Search Results for: real estate

Embrace the chaos: the office must find a new purpose, conference concludes

Embrace the chaos: the office must find a new purpose, conference concludes

The British Council for Offices (BCO) annual conference, this year hosted in Dublin, addressed the purpose of the office in the context of the evolving world of work

What is the purpose of the office? That was the central question at this year’s British Council for Offices (BCO) conference which took place in Dublin. A big ask.

Nonetheless, the speakers and delegates that arrived in Dublin were up for the task. In the opening address, BCO senior VP & conference chair Despina Katsikakis promised delegates the conference would explore and untangle the intricate elements of the ecosystem that must seamlessly merge tech-led work, play and… well, survival. The focus of the two-day event (or three for those who like golf) was to devise strategies to design, build and manage vibrant and inspiring workplaces that foster the wellbeing and advancement of the individuals and communities they serve, all while promoting social, economic, and environmental sustainability.

As one would perhaps expect from a BCO conference, several speakers made a case for the office, including Davina Saint, director of the Irish National Assets Management Agency. Nobody relates naturally with screens or virtual protocols, she said, so we need to embrace the idea of social capital: “It makes organisations go around,” she said. “It’s the electricity in the machine. The shift to remote working has dented social capital. There’s less connection and more isolation. Productivity and innovation have also taken a dive.”

“I believe strongly in the office,” said Niall Gaffney, CEO of Ireland’s largest office landlord IPUT, during the developer’s panel. Fellow panellist Kevin Nowlan, senior advisor to Hibernia Real Estate Group, agreed: “Culture and life comes from people being and working together.” The workplace will play a key role in reinventing cities, they chimed in unison. Why? “Because the office is where the magic and inspiration happen,” Saint said. “It’s where the social heart of an organisation can beat.”

[perfectpullquote align=”right” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]As the audience were reminded throughout the conference, many people meet their partners at work[/perfectpullquote]

But it goes beyond business. As the audience were reminded throughout the conference, many people meet their partners at work. If marriages are born out of proximity rather than heaven, perhaps that means there will be fewer weddings, fewer children. That musing may well prompt a shrug in response but it’s worth noting there’s already a dwindling workforce. Yes, borders are clamping shut, but it may also be because people aren’t having children as often as they used to. Last year, the Financial Times, citing Office for National Statistics data, revealed that the “natural population of the UK will begin to decline by the middle of the decade, leaving the country dependent on migration to increase the working-age population”. But freedom of movement is not so free anymore. Dublin, we have a problem.

 

Stupid cupid

While it might not be up to workplace professionals to channel their inner cupids, you can bet your bottom dollar the population crisis will be on future BCO conference agendas. Until then, however, there’s a more relatable challenge in play. The industry needs to focus on the role of the office in a rapidly changing world. Bill Hughes, global head of real assets at Legal & General Investment Management, looked at the old and new definitions of an office. The traditional definition is “a room or set of rooms in which business, professional duties, clerical work are carried out”. Today, it’s where important face-to-face interactions and teamwork happens. It’s where culture is built. “It’s where knowledge transfer and learning through osmosis occurs,” Hughes said. “It’s about energy and having fun.”

[perfectpullquote align=”right” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]The future of the world of work is an obsession for bosses[/perfectpullquote]

“The future of the world of work is an obsession for my bosses,” the BBC journalist Simon Jack said, during the ‘business of politics’ discussion. “Because it “affects the lives and livelihoods of our audience.” And that’s perhaps why there’s so much focus on the employee experience. Billions have been spent on the customer experience. Many of the speakers stressed that it’s time we do the same with the employee experience.

In a session on the purpose of place, Andy McBain, head of future of workspace & design at NatWest, shared that the bank’s workplace strategy focuses on experience, events and an element of experimentation. But experience can’t be a fluffy add-on, he suggested. It must be measured and tracked if it’s to evolve and deliver ultimate impact. To that end, McBain’s team uses Audiem, an advanced employee feedback analytics tool, that allows heads of real estate not only to get the flagship quantitative scores that they need to track and manage performance but also dive deep into the qualitative data, helping them understand the drivers behind satisfaction at a granular level. “It’s allowing us to develop specific approaches we know directly addresses employee concerns because we can see what they’ve said about it and how it’s affecting them,” said McBain.

