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Office sector undergoing transformational structural disruption in response to changing supply and demand

Office sector undergoing transformational structural disruption in response to changing supply and demand

by • News, Property

Amid varying economic performances and property fundamentals, North American and European office leasing markets are generally performing well as they undergo an important shift in dynamics influenced by trends transforming both occupier demand and the supply of new product. Traditional drivers of demand are being joined by emerging disruptors that will increasingly shape the future of the office-space market and commercial real estate as a whole. These are some of the key trends noted in Avison Young’s Mid-Year 2017 North America and Europe Office Market Report. According to the report, of the 64 office markets tracked in North America and Europe, which comprise almost 6 billion square feet, market-wide vacancy rates decreased in 40 of the markets as nearly 52 million square feet was absorbed. Occupiers’ desire for new products remains strong and developers have responded, according to the report, with more than 62 million sq. ft. of office space was completed during the 12-month period ending June 30, 2017.

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Artificial intelligence to become most important workplace tech trend over next decade

Artificial intelligence to become most important workplace tech trend over next decade

by • AI, News, Technology

Technology analyst Gartner claims in a new report that artificial intelligence (AI) will become the biggest technology megatrend of the next decade, suggesting that organisations need to focus their main efforts on AI based technology in the short to medium term. The study suggests that ‘digital business execution’ requires more frequent and complex decision making, continuous problem solving and rapid pattern recognition, all of which require workforce digital dexterity. In most organisations, however, responsibility for helping employees develop the desire and ability to exploit a wide range of transformative technologies — highlighted in the Gartner, Inc. Hype Cycle for Digital Workplace, 2017 — does not have to rest with any group or individual.

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Almost a quarter of Millennials are unhappy in their current work situation

Almost a quarter of Millennials are unhappy in their current work situation

by • Flexible working, News, Workplace

Almost a quarter of Millennials are unhappy in their current work situation

A majority (85 percent) of 18-34 year olds feel they are not putting their professional ambitions into practice and almost a quarter are unhappy at work, claims a new survey of Millennials by one of the UK’s largest independent higher education institutions, GSM London. By 2020, millennials will make up 35 percent of the global workforce, but despite being the generation told that they can have it all, nearly a third (32 percent) of those surveyed described their work as a ‘means to an end’, with 64 percent describing themselves as having just a ‘job’ rather than a meaningful ‘career’.  However, when it comes to pursuing a more meaningful career path, a quarter of respondents cited the pressure of uncertainty (25 percent), disruption to lifestyle (24 percent) and lack of confidence (22 percent) as the main barriers stopping them from fulfilling their goals.

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Precarious flexible working lives create toxic relationships between managers and workers, claims study

Precarious flexible working lives create toxic relationships between managers and workers, claims study

by • Flexible working, News, Wellbeing

Millions of British workers are having their health and home life put at risk and are having to beg for extra work to make ends meet because bosses are not offering them regular work patterns, a new study from Oxford and Cambridge Universities suggests. According to the study, Powerful times: Flexible discipline and schedule gifts at work published in the journal Work, Employment and Society, around 4.6 million people are subject to ‘precarious scheduling’ from employers which means that their hours are so inconsistent and unpredictable that they cannot make plans, leading to stress and problems in their home lives. The researchers said that many workers now find themselves in ‘degrading’ relationships with managers in which they are obliged to constantly ask for more work and changes to allow them to care for children and plan their domestic and recreational lives.
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Large majority of facilities managers believe BIM will have a significant impact on their role

Large majority of facilities managers believe BIM will have a significant impact on their role

by • Facilities management, News, Technology

Building Information Modelling (BIM) has the potential to deliver significant benefits to the facilities management industry, according to the results of a new survey published by The British Institute of Facilities Management (BIFM). The FM Awareness of Building Information Modelling survey, developed in partnership with Liverpool John Moores University and the Zurich University of Applied Sciences, aims to establish a benchmark of the current perceptions of the impact of BIM on the FM sector and the benefits and challenges it presents. The report’s key finidng is that eighty-three per cent of respondents believe BIM will help support the delivery of facilities management, with the same number indicating it is already having an impact, or will do so, in the next five years.

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Reducing the risk of personal gambling becoming a corporate fraud issue

Reducing the risk of personal gambling becoming a corporate fraud issue

by • Comment, Workplace

A recently leaked confidential report for the betting industry says that, if introduced, the new rules to encourage responsible gambling in the UK would lead to closure of half of the country’s bookmakers and the loss of around 20,000 jobs. The report follows widespread concerns about the controversial use, and misuse, of Fixed Odds Betting Terminals (FOBTs) in betting shops which, have been shown to be one of the major causes for problem gambling behaviour (due to their addictive play). They allow customers to place wagers as high as £100 every twenty seconds. With gambling becoming ever more accessible through the spread of FOBTs, the growing number of online betting platforms and access to casinos on the high street, the pressure of funding a gambling habit has become one of the main reasons why people commit corporate fraud.

