As a business owning approximately a third of our investment portfolio in the office sector, the impact of working from home is at the forefront of our minds.
Is it surprising then, that in this toughest of years, we have chosen to move office and more significantly, not to reduce our space requirements?
Here we thought we would explain our thinking and why we think it has implications for the way other occupiers will look at their office space.
We are relocating to a Picton owned asset, extremely well located in the heart of Covent Garden. It is walking distance from Waterloo, Charing Cross, Euston and Kings Cross, which enables less reliance on the tube.
With our existing lease expiring, and rather than commit to paying rent to a third party, we have chosen to relocate to an existing portfolio void where we received planning permission last year to convert the 1st floor of a retail unit to offices.
We were tight on space and our new offices allow for growth, have more collaborative meeting room space and fantastic amenity facilities for the team.
War for talent
In order to attract and retain talent, as well as having competitive salaries, learning and career progression, you have to have space where people enjoy working. The social aspect of work should not be underestimated.
Proximity to shops, restaurants and entertainment are key, places we have all missed at lunch and after work.
Our occupier engagement surveys consistently pick up the positive or indeed negative impacts of well or poorly designed workspace. The workspace should be light and airy and it needs to inspire creativity, innovation and teamwork. Good layouts and design will achieve this.
At Stanford Building, the setting, the entrance, cycle facilities, high quality air conditioning, natural light on three sides, are all things valued by us and our occupiers. The use of solar panels to reduce shared electricity bills in the common areas is another positive factor.
Quality space – enabling company culture and collaboration to flourish
The workspace should be a place for collaboration. Our new accommodation is on one floor, making it easier to work than being spread across multiple floors as we were. There is plenty of room to operate with social distancing in the short-term and for expansion as the business grows.
Poorer quality assets will likely see less demand, which will impact ERVs and valuations, maybe even needing a reinvention or change of use. Well located buildings with great space, amenities occupiers want and which are run efficiently, with embedded sustainability features, will remain in demand post Covid.
Many forward-thinking companies have long operated a flexible or remote home working policy, and it is unlikely that the flexibility and benefits of working from home will be forgotten completely. However, if having the right space encourages collaboration, improves productivity, helps create the right culture and improves employee retention, in our view, an office move is well worth it.
Want to join us?
We still have room for two more neighbours, with Thunderhead, the software company, having already moved in. www.stanfordbuildingwc2.co.uk
Stanford Building, 27A Floral Street, London WC2E 9EZ
