61 lose structure when altered too much . The office – much like a tailored suit — can evolve to suit the changing models of work .
As hybrid working arrangements grow in popularity , we expect to see a change in the form and function of the office . According to our global survey , ( Y ) OUR SPACE , which aggregates the views of 400 global companies , fifty-five per cent believe that there will be an increase in the proportion of collaborative space in their offices . Thus , while the home may be the setting of choice for focused and individual work , the office will support a more dynamic work environment that brings people together to interact , collaborate , create , and sustain corporate culture .
This is a far cry from the ' death of the office ' narrative sensationalised in the press over the past year . Our survey finds that just over a third of respondents ( 35 %) expect to see a reduction in the size of their global portfolios over the next three years – the very same proportion that expects to see their portfolio size remain stable . In contrast , some 30 % actually expect to increase their global quantum of space on the back of business growth .
Undoubtedly , COVID-19 is forcing business transformation , but the right fit for a hybrid work future will look different for each company . This transformation is not without challenge , not least because of the fragile operating environment and cost-consciousness apparent as we emerge from the pandemic . However , it also presents business leaders an opportunity to build an even better model of work for the future .
ABOUT THE AUTHOR Samarth Kasturia is the Director for Workplace & Strategic Consultancy at Knight Frank Asia Pacific , supporting corporate occupiers to optimise and transform their workplaces and portfolios . Samarth is passionate about transformation , culture , and helping shape the positive role our workplaces and organisational policies can play in them . He is a trained architect with a Master ' s Degree in Finance and Investment , specialising in workplace and real estate strategy development .
ABOUT THE COMPANY Knight Frank LLP is the leading independent global property consultancy , serving as our clients ' partners in property for 125 years . Headquartered in London , Knight Frank has more than 20,000 people operating from 488 offices across 57 territories . The Group advises clients ranging from individual owners and buyers to major developers , investors and corporate tenants . For further information about the Company , please visit knightfrank . com
FUTURE OF WORK :
SHAPING THE HYBRID WORK FUTURE