In a survey of Facebook employees covered by the Harvard Business Review, the participants identified three things they wanted most from work: career, community, and cause. When those three critical elements are met, they give employees a sense of respect, care, and recognition from their community at work, and they report that they truly “bring their whole selves to work.” This sense of connection with a work community enriches their feeling of accomplishment, beyond the physical walls of the workplace.
COVID-19 brings uncertainty to many tenants, and with current social distancing measures in place as well as a majority of companies transitioning to working from home arrangements, the requirements of an office space have been severely impacted.
In the last month alone, the vacant office space offered by tenants for sublease has approximately doubled (from 50 to 100,000 m2). This is a unique opportunity, especially for small companies with up to 50 employees, which can now afford prestigious "A" offices commonly intended for larger corporations due to the coronavirus crisis. And under very advantageous conditions, often with a better price or higher flexibility of commitment compared to standard five-year contracts.
Only 18% of the companies surveyed reduced their leased office space and 27% gave up the planned expansion.
The pandemic accelerated the onset of new trends. Flexibility is at the heart.
64% of respondents-companies in the Czech Republic and 75% in the CEE region plan to invest in new technologies to support teleworking.
24% of Czech and 32% of Central European representatives of the surveyed companies expect increased interest in the sustainable construction of buildings.
-Colliers predicts a new revolution in office occupancy, which will see businesses balance collective in person collaboration with focused remote working opportunities –
According to the Prague Research Forum, the office leasing teams (Tenant Representation and Office Agency) of JLL mediated a record breaking 109,059 sqm of office space transactions on the Prague market. This total consists of 61,740 sqm mediated by the Tenant representation team and 47,319 sqm mediated by the Landlord representation team. Both teams transacted the highest volumes and achieved the largest market shares amongst all real estate consultancy companies on the Czech market.
Corporate real estate (CRE) investment within Central and Eastern Europe (CEE) increased in Q3 by 14%, to a record €2.297 billion, with total yearly volume up 6% according to the most recent report on CEE property investment from CBRE.
Europe’s prime office market vacancy rate is expected to fall back to its 2009 level by the end of 2016 and then to continue declining over the rest of the decade, according to global real estate advisor, CBRE. In Europe’s major cities, office development is not keeping pace with growing demand driven by improving employment trends and almost all key office markets are expected to show falling vacancy rates and accelerated rental growth over the next five years.
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