Will we ever see office occupiers sign up to a 10+ year city centre lease again?
Many may not and the demand for more flexible space looks set to increase. Indeed, some existing serviced office providers are trialling ways to allow for flexibility, with greater numbers of occupiers renting space by the hour and in some cases for as short as 15 minutes.
Agents also report an increase in enquiries for offices that could be part of a 'hub and spoke' strategy where a company has a central location with a number of smaller fringe offices. This allows workers to collaborate whilst still remaining closer to their homes more of the time.
In addition, with the issues faced by the retail sector and the recent relaxation in planning rules, there are likely to be opportunities for flexible office space to replace existing retail sites. The likes of John Lewis have already considered this as an opportunity to re-purpose some of their larger stores.
In summary, there will be opportunities out there for landlords and developers who are quick to react and adapt to this new way of working. Flexible, non centralised working appears to be the way of the future.