More businesses looking to downsize to smaller more cost-effective serviced office spaces, as remote working becomes the new norm.
A new survey of over 500 senior business decision makers found that nearly three quarters believe that large office spaces are fast becoming less relevant as a result of COVID-19.
The survey, commissioned by property development firm Accumulate Capital, aimed to ascertain how the coronavirus pandemic has affected commercial property needs amongst UK businesses.
Findings show that 58 per cent of respondents believe working from home will become the new norm, while 37 per cent of decision makers say they plan to relocate to smaller commercial spaces within the next year, and the same number are looking to move to cheaper rental spaces.
While 45 per cent of businesses do not envisage all their employees working in the office at the same time, the research revealed that 57 per cent of businesses will still need some sort of physical workspace in order to network and collaborate with partners and prospective clients.
Commenting on the findings, Paul Howells, CEO of Accumulate Capital, says: “Today’s research demonstrates just how COVID-19 is affecting both the UK’s businesses and its commercial real estate market. The increase in remote working will likely see businesses look to smaller, more flexible workspaces. The days when a company would own or rent an office with a desk in it for each and every member of staff are coming to an end – in reality, this trend was already taking shape, but the coronavirus crisis has greatly accelerated it.”
For those looking to downscale or move offices to reduce overheads, Beavis Morgan’s office spaces for small businesses, conveniently situated on St John Street in Farringdon EC1, don’t just offer a clean, upmarket business environment with favorable rental terms. We also provide access to all the specialist business services your company may need to operate efficiently and be successful, such as company secretarial support, personal and corporate tax services, and research and development tax relief.
In the current climate, this is an excellent opportunity for businesses wanting to downsize in London, or those simply seeking more flexibility and peace of mind, knowing their office is manned and managed by like-minded people.