By AZRE | AZ Business Magazine
The first global report to look at the impact of the Future of Work on real estate and cities over the next three to five years foresees a strong focus on flexibility, demanded by both workers and corporates, not only relating to the work activity but also the space and location. This increased flexibility is likely to lead to a flight to quality over quantity of office space and a move towards flexible and tailor-made leasing models.
For ‘Future of Work 2020: A global real estate players’ point of view’, the Urban Land Institute (ULI) and EY surveyed 555 real estate professionals worldwide. The broad range of respondents included investors, developers, architects, planners and other service providers. The research focused on a time horizon beyond the immediate short-term impact of the COVID-19 pandemic.
Real estate professionals overwhelmingly expect increased remote working, including more home working (96%), more remote working away from the home (72%) and more use of satellite offices at the edge of cities (67%). The resulting ecosystem of workplaces will accelerate a blending of uses between residential, hospitality and office spaces, and a shift in language from ‘office’ to ‘workspace’.