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Companies expect overall office space demand to decrease as technology brings in better utilisation of space and reduction in headcount, according to a survey by a leading commercial property consultant. However, they see demand for high quality office space to increase in the near future.
Technology is enabling a more mobile workforce and requiring companies to build more agility into their headcount planning. As better space utilization, and weaker front and back office headcount growth will reduce overall demand for office space, landlords must act now to ensure they remain competitive.
Real Estate Developers are, however, more confident about the outlook for office space demand, as they anticipate stronger aggregate demand driven by new startups and emerging industries.
Companies across the Asia Pacific region are placing employee experience at the center of major real estate decisions due to advances in technology, rather than relying on just good location, according to the survey.
According to the survey, whilst location would remain important, the changing order of real estate would require buildings and work spaces to be far more flexible and adaptable than before.
According to the report, it is expected that the headcounts in the information technology space would increase and more multinationals are likely use co-working spaces and incubation centers to improve their access to IT talent and innovative ideas.
Would this increase the value of the commercial properties? Would more developers opt for leasing rather than selling?