Life as we know it

Like most things in life, nothing lasts forever and whilst COVID-19 is currently sealing countries’ borders and threatening to have lasting effects on the way we live our lives, it too shall pass.

#WFH

We often say that our world is changing rapidly, and that’s true. Our technological revolution stands us in good stead, allowing us to do what we can to retain some sense of normality through working from home, for instance, and remaining connected – even if remotely. A decade ago, this nascent concept was frowned upon by some businesses, but look at us now - it has become part of our modern age and a critical tool in helping us to maintain a healthy work-life balance.

Working from home will test us, especially in these indefinite circumstances. There’s no doubt we’re in unchartered waters, but we will embrace change, as we’ve always done. Skype, Link, WhatsApp and more will facilitate the interactions we crave and need, allowing us to remain effective and productive contributors to society.

But what will it mean for the future of the office and the future of working from home? Quite a lot, I suspect. 

The traditional office has already transformed itself beyond recognition in the last decade, becoming a place that stimulates the mind, promoting mental wellbeing, a place where we come together to innovate and collaborate – all of which is unlikely to change. We have come to develop very different expectations of our workplace. Landlords, developers and businesses have responded, delivering first class offices, with amenities including flexible meeting spaces and end of trip facilities. The result? A happier workforce and a magnet for talent.

For a market like London where the office market has been supply starved for the better part of 10 years, businesses have been racing to pre-let space to house future employees and to ensure they’re in best-in-class. 

The built environment is of our own making and how we use space to live, work and play is in constant flux. Our need for face-to-face human interaction is something unlikely to ever change - something commercial property investors can take comfort in. It is how we use our offices, and the amenities and experiences available to us therein, that will need to continually adapt. 

Tomorrow’s office 

Educational facilities will be a key focus for the decade ahead, as we re-train, mainly due to upskilling needed in the wake of talent shortages. Onsite healthcare too will grow in importance as our population ages and remains in work for longer. 

Aside from things that we can see, touch and feel, intangibles such as our reliance on access to high speed broadband will remain hyper critical.

Similarly, the need to be “greener” has become front and centre of many investors’ decisions, as climate change forces us to make better choices on our energy usage, construction methods, building materials and more. 

Where do we go from here?

Investors are already alive to the changing dynamics of the world’s office markets, with USD 120tn of assets already managed by funds signed up to voluntary climate change disclosures. 

We have 3,000 BREAAM buildings in London, creating rich picking for those after something greener. The biggest opportunity however will lie in transforming ‘ungreen’ assets and saving them from inevitable obsolescence as business, talent and investors shy away from those that have the potential to hurt our environment. 

In the London market, 64% of commercial buildings were completed prior to the year 2000. Notwithstanding refurbishments over the last 20 years, there will be plenty of rewarding ‘greening’ opportunities in London for landlords and investors.

Let these be the issues that define us over the next decade. Let us continue to create world-class offices and cities that excite, inspire and leave a lasting legacy for future generations. Let’s reinvent, reimagine and redefine. Here’s an opportunity to change life as we know it for the better and not allow COVID-19 to stop us from focussing on what matters the most: each other’s wellbeing and success.