Do you even need office space?
From small startups and business behemoths to conservative law firms and free-spirited tech firms, businesses are rethinking the role of office space - and whether they even need it.
COVID-19 has changed the way people physically interact with real estate. This has resulted in lasting behavioral changes in the way business operate and work.
Traditional office work is transitioning rapidly as businesses are recognizing that employees can be equally, if not more productive working remotely thanks to strong technology, Wi-Fi, collaboration tools and video platforms.
So, do you even need office space? And if so, the true question is how much? It is almost certain that organizations today need less space than pre-COVID. However, companies cannot look for a blanket solution. In fact, there is no blanket solution.
No matter what your office space needs are, you’ll need a strategic approach that is tailored to your business, your brand and your employees.
To understand how much space you really need, dive into your business, your culture and your people. Starting with a blank slate mindset is a good first step. Forget the past ‘rules’ of office space. Forget prestige corner offices or ping pong tables and bean bags. Office space doesn’t define your business how you once thought it did. You have the freedom to start from scratch and build a future-looking strategy.
Groupon laid off or furloughed roughly 45% of its workforce, and is now hoping to sublease 150,000 square feet in its Chicago headquarters, according to the Chicago Tribune. In addition, Alphabet recently halted plans to acquire more than two million square feet of office space.
Throughout history, offices have defined the businesses that occupy them. Not anymore.
Evolution of the office
Throughout recent history, the office was a way to show off a business’s perceived image or success — often a flashy office in an overpriced and overhyped building with costly amenities and even more costly rents. The office, and its design, helped represent how the business was seen by the outside world.
We’ve seen the office evolve along with changing business needs. Most recently, overpriced loft spaces doting free snacks, spa-like amenities and even bringing dogs to the office were features that defined the most modern and cutting- edge companies. But this is all yesterday’s newspapers. How will companies define themselves with the majority of employees now working from home?
Going forward, office space will not define your business. When defining workplace symbols aren’t around anymore, you’re no longer shackled to them. You’re free to explore your real estate strategy from a blank slate.
Vestian is not shackled to an office space solution just as businesses should not be shackled to office space. Vestian pushes profitable business solutions, no matter one’s space goals. We redefine business success for a better tomorrow.
Check out our timeline of how office space has evolved throughout history. What will your future office space look like? Click Here