The workspace landscape can seem confusing right now, with varying perspectives on the future of work. According to KPMG’s latest Global CEO Outlook survey, 63% of UK CEOs expect people who were office-based before the pandemic to return full-time in three years. Globally, 87% of CEOs (83% in the UK) believe that employees who make an effort to come into the office will be rewarded with favourable assignments, raises, or promotions. These findings have stirred a debate on LinkedIn, where people question the justification of such statements, given the rise in popularity of remote and hybrid work for its flexibility and, in many cases, improvements in well-being and productivity.
On the flip side, recent news articles highlight potential challenges for coworking space giants and report that over 7% of office space in London is unoccupied. This suggests that some businesses are reducing their physical office footprint, possibly leaning more toward hybrid and remote work arrangements.
From our perspective, it really depends on your business, its values, your team and their wants and needs. Some businesses find that a physical space is an absolute necessity for the way they run their operations and the processes they need to go through. On the other hand, there are businesses that may prefer to be in an office space once or twice a week for that in-person collaboration element. In reality, there’s no one-size-fits-all solution, which is why it’s important to learn about the market and what’s out there. Once you have a better understanding, you can come to a conclusion on which approach is best suited for your business.
That’s where we step in. Our closely-knit team, led by highly experienced industry leaders, has witnessed the highs and lows and possesses a deep understanding of the various factors that businesses should consider when it comes to their workspace decisions.
Here’s what our thought leaders at Soul Spaces think about the current market, along with insights on what businesses can do to navigate seamlessly through this ever-changing landscape:
Tomal, Founder, 9 years in Office Search & Negotiation:
“This year has seen more uncertainty than any other year, even post-COVID. Clients have downsized, experienced rapid growth, or abandoned physical offices altogether. The best approach for any business is to open a dialogue about their current status, requirements and goals. That’s where Soul Spaces can help, together, we can determine the right path, whether it’s renegotiating the current space, exploring the market, or maintaining the status quo. Clarity and a well-defined plan are crucial for businesses.”
Joe, Founder, 11 years in Office Design and Build:
“It will be the CEOs and owners who know their businesses and employees best who make the most telling and productive decisions on the workplace. There is no one size fits all. People, the workplace, the importance of communication in the workplace has never been so important.”
Nathan, Team Leader, 5 years in Office Negotiation:
“The current market is unpredictable, and businesses are responding prudently. Some opt for discounted renewals and downsizing to cut costs, while others leverage lower demand for new spaces, expanding into larger ones. Another trend involves businesses reinvesting in current spaces to adapt to new work styles by adding meeting rooms, breakouts, and phone booths. Businesses have various options, but understanding their current situation is key.”
At Soul Spaces, we’re committed to helping you navigate your unique journey. Don’t hesitate to reach out to our team now and let’s explore how we can assist you with your next workspace project.