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How Landlords are Pivoting for the Future of Hybrid Offices

Feb 15, 2022 2:45:00 PM | How Landlords are Pivoting for the Future of Hybrid Offices

With the switch to hybrid and remote offices, commercial landlords and investors have been left wondering: Are traditional office spaces no longer viable?

For the most part, the commercial real estate industry has been relatively unshakeable. That is until COVID-19 hit. With the switch to hybrid and remote offices, commercial landlords and investors wonder: are traditional office spaces no longer viable?

While hybrid and remote options are not new, there has been a considerable shift in how offices operate. Long gone are the days that employees must commute, share cramped cubicles, and work the same 9-5 as everyone in their office. Instead, companies are starting to reimagine the office space and allow more flexible working options for almost everyone.

How Traditional Offices Will Die-Off

While companies realize that employees don’t need to be in the office like in the past, there are still benefits of in-person meetings, collaboration, and team-building that shouldn’t be lost. Additionally, if organizations find out that they have the opportunity to cut the typical overhead expenses of office space, they definitely will. For landlords, this can be a scary thought.

Rather than signing strict leases for five years on a large, high-rise office building, companies will turn towards shorter leases with less square footage that can evolve as the workforce does. As we move towards a new era in how people do their jobs, it will be crucial for companies to be able to pivot as needed.

While this might sound bad for commercial real estate, it is the other way around.

This flexible space allows for great collaboration and functionality.

The Upside for Landlords

Landlords will be able to offset the risk and potential turnover of their business tenants by increasing rent and being flexible in more ways than one. By allowing for a flexible space (whether that’s transforming the building yourself or allowing your tenants to make changes), you can form a great relationship with your tenants - making them continue to re-sign.

Even if a commercial tenant decides to move to another location, landlords can set up for success with a space that can conform in multiple ways. The more flexible a space is, the more potential clients a landlord will have.

Ways Landlords Can Anticipate a Hybrid Office Tenant

One of the biggest ways landlords can anticipate the need for flexible office space is by using technology. Commercial real estate can benefit from digital products like video conferencing tools,  desk and workspace management software, and smart security features like any other growing industry.

Big corporations like Google have been among the first to utilize office space with a purely collaborative focus, including whole restaurants and gyms among co-working spaces. The idea is to take the standard, unexciting floor plan and turn it into a more hospitable space for employees (with the end goal of being more practical and encouraging more productivity overall).

Businesses can benefit from happier and better-supported employees. with a space designed more about usability than tradition

Rather than turning the other cheek as commercial real estate takes a turn, landlords should embrace the evolution and ride the wave as we move towards an exciting future of office space.

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Rather than working with a clunky multi-step QR code, use a simple, frictionless NFC booking system with inspace to make reserving a desk space easy for every employee! To see what your NFC desk management system will look like for your office space, schedule a free trial with the inspace team today.