Changing work place part 2.

Could big, flashy office spaces become a thing of the past??

Three quarters of London's workers would rather quit their jobs than give up their right to work from home, a new survey has revealed. With many employees not keen to return to the office full-time, employers are realising that leasing large spaces in central locations makes little financial sense, especially during a time of economic uncertainty.??

Bloomberg Intelligence (BI) has found that a quarter of London companies are downsizing office holdings and another 18% are opting for co-working and flexible office spaces. BI analysts Sue Munden and Sirine Bouzid say that this is contributing to rising vacancy rates.

It’s not just a London problem – remote working has affected office space and city centres?globally. In the US, Manhattan businesses are losing over ￡10bn annually due to the number of people working from home. In San Francisco, downtown businesses are facing losses and the city is searching for new ways to reinvigorate itself, according to The New York Times. A solution for some US cities has been to turn office blocks into housing.

European cities are facing similar issues. In Amsterdam, office vacancy is at a historic low due to high remote working levels, according to estate agents Cushman & Wakefield. In Ireland, occupancy is as low as 10% in Dublin offices on Mondays and Fridays, albeit rising to 61-70% on Wednesdays, The Irish Times reports. Despite this, 76% of businesses surveyed have not changed their office footprint.?

With HR firm Remote predicting that working from home will increase in Europe over the next year, should companies need to rethink their office spaces? Share your thoughts in the comments.

3 in 4 Londoners would rather quit than give up WFH ??

According to Bloomberg, in a survey of 500 office workers, a whopping 73% said they'd look elsewhere if they were mandated to work five days a week.

With the rising cost of living coupled with the hassle of commuting — who can blame them?

The proof is in the pudding

People want control over their time and their lives — and flexible work is at the heart of that.

3 out of 4 Londoners quit their job if they are not allowed to WFH. How does that influence demand on office space ? 25% of London companies are downsizing ...

https://lnkd.in/eu3wYEQU

#wfh #london #officeproperty #reits #realestate?

https://www.bloomberg.com/news/articles/2023-02-16/a-quarter-of-london-companies-downsize-offices-for-flexible-work?srnd=premium-uk