Our recent research, published last month, found that at least 24% of office occupiers were planning to look for smaller offices within the next 12 months.
We have certainly witnessed an increase in the number of transactions being agreed in the last three months, with the majority of these being for space of under 1,500 sq ft.
From speaking to the occupiers actively looking for space, they still want an office hub where staff can come for a weekly or monthly meeting, and where some staff can work full time but with others able to hotdesk and work from part time one to two days per week, working from home the rest of the time.
What does this mean for landlords moving forward? We recommend that where possible, office space should be offered in smaller sizes, even if this means that modifications may be required to split your existing space in to smaller suites with, for example, additional entrances being required or more toilet facilities. The most common sizes being requested at present are between 400 and 1,500 sq ft.
However, rental levels for these sizes are holding up well as few properties are currently geared up to these sizes.
If you have a commercial property and need advice on how to make it suitable for letting, call our agency team on 01727 843232 or 01442 220800 or email us at firstname.lastname@example.org.