Trend alert: alternative uses of office space
Now that it's been more than two and a half years since COVID-19 first arrived, it's safe to say life has returned to normal - not the normal we once knew, but a new normal. A normal that sees most office-bound people embracing the hybrid model of three days working in the office, two days working from home (WFH). Or remote work which sees them never stepping foot in an office space. So, what does mean for all the office space that was once thriving? A lot of it is standing empty and will continue to be as most people enjoy the new normal of a hybrid work life.
Bt it's definitely not doom and gloom if your commercial property is now one of the empty ones. In fact, there's a worldwide trend whereby commercial spaces are being repurposed, regenerated into mixed-used spaces, which is changing the landscape of the commercial property sector.
There's a multitude of mixed-use spaces being explored, one of which, is to convert part of the commercial space into residential space. Think of how in a CBD (Central Business District) there's many commercial spaces, if these incorporated residential letting, the CBD would once again come to life. This would mean more foot traffic for existing retailers, more opportunities for other businesses and would increase the use of public transport in these areas - creating a pedestrian-friendly city.
Perhaps the top floor of your commercial space could be repurposed into a gym facility, satisfying the needs of nearby office goers and residential tenants. There is of course the hospitality sector too, any café or restaurant situated within a commercial space stands to benefit from its neighbouring office folk.
It's all about adapting and remaining relevant in a post -Covid market, and not being left behind. Of course, when converting from a commercial to mixed-use space there are various factors to consider - original planning approval comes into play, the building's access, and health and safety requirements.
We all know how the retail sector was affected during the pandemic, however on the other side of the coin, e-commerce is booming. Online shopping has created the need for more warehouses. More stock and more storage for the stock. Distribution centres that are centrally located enable faster delivery, and there isn't a large amount of empty land to build these on, so a repurposed space is the ideal situation.
A mixed-use space also means that landlords aren't relying on one stream of income, ultimately reducing their investment risk. Imagine a new training centre or school sharing the commercial space - even student accommodation. The options really are endless.
If you are looking for new ways to market your commercial property, or looking to buy/rent office space, get in touch with one of our expert commercial property brokers today.