For decades, the most important phrase in the real estate industry was “location, location, location”. As times have changed and technology continues to disrupt virtually every sector, we may need a new mantra.
Technology, people, flexibility – and uncertainty. Welcome to 2019
The commercial property sector serves the needs and tastes of the business community. When workplace trends start to change, office spaces need to adapt quickly.
The current private sector trends point to decentralised companies that encourage flexible hours, working from home, and downsized premises. This is especially relevant in the age of loadshedding when workers being in the same premises could experience hours of needless downtime and traffic delays commuting to and from work.
For office building owners, changes in management and working styles means new requirements and expectations from tenants – and the race is on to meet them.
What tenants want in 2019
This year’s commercial property trends are really a continuation of changes we’ve been tracking over the past few years.
What used to be new trends and nice-to-haves a year or two ago have become basic requirements today, and office spaces will need to meet these to be marketable.
Here are some of the features that a competitive office space should have today.
- Connectivity – from fast internet to teleconferencing and Skype-friendly workspaces.
- Convenient location – since people have the choice to work from home, office spaces will need to be easy and convenient to reach. Even in the digital age, location still plays an important role.
- Flexible leases – the prevalence of startups means that companies no longer want to be tied down with leases that last for years.
- Facilities – office buildings need to be on par with retail and entertainment spaces since these are alternative workspaces for today’s professional.
- Collaborative environment – office spaces have become places where professionals meet, connect and share ideas. This can only take place in a comfortable, trendy setting.
If you’d like to ensure that your building is well-positioned in the current market, we’d love to work with you to achieve the ideal occupancy rate. Contact the Commercial Space team today.