Company bosses prepare to downsize the office

Almost three-quarters of business leaders quizzed on the outlook for the post-pandemic workplace expect the corporate office to shrink. Accumulate Capital, a business that links investors with property developers, published its research as companies including asset manager Schroders and accountancy firm PwC tell staff that many will be able to work from home indefinitely. Accumulate Capital surveyed more than 500 managers, board members and founders of UK companies during July. Some 73% of respondents expect Covid-19 to encourage more UK companies to trade down to smaller office spaces in the next 12 months – although fewer (37%) said they planned to relocate themselves within that timeframe. Furthermore, 58% of respondents believe working from home will become the norm, while 45% said they do not expect their employees to all be working in the office at the same time. Paul Howells, chief executive of Accumulate Capital, said: “As a result of the pandemic, businesses clearly no longer look at offices and commercial property in the same way, which will have significant implications for property developers and commercial landlords. “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.” To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette Photo: RMV/Shutterstock