The hybrid working revolution has transformed the way we look at work and how we work, probably for good. The shift has brought with it many changes that have positively impacted work/life balance, autonomy, and productivity, but it has left desks empty across traditional office spaces across the globe.
Looking locally, the levels of unused traditional office space in London have skyrocketed to their highest levels in 15 years. According to data reported by Bloomberg, an astonishing 31 million square feet, the equivalent of around 60 Gherkins, has been left unoccupied as hybrid working and a drive towards flexible solutions continue to dominate the landscape.
According to the AWA Hybrid Working Index, an average of two-thirds of desks are being left vacant daily, and average office attendance currently stands at around 26%. While the benefits of home working to individuals are undeniable, the economic impact of empty offices can seriously impact the corporate property market.
To make the most out of the underutilised space, AWA also reported that the potential revenue for subletting or repurposing empty office space could significantly impact the property market that isn’t currently being recognised. This means there is a massive opportunity for big businesses to rethink what it is they need from an office space and how they can optimise their empty desks.
Make Use of Your Space
If parts of your office have become redundant post-lockdown, rather than leaving them to collect dust, why not optimise the environment? There’s tonnes of evidence out there showing that a person’s environment directly impacts their productivity and, therefore, the success of a business. So, it’s worth investing in your office, creating a positive and healthy space for employees to enjoy while they work.
Switching out empty desks for more collaborative spaces does wonders for building teamwork. Phonebooths, meeting rooms or video conferencing spaces are vital to today’s work style. Or, you could create more wellness spaces for your team to utilise; gyms, quiet zones, calm rooms, yoga, or even a library could greatly boost the wellbeing and morale of your employees and encourage them to make the journey into the office.
Make Space for Innovation in Your Office
Underutilised space creates opportunity. Innovation is a crucial driver of productivity, team morale, and successs. You could open your space to coworking: inviting pioneers, entrepreneurs, and small businesses to work in your office. This will bring in more revenue, and you could also find new partners to work with, learn to become more agile, feel inspired by coworkers, and do your bit for the economy by helping small businesses on their journey.
Alternatively, you could create a designated innovation hub for your team to get creative in. These can vary from workshops to labs that can help develop a specific area of your business. By encouraging your company to be innovative with dedicated space and time, you’ll amplify your voice and establish your business as a trailblazer in its field.
How Plus X Can Help
If you’re unsure where to begin setting up an innovation hub, we can help. We know that every business and its needs are different and we are experts in curating spaces to fit specific needs to encourage innovation and collaboration. We’ll work with you closely to create an in-house innovation hub tailored and cultivated to the innovation needs of your business.
Our Corporate Innovation team can harness the power of its network of corporates, startups, scaleups, innovators, and entrepreneurs, connect with universities, identify and anchor scaleup tenants, design incubator events, and help you reposition your innovation strategy. We implement world-class innovation initiatives within our designs, including; mapping entrepreneurship programmes, scouting startups for corporate businesses’ internal innovation challenges, and creating bespoke partnerships between corporate venture teams and university research and development specialists.
Those who use the Plus X Corporate Innovation network are supported by experts with over 100 years’ combined experience in bolstering innovation in businesses across the globe.
By working with Plus X to realise your real estate and innovation vision, you’ll be unlocking potential revenue for your business, reinvigorating your team with a fresh, user-friendly space as well as the opportunity to rub shoulders with high innovators, getting a front-row seat to the next big thing. You’ll reach the right audience, attract and retain top talent and will lead the charge, designing the future of your industry.
Alternatively, you may decide that traditional office space is no longer the right solution for your business. Whether you’re considering a hub and spoke office model, small office spaces, or encouraging remote working among the team, we can help advise on a working solution that keeps innovation at its heart.
Ready to align yourself with innovation? Then get in touch and learn about what we can do for you.