The future of flex
I’ve talked before about the future of office real estate.
With many companies frantically trying to reduce office space in order to safely implement health and safety guidelines and account for a reduced capacity of employees at the office, how workplaces design and construct their physical spaces will continue to change at a rapid pace.
As a result, so will the future of flexible working.
In this article by Christelle Bron and Manish Kashyap, they argue that the flexible work/space sector will not just survive the global pandemic - it will thrive.
In a recent CBRE survey of 126 senior-level global real estate executives, 73% of them stated that flexible office space will be a central part of their long-term real estate strategy. In fact, for many companies, they are now planning for flexible working to play a greater role in their future portfolio strategies than it did pre-COVID-19.
With certainty never a given in the business world regardless of a global pandemic, 2020 has brought about a myriad of new challenges for those in business. Many companies have been forced to find creative solutions in order to keep their businesses and companies afloat amidst a turbulent market and economy, with no end in sight. Will employees continue to work remotely? Will people want to continue living in densely populated cities? The answers to these questions could be years in the making, and as Bron and Kashyap point out,
the inherent agility flex space provides, and lack of capital commitment, should be very compelling to organizations large and small.
CBRE’s Agile Practice Group found that the economic value of flexibility is greater than the cost of a flexible lease. It enables organizations to use their real estate as an agile asset, rather than a fixed one, with CBRE’s Americas A&T Agile Practice Leader Christelle Bron stating that
organizations who’ve used flexible space have seen its value proposition proven...COVID-19 is rapidly accelerating a real estate paradigm shift where occupiers’ space decisions are no longer written in stone but can shift constantly to accommodate their business needs.
Providers and landlords who can adapt to the ever-evolving needs of their customers, or enter into third-party providers in order to meet tenant demand, will also see benefits for themselves, setting them up for a future where flexible solutions will be at the heart of a lot of businesses and companies. Kashyap, CBRE’s Global A&T Agile Practice Leader, states that
as occupiers seek to build more flexibility into their portfolios, landlords are increasingly recognizing that real estate agility is a long-term trend….by providing “core and flex” solutions, (they) will be well-positioned for the post-COVID-19 era.
In our current global climate, it’s clear that the term “flex” will be an inherent part of our future. If providers and landlords adapt with the rest of the world, flexible working and workspaces will benefit a myriad of people, from employers to employees, to landlords alike.
It’s time to embrace this change and adapt alongside it.
What do you think about the future of flex? Do you agree? Let me know below in the comments.