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“ Working from home ” is a phrase that used to raise a wry smile and was considered to mean quite the reverse . But businesses needed ways to deploy staff remotely and technology came to the rescue
flats for young professionals are unsuited to the new homeworking dynamic , as they lack dedicated workspaces , and bigger flats mean reduced profits .
A strategic withdrawal Businesses are already speaking to their property managers about changing their office requirements . In most cases , that means a reduction in space . This trend existed before the pandemic , with many large financial services institutions increasing the use of hot-desking and remote working in recent years . But six months of lockdown have proved the business case that employees – particularly those with a long commute – can be more productive when they don ’ t have to come into the office . Reduced demand for space is negative , but will not be a permanent move , says Rogier Quirijns , head of Europe real estate at Cohen & Steers : “ At first it looks like it could be 50 per cent less , but they will need the same amount of space for half as many staff to maintain social distancing . In the end , it may be as little as 10 to 20 per cent less in many businesses .”
Hanging on the telephone Contingency planning allows for moving a percentage of the existing workforce to a new , turnkey site to maintain business continuity . Covid-19 rendered all such plans null and void . “ Working from home ” is a phrase that used to raise a wry smile and was considered to mean quite the reverse . But businesses needed ways to deploy staff remotely and technology came to the rescue . Jeremy Gleeson , manager of the AXA Framlington Global Technology fund , believes the wholesale adoption of platforms such as Zoom and Microsoft Teams will persist , weighing on any decisions made about the business needs from commercial real estate . But remote working cannot replace contact through the office . “ It won ’ t be the perfect replacement for all engagements and so there will be some middle ground ,” he says . “ It ’ s too early to
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