The global pandemic has sped up changes in real estate that were born of societal change, to the point where we will now see a very different built environment emerge around us. This is the conclusion of a report by law firm Withers Worldwide, which spoke to executives across the architecture, property and hospitality spaces.
The home might have become an office to many recently, but changes won’t stop there. We will start to see the emergence of ‘the third space’, a place to work that is neither work nor the office. The result could be revitalised high streets and opportunities to create much more flexible properties.
The research looked at three real estate areas: home, work and socialising. All three will become more intertwined in the future, concluded the experts, requiring a much higher level of flexibility from those who create and manage properties.
“The choice will become home, work and a third space,” said respondent Katrina Kostic Samen, Founder of KKS Savills and architect.
Starting with the office of the future, Nectar Efkarpidis, Co-founder of Molonglo Group, said: “We believe the office will change to accommodate more precise functions that come about from people needing to be together. The old ways are cookie cutter, the new ways will be more customized.”
Several respondents highlighted the increasing role of hospitality in workplaces. If people can work from home, the office might become a place to socialise with colleagues more than a place to sit at a desk. And while workplaces might become hospitality-driven, cafes and restaurants could start to offer the amenities people need to be able to work there – they can become the “third space”.
Turning to homes, the experts spoken to by the survey highlighted how living spaces will be reimagined. People will move out of the city centre as they no longer need to be there for work and suburbs will be given a new lease of life.
“For the last 30 years, cities have sucked everything in,” said Yolande Barnes, Chair of The Bartlett Real Estate Institute at University College London. “Now they are breathing out and seeding particles wherever they land.”
Pleasingly, the overall view was that community and sustainability were going to become far more important not just to the people who live in developments, but to the people who create them. Investors and developers are realising the benefits.
“Placemaking is going to become much more important alongside those environmental things, and housebuilders will want to develop and build a reputation based on both their eco credentials and also their placemaking credentials,” said Lucian Cook, Head of Residential Research at Savills.
Overall it’s an interesting report, with a lot of blue sky thinking. There’s no doubt that the global pandemic has brought about changes at a much faster pace than anyone could have imagined. At Mayer Construction, we are able to be as agile as possible to adapt to trends and ensure we are working with partners to deliver the properties that work in tomorrow’s world.