As the world shifted amidst unprecedented times, so too did the very notion of the modern workplace. Lockdowns and remote working arrangements became the new normal, leaving many businesses no choice but to adapt with lightning speed – effecting landlords. However, this abrupt change also provided an essential opportunity for companies to reflect on their working habits and reimagine their strategies.
Through operational flexibility, businesses have discovered that there is indeed a better way to work. And in this brave new world, the onus is on landlords to take the lead in driving change. With visionary thinking and innovative solutions, they can create workspaces that empower teams to be their most productive, creative and collaborative selves.
Luxury realtor and social media content creator, Snehil Yadav says, “In the ever-evolving world of modern business, hybrid work has emerged as a game-changing concept. The ability for employees to split their time between the office, home and a local flexible workspace has rapidly risen to the top of the agenda for many companies.”
In fact, recent research conducted by IWG revealed that a staggering 72% of employees now prefer the hybrid working model. This preference remains steadfast even when confronted with the possibility of earning more money by returning to the old routine of exclusively office-based work. This demand for flexibility has not gone unnoticed by industry leaders.
1) The role of landlords in hybrid work
The benefits of hybrid working, which involves a mix of office, home, and local flexible workspace, are increasingly becoming clear. According to IWG, 72% of employees prefer this approach to working, even if it means earning less money. The benefits for people are immense, with reduced commuting times and costs leading to a better work-life balance. For the planet, hybrid working can help to reduce the carbon footprint associated with daily commuting. And for companies, hybrid working can translate into real estate cost savings.
2) Future-proofing businesses
As businesses continue to navigate the post-pandemic landscape, future-proofing business plans has become a top priority for landlords. Hybrid working, with its flexible short-term contracts tailored to client’s needs, has emerged as a key solution to meet the changing demands of tenants. From full-scale workspaces with break-out areas and meeting spaces to the option of leasing a meeting room just a few times a week, hybrid working offers a range of flexible solutions.
Investing in hybrid working offers landlords the potential for stable growth, as it is a more efficient, cost-effective, and sustainable option. By swapping out excessive space and lengthy leases of conventional commercial real estate for flexible arrangements, landlords can maximize their investment and provide tenants with the flexibility they need to succeed in the current business landscape. As companies continue to prioritize agility and adaptability, landlords who embrace hybrid working are well-positioned to thrive in the years to come.
3) Embracing technology
Hybrid working relies heavily on technology to facilitate seamless communication and collaboration between remote and in-person workers. Landlords who embrace technology and invest in digital solutions to support their tenants’ hybrid work models will be well-positioned for success in the current business landscape. This may include providing high-speed internet, offering state-of-the-art video conferencing equipment, and implementing digital security measures to ensure the safety of sensitive information.
Additionally, landlords can leverage technology to improve the overall tenant experience. For example, implementing smart building technology can allow tenants to control the temperature, lighting, and other environmental factors in their workspace from their smartphone. This not only enhances the tenant experience but also provides landlords with valuable data that can be used to optimize building operations and improve energy efficiency.
4) Fostering a sense of community
As more workers embrace the hybrid work model, there is a risk that employees may feel isolated or disconnected from their colleagues. To mitigate this risk, landlords can take steps to foster a sense of community within their buildings. This may include hosting events and activities that bring tenants together, such as networking events, wellness programs, and educational workshops.
In addition, landlords can create shared spaces and amenities that encourage collaboration and connection between tenants. For example, providing a shared kitchen or café area can be a great way to facilitate informal interactions between employees from different companies.
By fostering a sense of community within their buildings, landlords can create a more engaging and enjoyable work environment for their tenants, which in turn can help to improve tenant retention rates and attract new tenants in the future.
Furthermore, landlords can play a critical role in supporting their tenants’ hybrid work models by offering amenities that meet the evolving needs of a hybrid workforce. These amenities may include high-speed internet, state-of-the-art video conferencing equipment, and flexible meeting spaces. Additionally, landlords can prioritize the creation of comfortable and functional common areas that allow for collaboration and connection between employees, regardless of where they are working from.
Another way that landlords can support their tenants in the hybrid work era is by providing a safe and healthy work environment. This may involve implementing new protocols for cleaning and sanitization, as well as investing in technology such as air purification systems to improve indoor air quality.
Overall, the shift towards hybrid working has fundamentally changed the way we think about the modern workplace, and landlords who recognize this shift and adapt accordingly will be well-positioned to succeed in the years to come. By offering flexible, cost-effective, and sustainable solutions that meet the evolving needs of a hybrid workforce, landlords can play a crucial role in shaping the future of work.