Tag: offices

Co-working spaces set to shake up property industry

Co-working spaces, the trend that is shaking up the traditional workplace model the world over, is set to cause a dramatic change in how and where people work in South Africa.

Linda Trim, director of FutureSpace – a joint venture between Investec Property and workplace specialists Giant Leap that offers high end co-working space, says that in 2016, there were approximately 11 000 co-working locations around the world.

“But this figure is expected to more than double to 26 000 by 2020. By comparison, there are approximately 24 000 Starbucks locations worldwide. Taking a cue from the popular reference to the coffee giant’s location strategy, that means there may soon be a co-working space on every corner.”

Trim noted that co-working spaces were increasingly popular with strong demand for FutureSpace’s offices.

“We already have steady 80% occupancy rate only three months after launching.”

FutureSpace plans to open further offices around South Africa, a possibly overseas in 2018 such is the demand.

The biggest shift Trim expects to see in the coming years is that co-workspace will become a key component of many companies’ workplace and real estate strategies — for occupiers and building owners alike.

“Flexible workspace is not just for millennial freelancers or tech startups anymore. Large, multinational companies are increasingly taking on space at flexible workspace operators or integrating shared working spaces into their own environments,” she noted.

For example, Microsoft recently shifted 70% of their sales staff in New York City to flexible workspace. Large employers already make up the fastest growing market for shared workspace provider and many businesses’ preferences are moving toward short-term real estate contracts with flexible provisions.

Companies like IBM and Microsoft have begun to outsource the design, building and management of some of their workspaces to third parties.

Says Trim: “In the same way we now purchase many technologies as services rather than as software, the future of ‘space as a service’ looks bright.

“This model provides companies with a way to access space in an on-demand fashion, drawing on the knowledge of outside experts in a way that frees them to focus on their own core businesses.”

Building owners are also finding opportunities to revitalise underused spaces by transforming them into the type of shared work areas that are increasingly in demand.

Already, many occupiers won’t consider a building without available flexible space. To remain relevant, commercial office buildings will need to create spaces that attract people to connect and collaborate — both within the office and outside of it.

In South Africa, as in the rest of the world, companies will soon need to think more about accessing office space than owning or leasing it.

This paradigm shift will require an evaluation of “core” and “flexible” space needs.

Core space is the real estate a company must rent or own over the long term for the business to function. Flexible space is the real estate that can be deployed quickly without long-term commitment, adjusting in near “real time” based on needs.

“By categorising space needs this way, businesses can make better decisions about how to execute a real estate strategy that minimises cost and maximises opportunities,” Trim adds.

One of the best examples of large companies adopting the flexible co-working workspace approach in Asia is HSBC’s recent contract for 400 desks in WeWork’s Tower 535 in Hong Kong.

“It created the right environment for their staff, working in the same location as other like-minded teams, including Hong Kong’s fin techs and other startups,” says Trim.

By making flexible workspace an integral part of an organisation’s workplace strategy, companies can not only provide employees with a valuable opportunity for choice and connectivity, but they can realise meaningful benefits thanks to flexibility.

In balancing core and flexible space needs, companies can reduce financial risks related to long-term space needs and be nimble in making changes as needed.

“Building owners can benefit from transforming underutilised spaces into shared working areas, which in turn can help attract and retain tenants, “ Trim concludes.

Offices would be better if they were more like cars

Offices would be much better places to work if they were more like cars.

“New car models are often embedded with technologies that make driving easier, safer and more fun.

“Sensors tell drivers if there is a truck in their blind spot or if they are about to back into another car when parking. Some cars allow drivers to safely take their hands off the wheel. Increasingly, more will be Wi-Fi enabled. The car doesn’t just provide transportation anymore—it actually helps people be better drivers,“ says Richard Andrews, MD of Inspiration Office.

“So why can’t we embed technology in the office to help people feel, work and think better?

“A lot more people will drive a smart car to go to work in a dumb office. But this simply has to change and it will change.”

People used to think that technology would make offices obsolete—but the opposite is happening. Technology will be embedded in offices so it actually helps people work better and makes the workplace even more relevant.

“It will help people cope with the sense of overwhelm they often feel as work has intensified and the pace of change has accelerated. It will also help organisations design the kinds of spaces that workers love to work in versus have to work in.
Technology will be embedded in offices so it actually helps people work better and makes the workplace even more relevant.”

Work is fundamentally more complex than ever before. Workers who used to be assigned to a single project team now find themselves juggling multiple teams and tasks, constantly switching from one set of tasks to another, transitioning from one work mode to the next and orchestrating their way through a maze of meetings. The constant focus-shifting wastes time and drains energy.

When it comes to technology workers are already familiar with such mobile phones, laptops and Wi-Fi, this has had the impact of freeing employees who used to be tethered to their desks.

