As we have entered the final quarter of the year, the future of the commercial real estate sector is uncertain. Multiple factors are going to impact the landscape of tech-enabled office space in the coming months. The rise of flexible office spaces has helped many businesses to show resistance and eventually rise against the pandemic by bringing their workforce back to the offices.
Employee experience has gradually enhanced which is why more companies are shifting from traditional offices to managed/tech-enabled office spaces. The need of the hour for companies is to recognize the threats and opportunities that can make a direct impact on the growth of the business.
Harsh Binani (Co-founder of Smartworks: India’s Largest Platform for Managed Office Spaces) is among the very few leaders who have given a significant contribution to the growth of the commercial real estate sector.
He believes that despite the challenges in the coming year, there are a few opportunities that will be crucial for businesses to sustain and grow cautiously. Moving further in this blog, we will try to illustrate and indicate the trends that might revamp the face of tech-enabled flexible office spaces.
6 Capable Trends of Flexible Office Spaces in 2023
The dynamics of office spaces have evolved with time as 2022 has witnessed the best version of professional office spaces. Technology in the commercial real estate sector has shown massive positive results which have enforced companies to switch from traditional to flexible office spaces. Many industry experts including harsh binani believe that there are a few factors that will impact and magnify the experience of tech-enabled office spaces.
- Flourished Employee Experience
- More Popularity of Leasing
- Continuous Tech-Development
- Economic Instability
- Funding will be an Imperative Element
- Repositioning and Value-Addition
1. Flourished Employee Experience
Employee experience is going to play a vital role in the overall development and growth of companies in 2023. Recent studies show that employees are not ready to come back to the office spaces which is why companies are facing a rise in employee attrition rate. Offices of 2023 need to be more attractive and fascinating to ultimately engage with the utmost number of employees. Just like 2021 and 2022, the coming year is going to be full of hopes for employers because they desperately want to bring the workforce back to the office spaces.
2. More Popularity of Leasing
One of the major reasons behind this significant growth of coworking and flexible office spaces is the leasing element. It doesn’t matter how big a venture is, companies are not interested in buying flexible office spaces. Acquiring a professional office space in a prime location that too on a lease is always a plus for large, medium, and budding enterprises.
Many big companies are leasing instead of buying because this allows them to utilize shared resources and build formal relations with other entrepreneurs. Considering the sudden shift in the trend, businesses have already started switching from traditional offices to flexible office spaces.
3. Continuous Tech-Development
If we speak of a sector that has not rested for decades then the name that is first uttered from our mouth is Technology. Today, technology is making things possible that are beyond human imagination and expectations. Apart from empowering the medical sector, national security, and many more, tech has been an exceptional companion for the commercial real estate sector.
Today, it is only because of tech that we can enjoy the experience of touchless solutions in the workplace. 2023 is going to be a crucial year where technology will certainly remain an important element for business growth.
4. Economic Instability
As we all are aware of the recession, 2023 is not going to be as easy as 2022. Since we entered the final quarter of the year, economic instability in 2023 has already started haunting the big and medium enterprises. The experts are aware of the fact that this instability will create if not a significant but mild impact on the commercial real estate sector in 2023. It has become extremely crucial for business enterprises to acknowledge the coming threat and implement the corrective measures to sustain.
5. Funding will be an Imperative Element
Funding is an element that is always on high stakes. According to the experts, funding is going to be a popular trend in 2023 because companies will look to acquire tech-enabled office spaces. Many companies will surely look for investors to show interest in their businesses and fulfilling their financial requirements.
6. Repositioning and Value-Addition:
A new year comes with new opportunities and expectations. It is true that the recession has caused economic instability across the globe but moving forward, companies will try to ensure the repositioning of their brand and add more value. This will allow them to do a SWOT analysis and focus on the new environment. Repositioning and value-addition are the two factors that are directly linked to the growth of the business. These concepts are going to emerge as trends of 2023 because of companies that have not performed rebranding, reimagination, and restructuring in a long time.
By this, we can surely predict that the above six elements are significantly crucial for businesses to sustain and grow in 2023. Offices of 2023 will not be completely different from 2022, but they will surely enhance in terms of environment, experiences, and value addition. Flexible office spaces have already announced their presence and domination in the past few years, and this segment of office spaces will play a vital role in 2023.
Hence, it won’t be false to state that this is the right time for large and medium business organizations to move into tech-enabled office spaces.