Search Results for: financial

March 31, 2016

Government needs to wise up to the Fourth Industrial Revolution ⁰

by Mark Eltringham • Comment, Property, Public Sector, Technology

Last week, the UK Government passed the latest bill to pave the way for the creation of HS2, the high speed rail line that will initially connect London with Birmingham and later cities like Sheffield, Manchester and Leeds. Most of the criticisms of the line are focussed on its financial and environmental costs, impact on the wider rail network and (frankly poor) design. We can grant the project’s proponents all of their arguments countering those points and still we are left with a perhaps more fundamental problem. We are now committed to creating a train that will monopolise the resources available to public transport for the next twenty years and exist for more than a hundred, but without considering the world in which it will arrive. I’d go further and suggest that even as its tracks are laid, the world around it will already have left it behind, leaving it as an impressive but doomed testament to hubris, old tech and failure of imagination.

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March 31, 2016

Flexible workspace underpins Hong Kong’s status as Asia’s hub ⁰

by Sean Lynch • Cities, Comment, Flexible working, Property

Despite the challenging cost of real estate and general commercial life in Hong Kong, startup activity in the city has seen exponential growth in the last few years, fuelled in part by new and innovative approaches to occupying workspace. The conventional Hong Kong office market is, famously, the most expensive of its kind – making it challenging for small and medium sized businesses to enter the market via this form of space. Despite this, the region’s startup scene is booming. According to an InvestHK survey, over 1500 startups bloomed in Hong Kong in 2015, which is a 46 percent increase compared to the previous year. And those numbers are likely to keep growing. So the question is, how do cash-strapped entrepreneurs, startups and other businesses manage to establish a base in this thriving city, despite these challenges, and what lessons does Hong Kong’s experience have for the rest of the world?

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March 30, 2016

Career satisfaction and work-life balance are top employee draws ⁰

by Sara Bean • Flexible working, News, Wellbeing, Workplace

Although a competitive salary, company perks and an exceptional office culture may seem enticing to the American workforce, a new study shows there are more important motivational factors. A survey conducted by Kelton Global for Cornerstone OnDemand reveals that career satisfaction and work-life balance are the top reasons American stay at their current jobs (38 percent combined), while nearly three in ten (29 percent) resign due to work overload and lack of healthy work-life balance. Employees said they’d make life-altering decisions and considerable sacrifices in order to find a sense of satisfaction, fulfillment and purpose in their careers. In fact, 89 percent of employees would consider making a lateral career move with no financial incentive for multiple reasons, including to start an entirely new career (41 percent) or take on a professional challenge (40 percent). Additionally, relocating to a different city, state or country is a desirable career move for 77 percent of employees. (more…)

March 29, 2016

Workers spend large parts of each day doing nothing or wasting their time ⁰

by Mark Eltringham • News, Technology, Wellbeing

If it ever seems that you spend a large chunk of your average working day either doing nothing or wasting it on pointless nonsense, then don’t worry about it because that is all perfectly normal. You may already know that just by looking around you, but two new surveys highlight just how much time people consider unproductive each day. The Global Attitudes to Work survey from Qualtrics polled 6,250 employees in 14 countries and found that UK workers believe that 36 percent of the time they spend at work is unproductive. This puts the UK towards the bottom of the international pile when it comes to perceptions of their productivity, a fact perhaps explained by another survey from Workfront which suggest that many Brits are unnecessarily disorganised and spend inordinate amounts of time dealing with non work related emails, looking for lost files and then simply replicating them after fruitless searches.

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March 22, 2016

While politicians squabble, here’s what the Budget meant for the workplace ⁰

by Mark Eltringham • Comment, Facilities management, Legal news, Workplace, Workplace design

Strange as it may seem now, there was a Budget last week. We’d planned to produce a report on it once the dust had settled but given that whatever dust had originally been kicked up has now been swept away by a political storm, it’s only now we feel able to offer some perspective a few days out. As ever these days, the budget touched on a number of aspects of the workplace, sometimes hitting the mark and sometimes suggesting politicians don’t yet understand how people work. There was the usual stuff about rates and commercial property but also plenty to digest about the freelance economy, productivity, new technology, flexible working legislation and the current, often faltering attempts to develop wealth and infrastructure as well as the 21st Century creative and digital economy in places other than London. There’s plenty to digest here and plenty of people have already had their say, so a chance to grab a coffee and take all or some of it in.

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March 22, 2016

Manchester refurbished office market thrives due to occupier demand ⁰

by Sara Bean • Cities, Facilities management, News, Property, Workplace design

Approximately 625,000 sq ft (58,063 sq m) of office space in Manchester is set to be refurbished over the next two years as the market responds to continuing demand. According to Savills, Grade B has accounted for an average of 62 percent of the city’s annual take up over the last 10 years, and with Grade A supplies running low the proportion could be even higher in 2016. Despite growing demand for Grade A office space in Manchester over the last three years, annual take up has consistently been under pinned by larger Grade B occupiers seeking to balance high quality offices with value for money. Savills also reports that the TMT sector has taken more Grade B space in Manchester than any other sector over the last five years, with deals totalling 710,889 sq ft (66,042 sq m); a significant increase on the 294,631 sq ft (27,371 sq m) of secondary space let to TMT occupiers in the previous five years.

