The Return to the Office

Office lease demand has risen by 19% year on year

Is the tide turning on working from home?

Although the pandemic of 2020 feels like a distant memory, it triggered significant shifts in the capital’s property market – shifts that continue to shape how we live and work today. In particular, many people:

• moved from the confines of the City to the open countryside
• sought more outdoor space and prioritised wellbeing
• changed work strategies as working from home became essential
• rejected the crowded daily commute

These changes reflected how people responded to an unprecedented crisis. Driven by necessity, we all adapted quickly and profoundly.

Employee preference

After the pandemic redefined work-life norms, the Government embraced flexible working and bound it in legislation. Employees now have a statutory right to request flexible working, including remote working, from their first day on the job. Employers must assess these requests reasonably and can only refuse them for valid business reasons. Many Britons welcomed this move. From their perspective, working from home offered increased flexibility, lower commuting costs, and a better work-life balance

Times are changing

However, the long-term effects of remote work have started to show. Studies suggest that less time in the office can harm communication, company culture, connectivity, work rates, and productivity. While employees may favour working remotely, businesses must nevertheless remain effective and competitive.

When teams operate from 20 different locations, they remain fragmented – despite the convenience of Zoom or Teams. These tools help, but they don’t replicate the productivity of an in-person team. In the office, employees enjoy greater focus, fewer distractions, and valuable opportunities for mentoring and learning through exposure to live problem-solving and deal-making, for example.

Shared workspaces foster a stronger work ethic, reinforce company identity and culture, and help managers build more cohesive teams. In many cases, in-office work leads to higher productivity. Simply put, it’s better for business.

Return to the office

Media outlets report a growing movement urging employees to return to traditional work environments. Businesses are asking teams to spend more time in the office – while maintaining some flexibility to ensure talent is retained. Hybrid working appears to be the practical compromise. Yet, as economic pressures mount, more companies are pushing for full office attendance.

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A growing number of organisations have recently mandated a full-time return to the office and expressed strong opposition to so-called working-from-home or working-from-anywhere allowances.”

Luring employees back

To make this transition successful, employers must elevate the quality and atmosphere of their office spaces. Today’s workers want pleasant, accessible workplaces – spaces close to transport links, with natural light, communal areas, and opportunities to decompress during the day. Grey, lifeless office blocks won’t cut it. Employers must rethink what the modern workplace offers.

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At MIH we have an elegant office space in a classic building in the heart of the City, right next to The Shard. We practise a hybrid working model and permit some home working to allow our team a good amount of flexibility, but ensure that all team member’s paths cross during the week.

At HQ there are always members of the senior team present to encourage learning in an open plan office environment. It seems our approach is attuned with the current thinking and we’ve found a comfortable balance.”

The office of the future

Commercial landlords and property owners should consider auditing their spaces, updating décor, improving amenities, and enhancing comfort. These improvements will attract and retain tenants and help fill long-vacant offices in a resurgent market.

MIH Commercial Property Management

Alongside upgrading physical spaces, landlords should prioritise professional property management. Securing long-term business tenants requires reliable, responsive managing agents. These agents play a key role in supporting tenants and ensuring your property investment thrives.
 
Now is the time to capitalise – in the capital!

Speak to our team on 020 3637 7968 or email info@mihproperty.co.uk