Vernon Blunt, head of global workplace operations at Ericsson, and Paul Casey, global real estate EMEA director at IBM, agreed that hybrid is here to stay, though the jury’s out when it comes to the effectiveness of mandates. While employee experience remains the focus, cost-cutting is coming to the fore because for the CFO must be kept as happy as the CPO. It’s a cost and experience juggling exercise. There also seems to be less focus on how to get people back to the office, but more energy going into how to self-organise around the busy days.

These occupiers want and demand more flexibility and shorter leases. Rob Harris of Ramidus Consulting urged that contract and service level agreements need to change to become more flexible, especially for SMEs who he called the “growth engine of the economy”. There’s also a recognition that there might be too much space. Avison Young’s Nick Axford highlighted that one third of office space could be re-used for community initiatives, but the infrastructure isn’t yet there to make this happen. Also calling for a systemic transition was Indy Johar, co-founder of Architecture 00. “Forget about building new workplaces, we need to build a new UK,” he said.

The conference delved into workplace design, management and communication principles that foster culture, health and wellness, and collaboration. During various sessions, speakers and attendees examined the strategies employed by occupiers in their quest to navigate the challenges of the present and forge a path towards a better future. We have a long way to go on that front, but the will is there.

Flexible working means large firms plan to work with less but better office space

Flexible working means large firms plan to work with less but better office space

Around half of the world’s larger multinationals are planning to cut back on their office estate in response to the rise of hybrid and flexible workingAround half of the world’s larger multinationals are planning to cut back on their office estate in response to the rise of flexible and hybrid working, according to a new report from Knight Frank. According to the study, 50 percent of employers with more than 50,000 staff worldwide will reduce their office space by between 10 and 20 percent over the next three years. However smaller firms are set to increase their demand for office space according to the real estate advisor. More →

Office refurbishments rise to all time high in London

Office refurbishments rise to all time high in London

The volume of all London projects including both office refurbishments and new space is up by almost 80 percent, with the West End continuing to lead the wayAccording to the latest London Office Crane Survey from Deloitte, London has seen the highest volume of new office refurbishments since records began in 2005, with 37 new schemes covering 3.2 million sq. ft. The volume of all projects including both office refurbishments and new space is up by almost 80 percent, with the West End continuing to lead the way. The report claims that over 10 million sq. ft. is now projected to be delivered during 2023, with this year on track to catch-up after several years of disruption. More →

Three quarters of firms have now mandated some form of ‘return to office’

Three quarters of firms have now mandated some form of ‘return to office’

A new poll from Unispace claims that around 72 percent of companies globally have now mandated a return to office based workA new poll from Unispace claims that around 72 percent of companies globally have now mandated a return to office based work. However, many respondents also report losing key employees due to mandates, with recruitment also being impacted by enforced returns. The report concludes that companies are failing to recognise the drivers of workers’ reluctance to return to the workplace, and likewise, the opportunities and value that the physical workplace provides. More →

APAC region leads the world in return to office bookings, report claims

APAC region leads the world in return to office bookings, report claims

A new report from Eptura claims that there has been a global wave of return to office bookings returns led by the Asia Pacific marketA new report from Eptura [registration] claims that there has been a global wave of return to office bookings led by the Asia Pacific market, including a worldwide 338 percent increase in collaborative room bookings, 76 percent room booking check-in rate, 35 percent increase in visitor check-ins, and 3 percent increase in site inspections. More →

Getting back to the future of work

Getting back to the future of work

future of workQuoting George Orwell is the kind of thing that people who haven’t read George Orwell do. I have read Orwell, and even have a  drunken story about Paul Shane signing my copy of the Collected Essays, which was the only autograph-able material I had on me at the time I met him in a pub in about 1990. For another time. In Nineteen Eighty-Four, Orwell describes Winston Smith’s realisation that the best books are those that tell you what you already know. This is an ancient profundity, and one that is sort of useful during times of significant, rapid change, when we are obliged to confront old truths in a new context. History doesn’t repeat itself, it rhymes, as they say. More →

