IN just half a decade, the workplace has undergone a dramatic transformation. The days of glass box offices with rows of desks are over. And, as the cost of living continues to rise and energy costs hit an all-time high, businesses are moving towards smaller, sustainable, and more adaptable spaces that work harder to meet flexible working patterns.
The separation of work and personal time is less strictly enforced and the ability for workplaces to act as a tool to drive relationships and productivity is fascinating. Post- Covid, employees have got used to the small luxuries that come with homeworking, such as the short "commute" to their desk, comfortable surroundings, the ability to juggle school runs or take the dog for a walk, and not worrying about deliveries being left unattended.
But there’s no reason why offices can’t offer the same benefits. Wise landlords and companies are trying to create places that people enjoy working in, and importantly, want to go to. To get people back into the office, employers must make the pull factor stronger than the push. Offices today need to not only look good, but also feel good, smell good and sound good.
But with budgets being squeezed, many businesses are struggling to find spaces that tick all those boxes. City centre prices are high, and the availability of top-quality working space is limited.
This may explain why I’m seeing a huge surge in demand for city fringe spaces in both Glasgow and Edinburgh. The introduction of Low Emission Zones (LEZ), which restrict access to traditional prime locations, are also pushing tenants further out. Still within easy reach of the hustle and bustle, city fringe locations provide more space, attractive commute times, and sit at a price point up to 40% lower than city centre offices. With space at less of a premium, landlords of these properties can afford to create better amenities, such as EV charging and cycle storage, attractive to organisations looking to improve their green credentials. Some - like Orchard Brae House in Edinburgh - are also providing significant wellbeing amenities like a dog walking park, on-site gym, yoga studio, sanctuary garden and café. It’s clear from the feedback we’ve received that people really value having some essential amenities right on the doorstep. If an employee is only in the office two or three days a week, they don’t always have time to pop out at lunch to visit the gym or walk to the park, so having everything they need on site is a great help.
Location will always be a key attraction, but if companies want to succeed in encouraging people back into the workplace, they need to turn their attention to removing any barriers.
Creating spaces where people want to be, and where they can come together, is the only way businesses will thrive in the long term. And to give buildings a future, landlords need to start considering how they can meet the growing demand for amenities.
The benefits that city fringe communities can bring to local companies are clear, but we need more of them. I hope to see developers embracing more all-encompassing workplaces to close the gap.
Paul Coulter is Managing Director at Eden PAM, local asset manager on behalf of VCM Global Asset Management
Agenda is a column for outside contributors. Contact: agenda@theherald.co.uk
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