65 per cent of international businesses expect to re-align their office space needs for the new world, according to the latest research from Knight Frank.
Knight Frank’s second edition of its (Y)OUR SPACE draws on responses from almost 400 international businesses with a combined headcount of over 10 million, providing a unique insight into the workplace strategies and real estate needs of global companies.
“There is a mood of change. Global firms are looking beyond the pandemic and are focused on how their workplaces can enhance corporate culture and re-engage employees in a new age of agile working,” said Knight Frank’s William Beardmore-Gray, the global head of occupier services and commercial agency.
According to the report, the need to improve office amenities or adjust workplace strategies will see up to one in four firms relocate their corporate headquarters after the pandemic.
“There will be a flight to quality space, with 92 per cent of firms planning to increase or retain the same level of quality in their offices. In total, 65 per cent of firms plan to grow or stabilize their current level of space,” reads the report in part.
In Kenya and the wider Africa office market, the findings are truly transformational for the future of the office with significant implications noted Anthony Havelock, Head of Agency, Knight Frank Kenya.
“With our existing office market witnessing falling rental levels and declining occupancy rates due to poor quality buildings and oversupply, landlords and developers must react to the very clear feedback that global occupiers have stated in their responses to our survey. Occupiers will be seeking well-designed offices which can boost productivity, creativity, and a firm’s ability to attract and onboard talent plus drive the corporate identity agenda.”