The pandemic has made the impossible possible by shifting on-site work to a work-from-home setup. With the change of scenery and more time, we all had an opportunity to check on our life choices. Considering the remote working setup, workers found hope for a better work-life balance.
In a LinkedIn poll, 74% of workers had enough time during the lockdowns to question their career choices. The numbers in the poll have reflected the phenomena in the working industry called the Great Resignation across the globe.
According to a study, One out of four workers in the UK is considering a career change. With these numbers, the private sector is threatened by how employers can retain their workers. Consequently, the commercial property market will also experience the impact of the Great Resignation in the next coming years. So what triggered all these changes?
What caused the shift?
A lot of things have happened due to the pandemic. The loss of millions of lives due to COVID-19 made a lot of people see the value of life. Workers are locked in their houses for two years which allows them to see the life they’ve neglected due to busy working schedules.
Aside from the disrupted daily routines we experienced since 2020, the sprouting gig economy has become a full-blown industry. The gig economy in England and Wales alone hits 4.5 million. With most of us considering a better lifestyle and a more flexible working setup rising, it seems that remote working is here to stay and become the new era in the digital age.
The pros and cons of remote working
Everything has its pros and cons, even the new developing remote work setup. Along with the developments in the working setup, most of us responded differently to the impact of remote work. To put this into perspective, here are the pros and cons of remote work for the working group during the pandemic:
- More time for the family and self-care: Workers had more time to spend with their families, enjoy their hobbies, and do the things that never had the time to do pre-COVID lockdowns.
- More savings: Since people are no longer required to drive or commute to work, more people enjoyed more savings from their salaries. Due to risks of contamination, a lot of people also started to cook their meals rather than eating out.
- Better well-being: Workers have more time to sleep without worrying about the traffic. They also get to spend more time with friends and family or squeeze in a quick workout in between breaks.
- Promotes work-life balance: Some people were able to renovate their houses, bond with their dogs, and enjoy doing their hobbies while working from home. The flexibility in time made them have a more fulfilling routine than going to the office during the pre-COVID time.
- More control on time: Aside from their day job, some workers were able to have part-time work to earn more. Others were able to start an online business as a side hustle.
- Distracting home office environment: Not a lot of us are lucky to have the space and good family relationships at home. Some workers who are experiencing domestic violence and single parents who handle all the house chores are constantly distracted from work. According to a 72Point survey, 42% of remote workers find it hard to separate work from their personal life. The physical separation between work and home allows our brain to identify the place to relax and the place to focus and work. In a remote work setup, the boundary between work life and personal life becomes blurred, causing more stress and distracting working experience. Just the sight of the laptop or some notes at work will keep reminding you of all the pending work you need to do, resulting in an unusual struggle to relax at home.
- Loneliness and feeling of isolation: Humans are social beings. We may hate the long commutes and all the tedious parts of going outside but human connection is an integral part of our well-being. Millions of people felt that kind of loneliness of craving social interaction over the past two years. So, as soon as the lockdown and restrictions relax, most people are so excited to meet other people, go and walk with the public, and see new faces.
- Zoom meeting burnout: Meetings have become more frequent for most workers. It became a part of a routine that most remote workers developed a profound burnout from Zoom meetings.
- Confidentiality issues: Companies that handle confidential client files are handling cyber security issues remotely. This has led to the installation of screen-recording applications on the workers’ computers which affects their personal space and confidentiality too.
- Internet connection concerns: The most uncontrollable issues in remote work is the lack of internet and brownouts. Some workers who experience slow internet connections are failing to produce some output which affects their productivity and performance at work.
- Lack of relationships and bonds among colleagues: Companies that work in teams are struggling to create team spirit in a remote setup. It is an issue that gravely affects the training and adjustment of new hires, making it hard for them to know other members of the team personally.
How does remote working affect the commercial property market?
The commercial property market may have lost a decent amount of revenue due to the pandemic and the remote working setup but a new genre of commercial space emerges. Flexible office spaces and industrial properties are now among the fastest-growing markets in the real estate realm. It is one of the reasons why a new use class order has been set in place to adjust the economy to this growing trend.
The formation of class E in use class order gave people an opportunity that will boost the commercial and industrial property leasing for mixed-use purposes. New co-working spaces are also starting to emerge to cater to the growing gig economy in the UK.
The world is shifting and we are on a transition to a new era of the digital age. The faster the real estate market adapts to the new changes, the better for real estate property owners and landlords.
If you have a remote team that looks for industrial office space, let a professional chartered surveyor in London help you. Schedule an appointment today to get some insights on where you can get the best spaces within your budget.