Redefining Office Leases in the Age of Hybrid Working

April 24, 2023
Stefani Ermogenidou

Companies are dealing with a new reality in the workplace as the world slowly recovers from the pandemic. The growth of hybrid working, which has prompted concerns about the future of office leases, is one of the largest shifts. Companies are debating whether they still need to rent out an entire office for their staff given the large number of employees who now work remotely, whether part-time or full-time. The future of facilities management is thus put into doubt as a result of this.

So…let’s talk about Facilities Management!

For many years, facilities management has been a crucial component of office leasing. It has been used by businesses to keep up the physical infrastructure of their offices, ensuring that the atmosphere is suitable for work. Cleaning, maintenance, security, and HVAC management are a few of the responsibilities of facilities management. Nevertheless, as hybrid working becomes more popular, the function of facilities management is being questioned.

Do workers need a distinct workstation or office if they only visit the workplace once or twice per week?

The desire for flexibility is one of the largest shifts in facilities management. Companies are debating whether they still need to retain the same level of infrastructure and support now that employees are working remotely. They instead decide to offer open workspaces that their employees can utilise as needed. Additionally, to facilitate remote work, businesses are leaning towards investing in digital infrastructure like cloud computing.

Will businesses still be required to lease a full office for their employees? 

The most probable answer is no. Instead, businesses may choose to rent more adaptable, compact premises that can be used as needed. For instance, a business might decide to lease a common area that employees can use on a rotating basis. This not only reduces the cost of rent but also gives employees more flexibility.

The rise of co-working spaces:

Co-working spaces are shared workspaces that are available to multiple companies and individuals. They provide a flexible, cost-effective solution for companies that need office space but don’t want to commit to a long-term lease. Co-working spaces often include amenities such as Wi-Fi, printing and scanning, coffee and tea, and meeting rooms.

With working remotely comes the flexibility to work from just about anywhere. But let’s be honest, sometimes the typical home office just won’t cut it. That’s where non-traditional work settings come in – from coffee shops and libraries to parks and beaches, the possibilities are endless. In a recent #Spicapoll, we asked our followers to share their favourite place to work remotely that’s not a typical office setting. The majority of them (67%) prefer to work from home, 17% are coffee shop hustlers, while the remaining 17% prefer a cozy co-working space to work from.

Remote work: Where is your favourite non-office spot to work?
https://www.linkedin.com/feed/update/urn:li:activity:7052573121706352641

In conclusion, the rise of hybrid working is changing the landscape of facilities management and office leasing. Companies are questioning whether they need to maintain the same level of infrastructure and support as they did in the past. Instead, they are looking for more flexible, cost-effective solutions that can adapt to the changing needs of their employees. 

As the world continues to evolve, it will be interesting to see how these trends shape the future of the workplace.

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