The world we live in has changed dramatically. In recent months, many believed the office space was finished and many still do. The reality is no one knows what the industry will look like in the future, although with restrictions being eased, there are positive signs ahead. Despite the uncertainty, the opportunity to adapt to new conditions is an exciting one. Now that there is a heavier reliance on working from home, businesses are looking to improve productivity and reduce costs and whilst working from home offers several benefits, it also presents some challenges. With that in mind, I’ve summarised why I think office space still has an important role to play moving forward.
The social aspect of the office
What an employee wants to get out of a role will differ from person to person. Although the social aspect mightn’t be high on the priority list for some, there is no doubting its importance. Creating an environment where people can thrive individually, and as members of a team is paramount to a company’s success and culture. Many businesses rely heavily on company culture to attract and retain employees while others rely on their reputation and resources. Businesses who rely on culture are likely to face a more significant impact from employees working from home. While there are ways to combat this with online catch ups, there is no substitute for human interaction!
Team collaboration in the office
Office spaces are an environment designed for team collaboration, innovation and communication. In my experience, some of the best results have come off the back of bouncing an idea or someone or getting a second opinion that’s opened my eyes to a different point of view. The benefits of being able to bounce ideas off team members in seconds is something that can’t be overlooked. Although we live in a digital age where we can connect with people instantly, some things are simply quicker and easier to communicate face-to-face.
The office & retaining employees
For any business, let alone a small business like VennCap, retaining good employees is vital for success and growth. We want the VennCap team to grow and progress in roles that they feel best suit them. Without the social aspect and a lesser reliance on company culture, it can become a lot harder to retain employees long term. Full-time employees can start to feel like contractors, creating a disconnect between the staff and employers.
Office space requirements
The question hanging over the office space is whether businesses will require more or less office space once the dust has settled. While there is now an increased focus on flexible working, businesses will require enough space to maintain social distancing. Rather than downsizing, there’s every chance some businesses will need to spread remaining employees out over a larger area and increase their workspace ratios. Despite the uncertainty, the office sector still presents many benefits for investors and tenants alike and with restrictions and leasing inquiries improving, I still have plenty of confidence in the market.
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