched the latest edition of the Knight Frank (Y)OUR Space report. Tell us a bit more about the report and why it’s relevant to readers of The Wealth Report?
The report seeks to understand how the customer – the occupier – is thinking about their future real estate needs and what this means for the future of the workplace. This is particularly relevant given the great global workplace experiment we have all been living through since the onset of Covid-19. Occupier attitudes towards the office are evolving rapidly. Readers of The Wealth Report – and particularly those investing in offices – need to be aware of these changes in mind-set and behaviour.
What are the main findings of the report?
There are many because we surveyed almost 400 global companies who collectively employ more than 10 million people.
However, the report is structured around four Ss which we believe define the future of offices; Strategic – real estate will be used to support business transformation. Safe – there is a heightened requirement for the office to keep its occupants safe and well. Sustainable – with the climate crisis becoming ever more serious, there is an onus on businesses to address carbon footprint and real estate is key. Smart – the use of sensor technology to inform real estate decision making, manage the workplace environment and curate a better workplace experience.
What did you find most interesting or surprising when you were pulling together the report?
There are so many interesting insights but perhaps the most troublesome was the clear disconnect emerging between business leaders ambitions for carbon neutrality and the currently limited role attributed to real estate in delivering these ambitions. With real estate representing 40% of global carbon emissions, there needs to be a realisation that sustainable real estate is central to delivering against the targets being set.
Is the office really dead?
Far from it. Covid-19 has changed our relationship with the office and some of those changes will stick. We will interact with the office on a more fluid and flexible basis.
The office will work alongside more remote workplace settings. But the office will become of a higher quality and will be amenity rich. It will be used to bring people together to socialise, to collaborate and, of course, to innovate.
How do I find out more?
The main report can be found at www.knightfrank.com/your-space - we will be adding further content and examples of emerging best practice throughout the year, so do keep checking in.
Photo by Alesia Kazantceva on Unsplash