The COVID-19 outbreak has caused many businesses to change the way they operate. Many aspects have needed to be reviewed and one, in particular, is the amount of office space needed. Accumulate Capital recently conducted an independent study into this to ascertain what businesses are planning.

For years, businesses have felt the best way to achieve success is to have large office premises in city centres filled with staff. Until the beginning of 2020, this was probably the most sensible way to operate. But the pandemic and lockdown have put a massive spanner in the works.

To ensure maximum safety for all staff, many businesses had to ask their staff to work from home. For companies who’ve historically been accustomed to using a large office with all staff in one area, this has proven to be far less of a hardship than many would’ve envisaged and this is due in no small part to advancements in technology.

Without a clear roadmap for a vaccine, this way of working is likely to continue for the foreseeable future and many businesses seem to be happy to embrace this new more cost-effective way to operate. Accumulate Capital recently conducted an independent survey to gauge how businesses are planning to adapt to the new business landscape, the findings can be read below.

What the Accumulate Capital survey discovered
The independent survey polled more than 500 senior decision-makers from businesses all over the UK, and it found that 73% expect businesses to downsize as a result of the coronavirus pandemic

Below are the major findings from the survey:

  • Senior business decision-makers expect COVID-19 will result in more businesses downsizing to smaller offer spaces over the coming 12 months.
  • Almost two-fifths (37%) of decision-makers said their business is planning to relocate to a smaller commercial space in the next year. With there being less emphasis on employees working from the office, the same number (37%) are looking to relocate to a new location with cheaper rent.
  • Half (50%) of businesses admitted their preferences for commercial premises have changed.
  • The majority (58%) believe working from home will become the new norm, while 45% of businesses do not see a situation where all their employees will be working in the office at the same time.
  • The research also revealed that 57% of businesses will still rely on a physical workspace in order to network and collaborate with partners and prospective clients.

There are numerous benefits to having staff work remotely, first and foremost it’s the lower overall costs. Among the other obvious benefits are less time commuting, the potential of reduced salaries and access to a wider pool of applicants.

There are obviously pro’s and con’s but one thing is for certain, changes do need to be made and as with anything, it’s a simple case of making the best out of a bad situation.

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