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Global companies to reinvent office for life beyond the pandemic: Knight Frank report

V Rishi Kumar Hyderabad | Updated on April 28, 2021

‘Half of the firms are planning to reconfigure their real estate portfolios and remodel workplaces’

International businesses are looking at their workplaces to revitalise corporate brand and culture after the pandemic, which will see significantly improved amenities and services available for employees, 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.

Despite over a year of restricted access to offices, businesses continue to identify their workplaces as an essential component of their corporate identity and vital for retaining and reinvigorating employees post-pandemic.

Amongst Indian occupiers and ‘corporate brand and image’ remained a prime strategic objective that is best supported by a real estate asset. This can be best described as a result of changing needs of business operability influenced by the ongoing pandemic.

COVID-19 to influence medium term direction of real estate strategy, occupiers expect an increase in quantum of real estate space.

William Beardmore-Gray, Global Head of Occupier Services and Commercial Agency at Knight Frank, states: “There is a mood of change in the air. 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. We are seeing a re-familiarisation with the office beginning in many big cities around the world. Firms want to give employees the best of both worlds, allowing them to work flexibly, but making their offices the best possible experience, which means delivering higher quality and more engaging workplaces.”

“Half of all firms are already planning to reconfigure their real estate portfolios and remodel their workplaces over the next three years to ensure they are providing employees, colleagues and potential new talent with the best spaces to work, learn and thrive. Businesses will gravitate towards offices that offer a more dynamic workplace environment and experience, utilise technology and reduce environmental impact.”

Net zero carbon emissions targets expected to influence real estate choices. Fifty per cent of the Indian respondents stated net zero carbon emissions target with majority of them citing the year 2030 as the targeted year.

Published on April 28, 2021

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