The recent pandemic has altered every industry in the world. It does not matter which line of work you belong to; the world as we know it took a pretty bad hit with the rise of COVID cases. The work dynamics of many multinational organizations have changed drastically. And to cope up with the lockdown restrictions, companies introduced remote working and work from home protocols. With the lockdown restrictions easing up in different parts of the world and nearly two years being elapsed since the global financial crises, the world is just starting to get back to normal. The companies are forced to evaluate how important office space truly and what part they play in their growth as the strength of work from home is becoming more and more apparent.
The major concern employers had regarding work from home is that they might face a drop in quality or productivity. However, with virtual technology coming into play and video conferencing offering a much-needed solution in terms of person-to-person interaction, there has not been a significant change or drop in the efficiency of employees. Different industries like IT, Education, Consulting, Real Estate, Medical, etc., have leaned towards a flexible online model to make sure that their business does not suffer the wrath of coronavirus. The businesses that had made timely changes to their working model by creating an infrastructure to support connectivity have had the most success.
It is expected that by the first quarter of 2021, the demand for office space is going to decrease by 30 percent. This stat is backed by a strong commitment of businesses to introduce innovative solutions to a managerial level so that in case of a similar hurdle in the future, they will not face any issues. Every new company that has opened up shop in 2020 has given up the traditional structure and decided to operate remotely. Virtual offices have not only allowed them to counteract the current conditions, but this business model is also cost-efficient.
While it is true that the pandemic has been a real hurdle in development across numerous industries, the ones that were quick on their feet to make a change have benefited greatly. We are only starting to realize that working from home might be a permanent thing even if the world returns to a normal state. Due to that assumption, companies are reassessing their real estate needs.Given the recent snapshot of the business scene, there is a huge opportunity up for grabs as companies can move past the 9-5 work timings. With the help of recent technology, managers can easily hold daily meetings while making sure that their subordinates don't have to go through the hectic job routine everyday. When you look at it from an employee’s perspective, all these changes are going to be helpful in the long run.