As the cases of Covid-19 coming down in Asia, companies are returning to work from office trends. Most of the companies in Asian countries these days are looking for an extension of office spaces to accommodate more employees in the near future.
A recent survey reveals that almost 66% of the Asia-based firms prefer to add more area to their commercial space in the coming three years. Moreover, around 35% of multinational companies consider the growth of their office portfolios with time.
The states show that once the pandemic-related crises fade, most of the Asian companies are likely to return to their traditional working arrangements as compared to their United States and Europe-based peers. However, many of them are still considering the continuation of work from home trends to save real estate purchase and office maintenance costs.
Western companies that are aligned to the global business platform are generally satisfied with home office arrangements. Some surveys also show that almost half of the Asian companies prefer using dedicated seats for team members instead of following hot-desking concept because most of the new-age employees are not comfortable with the hybrid mode of work. On the other side, 60% of Western companies consider increasing the staff-to-desk sharing ratio in the coming years. It clearly means that office desks are going to become the point of work for employees post-pandemic.
The commercial real estate market is already seeing some improvement signs as the market started recovering from pandemic-related crises. It is common to see some hike in the price of office spaces for purchase and rent as well.
Those who are planning to make new investments in the business sector are advised to plan their real estate establishments with care. If we talk about the central district of Hong Kong, the leasing volume is recorded to be 69% high during the second quarter as compared to what it was in the previous year. The office rents in the respective areas are also rebounding at gradual motion during the second half. This rise is considerably high in comparison to the slow movements of the past six years.
The rents of the Singapore Grade A office in the Central Business District have also risen by 1.2% during the second quarter ranging from the past three months. All these changes are reflecting the rising demands for office spaces in Asian countries.
On one side, where Western business owners are accepting the benefits of work from home routines, the entrepreneurs in Asian countries are still happy with the traditional office setup. Although this pandemic has tough us how to use technologies more effectively to enhance productivity levels while working from home, many experts believe that one can ensure enhanced outcomes if these methods are integrated into traditional work environments. This is the main reason why many of them are interested in ending the work from home trends post-pandemic and are willing to create a more positive work environment at extended office space.
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