Disruption is big business around the world, as companies use new and innovative products, services, and marketing tools to change the way business is done. From Uber to Netflix, today’s successful brands have changed the way we spend – but what changes can the commercial property market expect?
Commercial property will always be important – but we may buy, sell and use it in totally new ways
As long as business is done, there will be a demand for commercial property – but will offices be structured the same way, and how will they be used?
New trends in the business world are changing the way commercial property is put to use around the world – and Cape Town is no exception. These include:
- Work-from-home positions and highly flexible hours
- The rise of mobile entrepreneurs who use shared office space for meetings and presentations
- The changing retail space requirements in the age of online shopping
- Commuter-consciousness and a desire to avoid traffic congestion and reduce carbon emissions
Overall, we are seeing an evolution in the way business is done – and the key factor is de-centralisation. The future of commercial space lies in the ability of building designers and owners to create flexible working spaces that cater to professionals who still want to have the right business address – but only when they need it.
Five year leases give way to one-day bookings
Traditional corporate leases that lasted years – or even decades – are officially a thing of the past in most commercial buildings. In the era of startups and SMEs that set up shop in the space of a weekend, bring their products and services to market in a few weeks, and – sadly – often fail before the year is up, long-term office rentals simply don’t make sense.
The rise of shared office space caters to the needs of modern businesses while protecting owners from losses by creating flexible rental (or space hiring) agreements that allow new tenants to be sourced almost immediately.
Retail space – online shops still need it
Internet fanatics may dream of the day when absolutely everything will be bought and sold online, but the reality is that customers like to see, touch, and test out products before buying them. The trend toward smaller retail spaces may continue as customers view products at their local shop and order them for home delivery, making it essential for commercial building owners to rethink retail partitioning and rental strategies in the next five to ten years.
The future of commercial property looks bright, with the twenty-first century economy bringing about exciting changes that we look forward to embracing. If you’re looking for commercial space in a modern, innovative building in Cape Town, contact us today.