“It’s liberating—people have more choices about where and how to work.”

But it has also caused information overload as data has multiplied exponentially. And increasing globalisation brings new ideas and team members from all over the world.

“For example, video-conferencing makes collaboration across time zones easier. But it also means that you can’t just book one conference room for a meeting—now you need to book multiple spaces for your global team’s video call. So collaboration improved, but meeting scheduling got more complicated.

Think about a conference room that can alert you before the meeting ends, to make sure you wrap up what you need to accomplish before the next group stands impatiently outside the door, waiting for you to get moving.

“What if it could also recognise you and bring up notes from your last team meeting and adjust the lighting to the levels you prefer?

“And what if offices had a data stream that knew which rooms are always busy and which rooms no one seems to like. With this information, organisations can better understand what’s working and what’s isn’t.”

Just as technology in today’s cars is improving the driving experience, tomorrow’s office will harness the power of emerging technologies.

“It will allow people to more easily navigate the complexity of work as well as help organisations create better work experiences for individuals and teams” Andrews concluded.

If you want to attract and retain talented employees, having an office in the right location, with the features that today’s workers want, is more important than you may think.

The world of work is ever-changing, and employers who don’t adapt risk getting left behind. In an era when the boundaries between work and social life are becoming ever more fluid, reward packages and career progression are far from the only things that make for happy employees, as we discovered when we asked more than 1,000 workers across the UK about the features that make up their ideal office. The results point to a clear link between these ideal features and talent recruitment and retention – and some of them may come as a surprise.

The good news is that the workers we surveyed believe they would be 36% more productive at work if they were working in the ideal office. Moreover, 86% say they’d stay longer with an employer that had the ideal office location and features.

The other side of the coin is that 80% believe that companies that don’t offer their employees a convenient location and attractive features are more likely to lose them. And that’s not an empty threat, as younger workers in particular – the people who will be staffing the country’s offices for the next few decades – are markedly more likely to move jobs to find a working environment that suits them.

That can be costly for employers; consultants Deloitte estimate that, when an employee departs, a company loses two to three times their annual salary in terms of lost intellectual capital, client relationships, productivity and experience, plus the cost of recruiting a new hire.

Prime location

So what does this mean for employers? How they can they ensure that their office environment and facilities help to keep their current workforce happy – and attract the top talent they need to thrive in the future?

One thing’s for sure: employees are looking for – and expect – more than just smart decor. Our research reveals a wish list that includes a great office location and easily accessible transport links – but also, less predictably, communal meeting areas and social events in and around the office.

It’s no great surprise that the overall location of an office was rated firmly as the most important feature, with 70% of those surveyed saying this was very important – but only 42% claiming to be very satisfied with their current office location. An easy commute was also high up the list, with 62% rating public transport links as very important and 44% wanting car parking facilities.

Generation gaps

What really jumped out from the survey results, though, was the diversity in responses from the different generations that make up the working population in 2016.

Millennials (those aged 18-29) and Generation X (30-49) demand the most from their employers and – tellingly – are prepared to move to find what they want. Among Millennials, 53% claim they have previously changed jobs to improve the location and the features on offer, and 39% say they will definitely change jobs in 2016. This is a generation of workers with strong ideas about what they want from an office.

And what exactly is that? As working styles change, open and connected environments, with Wi-Fi and communal meeting areas, are very important to these two groups. Being in a location that has a ‘buzz’ about it is also high on the wish list for 90% of Millennials and 82% of Generation X.

Given that 68% of all respondents agreed that the line between work and social time is becoming increasingly blurred, activities and events at the office – or near it, on a campus for example – are also popular. Three quarters of Millennials said they valued such activities, compared with only 45% of Baby Boomers (those aged 50 or over).

Future workspaces

With Millennials predicted to account for 75% of the UK workforce by 2025, employers are already thinking hard about how to bring in the most talented of these workers – and how to keep them. Our survey suggests that planning workplace moves or improvements should be playing a significant part in businesses’ overall recruitment strategies, given the impact of the working environment on recruits’ decision-making.

When planning your next move, it’s worth considering the features listed above alongside the obvious things such as geographical location. Employees’ needs are changing: they are prepared to move to find the right working environment, and providing an office with the features they want could make a significant difference in being able to attract and retain the talent your business needs to succeed.

Source: www.officeagenda.britishland.com

Retroviral moves offices, goes green

Retroviral Digital Communications has moved into new offices – but in typical Retroviral style, there’s nothing ordinary about the agency’s new space: the building is the first small commercially viable building in South Africa to achieve a Six Green Star SA rating from the Green Building Council of South Africa (GBCSA).

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My Office News Ⓒ 2017 - Designed by A Collective


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