Flex office space, activity-based working and jobs closer to home will define the office landscape by 2030. CBRE’s new Singapore HQ a clear reflection of emerging office market trends.
The notion of what constitutes an office is radically evolving with technology advancements and changing workforce expectations. Today’s workforce is continually seeking enhanced work experiences that increase productivity while boosting physical and mental well-being. By 2030, CBRE expects that all offices will adopt at least one form of flex office space strategies – operating as a smart office or adopting an agile workplace strategy, or a combination of both.
A smart office is one where technology enables people to work better and faster, achieved through the use of beacons, sensors and mobile apps to help in expediting the performance of menial tasks; while an agile workplace strategy delivers high-performing and scalable workplaces that can quickly adapt to meet the changing needs of individuals and organizations.
Desmond Sim, Head of Research, Southeast Asia, CBRE said, “While traditional considerations like location, transportation access and floor plate size remain key, workplace strategy is increasingly becoming a priority. Progressive companies view office space as dynamic and productive communities where employees collaborate, drive business performance, and define corporate identity. The workplace of the future should be nimble in supporting these organizational objectives as well as employees’ work and lifestyle needs.”
Responding to the government’s push for more decentralized commercial hubs and to bring jobs nearer to homes, several multinational companies have in recent years, relocated their headquarters to areas such as Buona Vista and Paya Lebar.
CBRE Singapore completed its office consolidation from three locations to its new headquarters at Paya Lebar Quarter in May 2019.
Spanning some 32,000 square feet on a single floor plate, CBRE’s Singapore headquarters is designed to create a conducive environment which fosters deeper employee engagement and stronger collaboration across teams, while also facilitating the need for individual focused work when required. With technology as a key enabler, the end-result is increased productivity and more robust client solutions.
Moray Armstrong, Managing Director of CBRE Singapore, shared, “A successful workplace strategy should take into consideration the physical environment, tech infrastructure and user needs and experience in totality. From our vision of a workplace of the future to working in the completed office today, I am heartened that we have delivered a world-class workplace for our employees which will support their aspirations and the continued growth of Singapore as a strategic regional hub for CBRE.”
Taking collaboration and productivity to new levels, our Singapore headquarters is a showcase of our end-to-end real estate capabilities: from leveraging CBRE’s proprietary technology ‘Floored’ to visualize and edit floor plans in 3D; to adopting CBRE’s Workplace 360 approach in creating a variety of space settings to cater to different working needs; to making staff wellness a priority by providing a single point of access to office amenities and services through
a mobile app named Host.
Mr Armstrong said, “With the continued convergence of professional and personal lives, the workplace experience is now viewed as a differentiator in attracting and retaining talent.” The WELL building certification is a global building standard that focuses on improving the well-being and productivity of occupants.
He added, “Our new headquarters at Paya Lebar Quarter – the first building in Singapore to register for WELL building certification – is an ideal work-live-play destination which complements our employee’s busy lifestyles while enabling them to focus on delivering exceptional outcomes to our clients.”
Flex office space continues to proliferate across Asia Pacific, reaching a total footprint of 54 million sq. ft. as of March 2019, accounting for more than 3% of total office stock, said an earlier research by CBRE.
It added that Singapore is among the megacity forerunners for total flex office space with 2.8 million sq.ft. with penetration Ratio of (% of Flexible Space as Total Office Stock) 4.6 per cent.
As flexible space operators have already built critical mass for their service offering, CBRE expects 2019 to herald a shift in strategy from expansion to efficiency. This will include a focus on the following.
- Raising occupancy: Attract new and repeat members, increase space densities, and shorten sales cycles to achieve desired occupancy.
- Customising enterprise solutions: Target corporate occupiers and customise service and product offerings to cater to this demand.
- Form creative partnerships with landlords: Partner with landlords via management contracts to enhance agility in their portfolios.
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