A surge in landlords investing in semi-commercial property was recently reported, as applications for new purchases nearly doubled from 2023 to 2024. As landlords look to diversify their property portfolios by turning to semi-commercial property, what does this mean for businesses looking to lease commercial properties, and what important factors do they need to consider for employees?
The commercial property agency Savoy Stewart share its advice on factors to consider when deciding on an office location and what employees are looking for in an office space, as well as looking into the debate around returning to the office and what the benefits are to the economy.
What do employees look for in their office location?
When it comes to selecting an office location, it’s important to be mindful of what your employees will consider as key factors to ensure their work environment meets their needs and preferences.
- According to Savoy Stewart, the most important consideration when selecting an office space is the proximity to transportation. Accessibility to public transportation is crucial, especially in large cities where many employees rely on buses, trains, or tubes for their daily commute. Choosing a location with good transportation links can significantly reduce commute times and will in-turn enhance work-life balance.
- Coincidentally, finding a location that also offers parking availability can also be key, particularly in suburban or rural locations where public transportation isn’t as accessible.
- Consider nearby amenities, as employees appreciate having restaurants, cafes, gyms, and retail all within walking distance. Such amenities can make breaks and after-work socializing more enjoyable and convenient, thus creating a stronger team, all contributing to overall job satisfaction.
- In the present climate, safety and security is a major factor employees are now looking for in office space. The safety of an office’s location is a significant concern, as employees prefer areas with low crime rates and good lighting to ensure their wellbeing when arriving early or leaving late.
- Finding somewhere close to residential areas can also be a qualifying factor for those with families who want to be close to home and schools. A shorter commute can greatly improve work-life balance and reduce daily stress.
Returning to the Office
The ongoing debate around returning to the office in the post-COVID world centers around several key points, reflecting both advantages and concerns from employers and employees alike.
Is the return to office life beneficial to the economy?
Short-term benefits are that offices support local economies, as they drive demand to nearby services such as cafes, restaurants, retail stores, and more. This kind of local economic activity is crucial for urban centers. In addition, high occupancy rates in office buildings support the real estate market, which is vital to the economic stability in most cities.
Long-term benefits include the notion that in–person work supposedly facilitates quick decision making and suggests more effective collaboration, which can drive business growth and innovation. This, in turn, can lead to job creation and economic expansion further down the line.
Reasons for returning
Many of those arguing for staff to return to the office believe that in-person work enhances more spontaneous interactions, which can foster creativity, innovation, and stronger team dynamics. In-person workspaces create great collaboration and networking opportunities and help build social capital which can be crucial for career growth.
Regular face-to-face interactions can be paramount for an employee’s mental health and wellbeing, whereas remote working experiences can sometimes lead to loneliness and isolation. An office environment can create clear separation boundaries between work and personal life and reduce the burnout associated with blurred boundaries at home.
Reasons against returning
Those who are against returning to the office agree that remote working has given employees a better balance between their personal and professional lives by reducing commute times and providing more flexibility in managing their daily schedules, and with that flexibility, it is said to help reduce stress and improve overall wellbeing and work productivity.
It was also reported that employees actually felt more productive when working from home, as they felt there were fewer distractions. Their personalized work environment gave them the ability to manage their time more effectively. The absence of commuting time also allows for more focused work hours.
One of the strongest arguments to wanting to work remotely is it majorly reduces expenses, such as commuting (especially transportation costs), work attire, and daily meals. These savings can be significant, especially for those living in expensive urban areas.