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The most successful business leaders adopt a courageous approach to technology and the future of work

The most successful business leaders adopt a courageous approach to technology and the future of work

by • News, Technology

Software consultancy ThoughtWorks has published a new report which claims that the best business leaders share a particular approach to the running of their organisations that the report characterises as ‘courage’. The Next Big Disruption: Courageous Executives claims to revealing what sets top business leaders apart from their competition. The report profiles a segment of leaders referred to as “Courageous Executives” in the US, the UK, Australia and India and the findings ‘underscore the critical role technology plays in business strategy, from navigating the chaos of digital transformation to how they’re setting their business up for future success.’ The report also claims to shed light on the leadership styles of Courageous Executives including their tolerance for risk and failure, their use of customer insights and the ways leaders in all four countries are preparing for the future of work.

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Millennials are no more tech savvy and able to multitask than anybody else, claims review

Millennials are no more tech savvy and able to multitask than anybody else, claims review

by • News, Technology

Last year we reported on the fact that a large number of organisations still think they can solve all their tech and digital transformation issues merely by hiring one of the aliens we’ve come to call Millennials, based on little more than the idea they are ‘digital natives’. Since that time, a growing body of research and a little bit of thought has started to erode many of the stereotypes of this particular demographic. Turns out they’re just people like the rest of us and many of their ‘characteristics’ appear to be not that different to those of young people from other generations. The latest salvo fired at the stereotype comes from researchers Paul Kirschner and Pedro De Bruyckerec who claim the average Millennial is essentially a ‘yeti with a smartphone’ as they colourfully put it, just like everybody else. Millennials are not particularly good at multitasking either, according to the study.

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Potential job creation will replace only fifth of jobs lost to artificial intelligence and automation

Potential job creation will replace only fifth of jobs lost to artificial intelligence and automation

by • AI, News, Technology

The debate surrounding the threat from artificial intelligence (AI) and automation leading to the loss of jobs has been highly publicised. Most recently, tech titans Elon Musk and Mark Zuckerberg have locked horns over the issue, and PricewaterhouseCoopers (PwC) has estimated that by the early 2030’s 30 percent of British jobs will be lost to automation. Job meta-search engine Joblift has analysed the field of automation and AI in the UK, comparing potential job creation with jobs lost by the early 2030’s. Its meta-analysis based on jobs listings and the research from PwC suggest that newly created positions in the field of AI and automation would only replace around 19 percent of the jobs lost to robotics.

 

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Critical thinking ability is a better predictor of life decisions than intelligence

Critical thinking ability is a better predictor of life decisions than intelligence

by • News, Wellbeing

When it comes to making the most important decisions in our lives, IQ may not be the best tool at our disposal, according to a new study in the journal Thinking Skills and Creativity. The research team led by Heather Butler of California State University claims that “critical thinking” – the ability to make judgements without jumping to false conclusions such as the difference between correlation and causation– is a much better guide to key outcomes than a straightforward measure of intelligence.

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Link between offices and wellbeing is too important for landlords and occupiers to ignore

Link between offices and wellbeing is too important for landlords and occupiers to ignore

by • Facilities management, News, Property, Wellbeing, Workplace design

Developers and landlords who invest to create offices that embody the occupier-driven focus on wellbeing will reap their rewards commercially while those that don’t face diminishing returns, according to a new report from Cushman & Wakefield. The Well Workplace report claims to map out the major trends, opportunities and challenges of the future facing owners and occupiers of commercial office space due to the growing emphasis on employee health and vitality as part of the work environment.  Improved lighting, layout and use of plants are all known to benefit wellbeing and can increase employee performance. Gains through boosting performance far outweigh potential cost savings through real estate efficiencies – making the imperative for occupiers clear, according to the report’s authors.

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The provision of cycling facilities in offices is failing to meet a growing demand

The provision of cycling facilities in offices is failing to meet a growing demand

by • Facilities management, Legal news, News, Wellbeing, Workplace

The quality of the cycling facilities being offered by many workplaces are currently falling short and risk undermining a Government drive to increase the number of people cycling to work; as according to new research published by the British Council for Offices, 16 percent of office workers claim that inadequate facilities are discouraging them from considering commuting by bike. In April, the Department for Transport stated an aim to double the number of cycling stages, defined as a change in the form of transport as part of a longer “trip” (e.g. cycling to the train station before catching a train to work), from 0.8 billion stages in 2013 to 1.6 billion in 2025. However, new research, commissioned by the British Council for Offices and carried out by Remit Consulting, finds that whilst 83 percent of workplaces in the UK offer some form of bike storage, less than half (47 percent) of this is covered and secure. Improved parking facilities could help increase numbers of those cycling to work, with 16 percent of office workers surveyed saying that better bike storage would encourage them to do so.

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