As offices are now gearing back up to reopen, it's clear that the workplace we once knew has evolved.
Colliers Singapore Property Insights podcast is our podcast series where Colliers Experts comment on the latest real estate news and provide their advice on how to maximise the potential of property.
Over the past year, COVID-19 has changed our attitude and relationship with how people work and see the workplace. Some of these changes were anticipated, such as the growth of remote working, the proliferation of technology use at work, the decentralisation of some operations, as well as employees' need for flexibility. What was not anticipated is the pace of those changes. As offices are now gearing back up to reopen, it's clear that the workplace we once knew has evolved.
In our second episode, Ling Wei Kong, Senior Director for Capital Markets & Investment Services and Stephen Bruce, Executive Director and Head of Real Estate Management Services, share their vision of the Singapore's office market and what this means to landlords, developers and investors.
There are clearly two schools of thoughts regarding the work from home situation. Some corporations want the workforce to go back to work, and others encourage the workforce to work from home. In either case, this will impact the office space demand by expanding the current space to allow growth in the technology sector, by enabling social distancing or requiring a more flexible workspace.
COVID-19 has changed the office management process from embedded and reactive technology to service delivery. Occupier requirements are shifting very quickly—touchless-tech, cleaning regimes, less direct people space and more collab space. Monitoring is now crucial at every stage. There is a flight-to-quality - prime and grade A offices are in high demand.
The legacy left behind from COVID, whether it's a pandemic or endemic, has had a permanent and fundamental change to how we conduct our lives. Commuting, facility use, integrated assets and convenience services are here for good now. The CBD will transform into a 24/7 vibrant Live, Work and Play environment through mixed-use developments in Singapore.
Listen to the full Colliers Singapore Property Insights podcast – episode 2 | The future of the office here.
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