Flexible Office Space in the post COVID-19 Environment
COVID-19 has changed the business world in the short term and possibly for much longer. Businesses around the world have had to adapt quickly to a new office space reality, as most companies have had to change to a “work from home” environment. What does this mean for the office of the near- and long-term future? As is often the case, the best solution lies somewhere in the middle – between the traditional in-person office experience and full-time remote work. Planning your office space solution will be a critical strategic decision, and you may need help.
In this 2 part blog series, we examine flexible office space
and the post COVID-19 workplace. If I
can answer any of your questions or you would like to learn more about how
Cresa can help, please reach out via my website or by calling me at
301-841-6542.
In the early days of the COVID-19 pandemic, across
industries and around the world, expensive office space sat idle as employees
adapted to working remotely. As the crisis dragged on, prevailing wisdom
suggested that large, heavily populated offices would become obsolete in a new,
post-COVID normal. Yet, as the initial euphoria of the zero-minute commute and
all-day pajama wearing faded, managers and staff recognized that all the
benefits of working cooperatively in one place cannot be reproduced on video
calls.
New Office Realities
As we all seek to determine what the “new normal” will
actually mean for our specific circumstances, the COVID-19 crisis offers
companies the opportunity to re-examine every aspect of operations.
In particular, what
have we learned about how our people work and about the places where they work?
In an article from June 2020, the consulting group McKinsey reported that 80%
of people they surveyed said that they enjoy working from home, while 69% said
they are either more productive than they had been before (41%) or equally
productive (28%).
“Many employees liberated from long commutes and travel have
found more productive ways to spend that time, enjoyed greater flexibility in
balancing their personal and professional lives, and decided that they prefer
to work from home rather than the office,” stated the article titled,
“Reimagining the Office and Work Life After COVID-19.”
A survey conducted in June 2020 by pollster YouGov, in conjunction with digital.com, found similar rates of productivity among remote workers. However, maybe more importantly, it also discovered that approximately 7 of every 10 workers surveyed want to return to an office setting either full-time (38.2%) or with work-from-home flexibility (32.5%). The study’s authors wrote, “Based on these survey results, the pandemic experience has shown American workers the advantages of working remotely, although it can’t replace all of the benefits of having a separate workplace, including social interactions, amenities, structure, and a separation of work and home life.”
What does this mean for the office? What will change and
what will not? Most importantly, what can companies do now to address this workplace
transformation?
Rethinking the Meaning of “Office”
Achieving this transformation from the pre-COVID to the
post-COVID workplace requires not only patience, but also vision and a complete
reassessment of where, when and how work is done.
“Leading organizations will boldly question long-held
assumptions about how work should be done and the role of the office,” says
McKinsey. “There is no one-size-fits all solution. The answer, different for
every organization, will be based on what talent is needed, which roles are
most important, how much collaboration is necessary for excellence, and where
offices are located today, among other factors.”
This means resisting the urge to just fall back into the old
ways of doing things as employees migrate back to the office setting, and
ensuring that the insight gained from the emergency response to the pandemic
aren’t lost in the fog of bad memories. It means appreciating the value of
flexibility, retaining the knowledge of when in-person meetings are (and are
not) necessary, and recognizing the role that technology plays in both.
Converting to a post-COVID workplace cannot be a top-down process. Reimagining
the office experience demands full participation. “Even within an organization,
the answer could look different across geographies, businesses, and functions,
so the exercise of determining what will be needed in the future must be a team
sport across real estate, human resources, technology, and the business,” says
McKinsey.
In the age of COVID-19, companies whose real estate
portfolios include flexible options often find themselves in a stronger
position. Because they are not tied to a long-term lease, they can more quickly
and efficiently respond to the workplace changes brought on by the pandemic.
In our next weekly blog, we will examine some options for
companies moving to flexible office space and how Cresa can assist you.
If you have
significant questions about your current real estate strategy, it may be time
for a discussion. Once we have started
our conversation, we can create a strategy to look at your business
operations and current space and then craft up a plan to find something that is
a great fit in the area. With the
current vacancies and inventory, we will work with you to get the best
deal. We represent tenants ONLY, so you
can feel comfortable that we are working for your business 100%. If we can help you by being your tenant
broker in the DC, Maryland, or Northern Virginia area, visit my website or call me at
301-841-6542. Make sure to follow all my
social efforts by clicking on the links below.
I specialize in providing comprehensive real estate services,
exclusively representing corporate tenants on all commercial real estate needs.
Commercial Tenant Broker
2 Bethesda Metro Center, Suite 900
Bethesda, MD 20814
301-842-6542
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