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Office Space Demand
In 2022 we’re facing a huge demand for office spaces. The pandemic forced everyone to work from home, abandoning their office spaces and applying for the early termination of lease agreements. We’ve also seen a rise in hybrid working and a complete shift in the way we use office space. But we’re back to normal now, with no restrictions holding us back from travelling and gathering. The workforce is now divided into those who work from home, those who can only run their businesses from an office, and hybrid workers.
There’s now a high demand for offices that can accommodate a post-pandemic new world. There are government initiatives encouraging business owners to continue trading. Professionals are getting employed and offices are becoming highly necessary again. Commercial office sales are increasing and so are leasing opportunities, which include office space and hotdesking. The greatest concern at the moment is for flexible office space. The Workspace Group has seen an increase in lettings to 89.6%.
What are business owners and their employees looking for? They’re looking for flexibility above all and good working conditions. Hybrid working requires some office space. Commercial properties rental growth is beginning to respond to demands for flexibility, as a result of inflation and new ways of working. Landlords are beginning to understand that adapting to a new world and meeting new demands is good for business.
Whether you’re a landlord or a tenant, if you’d like to review your leasing agreement, please get in touch with one of our property lawyers. SG
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