Last month, we undertook market research to gauge the state of organisations’ thinking on their office requirements and workspace post-COVID-19 to give us a better understanding of how businesses are reacting to the crisis from a real estate point of view.
With a response rate of nearly 50% from businesses of all sizes and a range of sectors, the findings provide some early insights into the likely extent of change, even in these early days.
You can find a PDF of our Market Research – Impact of COVID-19 on Office Space/Property Decisions report here, including our commentary on how we see the crisis initiating further change. Some highlights are:
- Rental abatement: 93% of tenants who sought rental abatement were successful, with the average reduction being 42%
- Relocation: Nearly 47% of respondents who were planning to relocate before COVID-19 are delaying their plans
- Working remotely: 54% of respondents said they were likely to retain their existing space while three-quarters expect more staff to work from home more often
- Home vs office: 68% rated their ability to work from home as ‘excellent’, the remaining 32% rating it as ‘good’
- Thoughts on the future: The impact is still to unfold… but 50% expect rents to fall. Watch this space…
