Return to office or hybrid? JLL Spark invests in the future of work

For the avoidance of doubt, there is a future for work. While this might be bad news for those of us that enjoy our time off, the rest of the picture is decidedly less certain. As the recent JLL Future of Work survey illustrates, the complexities of where and how work will be performed are making life complicated for real estate decision makers around the world. 

The dynamic nature of how work is evolving is particularly vexing as real estate itself is a large and physical product; unlike software it takes a significant amount of time and energy to make changes to already-existing environments, so the more upfront designing and planning we do, the better. 

The report highlights how commercial real estate professionals now have a seat at the table, recognition that if organizations are to realize their goals of growing their businesses they will continue to need to attract top talent, and deliver on efficiency. This will require investment (65% of respondents are ready to invest) but the question of where and how is still not settled. 

The headlines today reveal a schism between those senior executives advocating for a ‘return to office’ and those that believe ‘hybrid’ is here to stay. Among white collar professionals, the challenge of creating accurate data to measure and determine productivity means that many of these positions are beliefs rather than data driven conclusions. That said, 83% of those surveyed have a policy of at least three days in the office and more than 40% of executives think that the number of days in the office will trend up over time. 

An interesting potential side benefit of the push to return is that employers are considering – and implementing – workplace changes to accommodate a more diverse range of employee needs such as accessibility and cultural norms. This may also lead to flight to quality, where tenants will pay more to access space that focuses on wellbeing, for example, and demonstrates their commitment to employee aspirations. 

At JLL Spark, we are well aware of these trends and in our own portfolio we have been investing in tenant experience (like HqO), hybrid enablement (like noro), as well as a wider choice of options (like Crafty) and locations (like Desana) for employees across the board. Whatever the future of work holds, it’s clear that the choices both owners and occupiers will have to make are now being driven by more thoughtful designs, attention to employee needs, and a desire to maximize productivity through real estate in service of the growth and revenue goals of modern organizations. 

Written by Raj Singh, Managing Partner at JLL Spark

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