Over two-thirds of office landlords have no sustainability strategy

Over two-thirds of office landlords have no sustainability strategy

The vast majority of UK office landlords do not have a sustainability strategy in place despite evidence showing that it would increase the attractiveness of their properties to tenantsThe vast majority of UK office landlords do not have a sustainability strategy in place despite evidence showing that it would increase the attractiveness of their properties to tenants, according to a new poll commissioned by infinitSpace in partnership with The Instant Group. The survey defined a strategy as several policies with an overall aim to reduce greenhouse emissions and/or promote environmentally friendly practices. More →

Biophilic office design has a clear business case, report claims

Biophilic office design has a clear business case, report claims

A new report, Reap What You Sow: Valuing Workplaces that Grow Good Ideas from PLP Labs sets out to explain the process of measuring and monetising the wellbeing and environmental value of biophilic office design.A new report, Reap What You Sow: Valuing Workplaces that Grow Good Ideas from PLP Labs sets out to explain the process of measuring and monetising the wellbeing and environmental value of biophilic office design. The report argues that in corporate real estate, the environment impacts the bottom line. PLP’s study – run in collaboration with academics from Loughborough University, the University of Reading, and Benholm claims to enable real estate clients to fairly evaluate the worth of investing in nature alongside other project costs. More →

Employers gain nearly two weeks extra work a year from hybrid workers

Employers gain nearly two weeks extra work a year from hybrid workers

Analysis by  workplace consultancy Advanced Workplace Associates (AWA) claims that on average hybrid workers deliver nearly two extra weeks of work a year for their employerAnalysis by  workplace consultancy Advanced Workplace Associates (AWA) claims that on average hybrid workers deliver nearly two extra weeks of work a year for their employer as well as working harder and better in a hybrid environment.  The results of the analysis — which shows the benefits of hybrid working for organisations — are a combination of academic research and studies by AWA itself. They are included in AWA’s latest report, ‘Why Employers Benefit From Hybrid Working’, which also found that employees often work better when in a distraction-free environment, with more than half their time dedicated to working alone or focussed work. More →

Global prime office costs rise slightly, but flatline in London and New York

Global prime office costs rise slightly, but flatline in London and New York

Prime office costs rise an average of 1.1 percent across the world’s top markets but stay level in London and New YorkSavills latest global Prime Office Costs (SPOC) analysis has revealed that pricing for prime top-tier offices around the world has largely held steady during the first quarter of 2023, with net effective costs – the ‘all in’ cost for occupiers – increasing an average of 1.1 percent. More →

Hybrid working is the new normal and is here to stay, report claimzzzz

Hybrid working is the new normal and is here to stay, report claimzzzz

Mace has published a new report into workplace trends which claims that hybrid working with a collaborative central space is (brace yourselves) the new normal for a preferred post-pandemic working styleMace has published a new report into workplace trends which claims that hybrid working with a collaborative central space is (brace yourselves) the new normal for a preferred post-pandemic working style. The Mace Operate Workplace Survey looked at the enduring role of a central office for businesses and considered what an office space needs to offer in an era of hybrid working. The majority of respondents (87 percent) said that interaction with people and workplace culture are the main benefits of going to the office with employees and employers seeing eye-to-eye on the need for collaboration for motivation, resilience and effective hybrid working. More →

The need for reimagination in an age of uncertainty

The need for reimagination in an age of uncertainty

Since we are now very much in the age of uncertainty being the new certainty, with all the old playbooks out the window and no cookie cutter approach in the ways we work, since one size doesn’t fit all – what the hell do we do?Since we are now very much in the age of uncertainty being the new certainty, with all the old playbooks out the window and no cookie cutter approach in the ways we work, since one size doesn’t fit all – what the hell do we do? Curl up in a ball and die? Go into panic mode and go around shouting ‘We’re doomed! We’re doomed’ manically? Or just ostrich the problem and hope it all goes away or at least reverts back to how it was before? More →