Density-based office models, like co-working spaces, and those that operate a leasehold model are likely to suffer post-pandemic, according to an office space expert.
Giles Fuchs, CEO at Office Space in Town, told Facilitate that when people return to work after lockdown “providers will naturally have to alter the way offices function – taking significant safety precautions” but they were necessary “if office providers are to instil confidence in their tenants”.
Fuchs added: “Unfortunately, density-based office models, like co-working spaces, and those that operate a leasehold model are likely to suffer post-pandemic. This isn’t the case for flexible providers that offer allocated office space better suited to social distancing or those that own buildings and are free of rent obligations.
“As a sector, the flexible workspace industry is well placed to offer the freedom of short-term leases many businesses will seek post-pandemic. Furthermore, this model, which allows businesses to expand and contract more easily, is better able to cost-efficiently facilitate the shift towards a hybrid working model than the traditional large HQ.”
He also said workers "will understandably seek greater agility and reduced overheads as they navigate a post-pandemic era".
Fuchs also says that in terms of Brexit’s effect, businesses domestic and international will “continue to recognise the value of a UK-base, which can attract the talent and skill the British have long been famed for”.
Many have questioned, for example, London’s resilience as a global business hub post-Brexit, added Fuchs, but “throughout the negotiation period a number of global businesses, such as Facebook and Google, have made significant commitments to UK office space”.