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Working from home can make up to one-fifth of London’s office space redundant | Commercial real estate

1/5 of the office space London Southeast England may not be needed in the post-pandemic work world, according to real estate research, as employees spend less time at their desks.

The New workplace flexibility When provided to staff by your employer, office blocks can be left empty across UK towns and cities. In the latest office market report, real estate consultant Lambert Smith Hampton (LSH) found that companies have reduced the amount of rental space.

A 20% reduction in office space required by businesses compared to pre-Covid is equivalent to approximately 26m sq ft. That’s more than 15 times the office space of the 50-story One Canada Square skyscraper in Canary Wharf, London. More than double the total inventory in the reading office market.

After months of working from home during a pandemic, office-based staff are reluctant to spend a week at work and ask their employers if they can. Continue working remotely At least some time.

Only 15% of the 50 companies that contributed to the LSH survey, which focused primarily on London and the Southeast, reported that staff spend at least four days a week in the office, compared to 90% before the pandemic. .. Lifting of all coronavirus restrictions.

Just under half (43%) of employers report staff attending the office only two days a week, and nearly one-third (29%) have the most common attendance rate three days a week. Said that.

As a result, office occupants Considering the amount of office space they need The type of postcovid and the space they need.

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LSH found that many employers are looking for higher quality office space to encourage workers to return to their desks for at least part of the week.

Ryan Dean, Head of Office Advisory for LSH, said that tenants are looking for quality facilities in a convenient location with good environmental, social and governance qualifications, so “true check every box. He said he was facing a “lack of options”.

He states: “There aren’t many choices, and if available, the occupants are ready to pay a significant premium to secure it.”

However, LSH has discovered that some of the office space that is no longer needed can be converted into a home or data center to house a computer system.

Working from home can make up to one-fifth of London’s office space redundant | Commercial real estate

Source link Working from home can make up to one-fifth of London’s office space redundant | Commercial real estate

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