CORONAVIRUS COVID-19 PANDEMICGENERAL PROPERTY

Working 9 to 5 no longer a way to make a living

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ALMOST 70% of corporate real estate professionals believe the 9-5 working day is a thing of the past.

The latest CoreNet Global tracking survey measured the lasting effects of the COVID-19 pandemic from the perspective of corporate real estate professionals.

More than half of responders, at 58%, believe reshoring of manufacturing will increase, with 75% of those believe this reshoring will occur mainly in North America.

57% project an overall smaller corporate footprint in the next two years, this number has shrunk since CoreNet Globals September survey, which saw an affirmative from 70% of responders.

The number of responders predicting a January 2021 return to work for more than 50% of workers displaced by COVID-19 has fallen by nearly 30% to 12.5%. Those who predicted a return in June of 2021 or later has increased from less than 20% to 36%.

Along with predicting the death of the 9-5 work pattern, more than 80% of responders believe that offices will now be used for collaboration and teamwork, as opposed to individual work. This figure has also been increasing throughout the year.

Respondents believe workers will spend their work week in the office 47% of the time, at home 42% of the week, co-working for 13% and ‘Other’ for 10%.

The likely outcome and long-term impacts of the global pandemic are becoming clearer as the year comes to a close and vaccination and wider reopening’s of workplaces seem immanent.

The survey conducted in November saw 138 of CoreNet Global’s worldwide membership respond.

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