Impact of recent workstyle transformation on Central London Office Buildings

Gheorghe Multescu and Kama Koska

ERES from European Real Estate Society (ERES)

Abstract: Social and economic changes to the workstyles and workplaces in Central London have had a strong impact on the commercial property market during the last decade. The emergence of a strong sector of Tech occupiers offer more stability to the market’s ups and downs. The research aims to investigate how office building design in Central London is adapting to the market changes and if developers and landlords have the ability to respond to tenants’ requirements for better flexibility.What is the impact of workstyle changes on workspace requirements and utilisation in the Central London office markets? The research adopts a two-fold approach. An initial literature review is followed by a survey that takes and in-depth analysis of professional experience criteria and requirements in designing and utilising commercial office buildings in Central London. Data analysis focused on a set of questionnaires sent to three professional groups including developers, designers and consultants and occupiers of Central London office space.The main findings reflect some clear changes in the type of space on demand as well as a more conscious use of space by the tenants. There are also practical suggestions given of how to improve the workplace quality and attractiveness to increase the competitiveness and appeal to broader groups of occupiers. The improvements include solutions for base build and fit-out that would enable developers and landlord to target a changing mix of more innovative and Tech companies. The adoption of flexible workspace design will allow landlords and tenants alike to align their Corporate Real Estate and Business strategies to enhance the quality of workplace and secure a solid place for Central London in the global development and investment office markets.

Keywords: Central London; Commercial Office Property; Corporate Real Estate Management and Strategies; Future Workstyles; Workspace Utilisation (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2019-01-01
New Economics Papers: this item is included in nep-ure
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