JLL recently released the 2022 Future of Work report which is based on data from a primary survey of more than 1,000 Corporate Real Estate leaders globally with a third of the respondents based in APAC. The results reveal insights around the future direction that firms will take in related to things like Hybrid, the corporate workplace and ESG.

1. Hybrid is here to stay but it has limitations. Those limitations are linked to difficulties in managing remote teams and collaborating effectively but perhaps the most significant challenge relates to career progression. Junior employees may find it difficult to build the networks and learn the skills that they need to progress in their careers while working remotely. In another recent survey, 60% of HR leaders told us that the office should be the primary place for learning and development and many firms may look to ensure junior staff spend as much time in the office as possible.
2. Partly to address challenges such as these, 77% of CRE professionals in APAC agreed that the office will remain central to their organisation’s long-term work ecosystem. Many also expect both headcount and total footprint growth over the next three years.
3. Although portfolio expansion is possible for some, a bigger priority for corporates is the type of real estate that they occupy. Flight-to-quality is not a new trend in APAC but it is a trend that has been accelerated by the pandemic. As corporates rethink their workplaces and policies, top quality, high specification space is best placed to facilitate the kind of health and wellbeing amenities, fit outs and other offerings that employees are demanding and that corporates need. This kind of space is also best placed to help firms achieve their ESG ambitions. Sustainable real estate is now a must-have and nearly all occupiers expect to be investing in embedding zero carbon requirements in their new location searches.
4. However, offices are changing to accommodate changing working patterns and employee priorities and many firms plan to redesign or refit their offices over the next 12 months. Part of that redesign will be to incorporate more collaboration space, breakout areas, health and wellbeing amenities and other things that we know that employees want, but there will also be investment in technology. CRE leaders highlighted remote working technology, in-office collaboration tools and even VR as priorities over the next three years.

Despite these general trends, it is important to remember there is no one-size-fits-all solution; hybrid and workplace strategies will be bespoke and solutions will vary by market, industry, firm, business line and numerous other variables. For a more in-depth take on the Future of Work, the full report can be found here.

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