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Luminor Bank Chief Economist dr. Sigismund Mauricas points out that from this crisis, working from home and e-commerce became very popular. It is these two changes that are affecting not only the economy as a whole, but also the real estate sector. It is true that, while the sector was expected to suffer more, this did not happen.
Don’t see the collapse of the office market
Mindaugas Kulbokas, head of the research and analysis group at real estate services company Newsec, believes that the best word to describe the current state of the real estate market is transformation. Businesses value the opportunity to work from home and the office space they currently rent.
“The pandemic will end. So what? Do you need an office or not? Today, many people are reluctant to make cardinal decisions, to resign from office, because when everything is over, it will be necessary to work and overcome what is now lost. “Corporate policies to this day – not giving up existing offices, owning and maintaining them, and allowing people to choose – want to work from home or use the office as a premises where there is an opportunity to provide customer service,” he said .
Photo by Rokas Lukoševičius / 15min / Mindaugas Kulbokas
M. Kulbokas pointed out that working from home may not smell like roses for everyone. For example, if it is a family that lives in a two-room apartment, all members of the family must not only work but also learn from home. And what to say if a neighbor comes up with repairs to do.
“We don’t see anything that could cause the offices to collapse. We are following serious considerations on how we will use the office in the future, how many people can work remotely and how we can ensure a safe environment in the office, “he said.
Furthermore, according to M. Kulbokas, companies that plan to rent premises in the office buildings currently under construction do not renounce these intentions. However, Maurice believes that some companies will give up part of the currently rented space.
“80 percent. Companies will reduce their leased areas by 20%, they are unlikely to reduce them at all,” he predicted.
Photo by Julius Kalinskas / 15min / Office
Vilnius can compete with New York or London
According to the economist, cities like London or New York are concerned about the future of the office market because the prices of offices and houses are very high. For this reason, large corporations such as Google or Microsoft are considering moving from them to smaller cities. According to J. Maurice, this may be an opportunity for Vilnius.
“Vilnius is one of the cheapest mid-size cities. Housing is relatively cheap, as are offices. Vilnius has a lot of trump cards in its pocket if it maintains the growth trajectory and attracts some of its employees from more cities. expensive and large. The prospects are not bad enough, “he is convinced.
It also had the support of M. Kulbokas, who explained that foreign capital companies are being created in Lithuania to reduce the cost of services. However, he asked if there was enough skilled manpower in Lithuania.
“It’s a big task for our education system – to help people get oriented and reorient quickly so that we don’t lose momentum,” he said.
According to Maurice, London and Paris are very expensive cities and the quality of life in them is not very good.
Portugal, for example, has tried to close the market to IT professionals. The main reason for failure – expensive rent. There it competes with Airbnb, with tourists who drive up prices. The price of housing in Lisbon, where the level of salaries is similar to that of Lithuania, is two or three times higher than in Vilnius ”, explained the economist.
Luke April / 15min photo / Sigismund Mauricas
Offices will fundamentally change
According to M. Kulbokas, offices will become a safe place in the near future, where people will be able to work without interference at home: cats, dogs, children. True, he said, the space requirement per employee should change.
“We saw a trend of the employer to try to do a certain trick: 6 square meters. M per person, hygiene standards are met, I will fill the office, make as many places as possible. I am currently seeing the opposite trend. 10 square meters. m and more per employee is a new rate, “he said.
It was supported by Maurice, who said that offices now have to compete with homes. Nowadays, even some IT companies point to job postings as an advantage in their job postings.
“If the office is not very friendly, not very welcoming, the offices will not be popular. There will be changes. In recent years there has been a movement towards compactness and open spaces, although there were already languages in the world, is this really the way forward? The office will become a more complex structure ”, he was convinced, adding that this also applies to departments.
Meanwhile, M. Kulbokas believes that the company’s offices will try to simulate home conditions.
“Otherwise, the habit of working from home can last a long time,” he concluded.
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