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THREE-QUARTERS OF LEADERS PREDICT OFFICE DOWNSIZING

THREE-QUARTERS OF LEADERS PREDICT OFFICE DOWNSIZING

A new independent survey of over 500 senior business decision-makers by Accumulate Capital has revealed how the COVID-19 pandemic has affected UK businesses and their commercial property needs. 

The property development firm commissioned an independent survey of more than 500 senior decision-makers from businesses all over the UK. The survey found that 73% of decision-makers believe COVID-19 will result in more UK businesses downsizing to smaller office spaces in the coming 12 months, with 37% are planning to relocate to a smaller commercial space themselves.

Half of those surveyed acknowledge their preference for commercial working spaces has changed significantly as a result of COVID-19. More than half (58%) of business believe working from home will become the norm and 45% do not expect their employees to all be working in the office at the same time.

Accumulate Capital’s research also revealed that 57% of businesses will still rely on a physical workspace in order to network and collaborate with partners and prospective clients. 

Paul Howells, CEO of Accumulate Capital, said: “The research demonstrates just how COVID-19 is affecting both the UK’s businesses and its commercial real estate market. 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.”

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