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March 17, 2016

Poor line management blamed for lack of career progression at work ⁰

by Sara Bean • News, Workplace

A third (33 percent) of UK employees say their career progression to date has failed to meet their expectations, with four in ten (39 percent) blaming poor line management for stifling their ambitions. According to the latest Employee Outlook Survey: Focus on Skills and Careers from the CIPD, a lack of effective training programmes (34 percent) and negative office politics (34 percent) are also to blame. The survey of over 2,000 employees considered the key factors relating to employees’ upbringing, education and workplace that affect whether or not their career progression had met their expectations. It also found that over a quarter (26 percent) of those whose career has failed to live up to their expectations identified poor-quality career advice and guidance at school as a key factor to blame, with three in ten (29 percent) saying they are in the wrong career so cannot show their strengths or potential.

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March 16, 2016

Hong Kong, London and Beijing most expensive cities for office space ⁰

by Sara Bean • Cities, Facilities management, News, Property

Hong Kong is the world’s most expensive office location, followed by London, Beijing and New York.This is according to JLL’s Premium Office Rent Tracker, which compares like-for-like occupation costs across 24 cities around the world. This ranks Established World Cities such as New York and London, Emerging World Cities like Shanghai, Dubai and Mumbai, and New World Cities such as San Francisco, Boston and Toronto. The latest research shows that six of the top ten most expensive cities for office rentals are in Asia; with Hong Kong the world’s costliest office rental market on a net basis as well as including added costs such as service charges and property tax. The tracker found continued demand prime office space, despite a rise in economic uncertainty; while across the global cities, the technology, media and telecommunications sectors are moving into premium office space – previously dominated by the finance and professional services sector.

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March 9, 2016

Corporate real estate strategy shifts focus from cost to people ⁰

by Sara Bean • Facilities management, Flexible working, News, Property, Workplace, Workplace design

A new survey of corporate executives indicates a major shift in how companies make real estate decisions today, with more than half (50 percent) saying that talent is more important than cost (31 percent) as their foremost consideration. As a result, executives view the workplace as primarily a recruitment and retention tool that offers attributes such as a flexible workplace, high quality amenities and interiors. But while the people and workplace experience dominate the corporate real estate agenda, according to CBRE’s Americas Occupier Survey – escalating costs are a major concern. Of survey respondents, 85 percent cite space efficiency and restructuring as a top strategy for reducing occupancy costs. These two issues are driving real estate conversations; with the result that workplace strategy is increasingly being viewed as both a critical employee attraction and retention strategy (57 percent), and as a means to control costs.

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March 8, 2016

Gen X most interested in just doing a good job than other generations ⁰

by Sara Bean • News, Workplace, Workplace design

We reported the other week that the hardest working generation in the UK is Generation X (born 1965-1980). It seems this applies all around the world, as a global survey by Korn Ferry Futurestep shows that this generation cares most about making an impact on the business and are the most engaged demographic. When asked which generation is the most engaged in the workforce, more than half of respondents of any generation (52 percent) said Generation X. Baby Boomers and Millennials were tied at just under 25 percent. The heads down, get-the-job-done attitudes and priorities of Gen X employees means they care more about the job than the environment and culture of the organisation than other age groups. Well over a third (39 percent) of respondents said that the “ability to make a difference in their organization” is most important to Gen Xers in the workplace. That’s nearly double the percentage that cite “job stability” or “development opportunities.”

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March 4, 2016

Technology in the office failing to keep pace with the digital revolution ⁰

by Sara Bean • Facilities management, News, Technology, Workplace

Despite, or possibly because of the development of sophisticated digital handheld devices, a majority (85 percent) of UK office workers believe they would be able to perform their duties more efficiently if their workplace was equipped with better technology. In fact, 16 percent said that the technology they use at home is far superior to that provided by their employer. The research, conducted by webexpenses, found that over a quarter (28 percent) of respondents felt client relationships and sales could also benefit from a boost in technology at their organisation. When asked about what aspects of their job could be improved by better technology, 41 percent said that the management of teams and internal communications could be greatly enhanced. The workers also said that poor temperature controls (21 percent) a lack of space available in the office (20 percent), and their company’s reliance on arduous paper based processes (14 percent) were other sources of frustration.

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March 1, 2016

Smart Cities emerging rapidly in China due to increasing urbanisation ⁰

by Sara Bean • Cities, Facilities management, News, Technology

“Smart Cities” are emerging as a major force in China. According to a recent CoreNet Global report, China’s urban population surpassed that of the rural population in 2011 and it is estimated that by 2035 there will be more than 70 percent of the population living in urban areas. That urbanisation is creating more pressure for China to leverage digital technology to create smarter cities, which are defined as metro areas that leverage digital technology and intelligent design to facilitate sustainability, along with high-quality living and high-paying jobs. Initially, there were several ‘beachhead’ cities that embraced Smart City initiatives such as Hangzhou (above), Chongqing and Chengdu. Subsequently, the China Central Government issued clear guidelines to roll out smart cities in a systematic and more widespread way. While smart cities are definitely on the long-term agenda for China’s strategic planning, their impact on corporate real estate and site location decisions remains to be determined.