The pandemic has upended the commercial real estate market and office spaces have been hit particularly hard by the shift to the work-at-home economy. There are limitations to working from home and therefore office spaces will never disappear completely. But the way commercial real estate is rented and sold could likely change dramatically in the coming years. Here is a look at the future of commercial office spaces.
Work from Home Will Continue
Approximately 67% of companies expect remote work to continue for the foreseeable future, even once things begin to return to normal. Many businesses have found that allowing employees to work from home does not hurt productivity as drastically as many imagined and therefore it’s a trend that will likely continue, even once we are on the other side of the pandemic. But there are certainly times where in-person collaborations are valuable. Therefore, the future will likely be a hybrid of stay-at-home work and on-site meetings. Savvy business owners should look for ways to accommodate this trend.
Commercial Spaces Will Offer Flexible Terms
With a lag in demand for long term commercial tenants, landlords and property managers will have to look for new solutions to avoid vacancy. This will likely mean offering more flexible lease terms or renting to coworking businesses who can subdivide the property and keep a consistent stream of tenants coming in. Growing businesses can benefit from this trend by having access to an office that may have previously been too expensive.
The Rise of Smart Offices
The global market for smart offices is expected to climb to 46.99 billion by 2023. With everyone working and communicating online, modern offices need a state-of-the-art technology infrastructure to be able to accommodate this new way of doing business. Even once in-person gatherings are more feasible, this sudden shift in work will likely have lasting impacts and any business owners who are thinking about the future should consider a smart office. If you want to maintain efficiency and ensure that everyone is working at their highest capacity, you need to have the right tools in place. Smart offices offer flexible services and solutions tailored to your business to help it run more effectively.
So, if you’re thinking about renting an office space in 2021 or beyond, consider these tips. The landscape of commercial real estate is changing quickly and it’s better to stay on top of it than to let it take you by surprise.