The office market is changing - and rapidly. The way tenants are occupying buildings, in particular, is changing incredibly quickly.
This phenomenon can be witnessed from small companies to the very large. For example, HSBC has 15,000 registered staff at its offices in Canary Wharf, yet only 10,000 desks, with staff more than encouraged to work remotely.
Furthermore, most SME office occupiers now look very seriously at serviced options; anecdotally I know of a number of well-established SMEs opting for serviced over traditional leasing due to its flexibility, limited cost differential and superior facilities and services.
Such changes to working practices by big corporates have long been mooted but only now are they coming into force. The idea of working from home was frowned upon only a few years ago, but with studies now showing that a mixture of office-based and flexible, remote working can be beneficial for productivity, perceptions have changed.
Corporates have also capitalized on an opportunity to save costs, which has further encouraged remote working practices.