Tuesday to Thursday - The New Working Week?

Posted by The Landsite on 10th January 2023 -

Will a three day working week affect commercial property market values in towns and city centres?

Recent reports suggest a typical week in the office now runs from Tuesday to Thursday.  This comes on the back of the successful Work From Home Work From Home and hybrid working models adopted by thousands of employees during the pandemic. The belief is that there is no going back to a pre-covid working week and that the daily commute landscape has been altered for the foreseeable future. 

While the office continues to play an integral role for many businesses, employees are looking for more than just a desk as an incentive back to the office.  Tenants looking for office space are more likely to search for commercial property offering ESG credentials, a high quality built environment and facilities to encourage a return of staff.

Environmental and Sustainability Impacts on the UK Real Estate Sector 

There can be no doubt the knock on effect of the shorter working week. The negative impact on the service industry in city centres, heavily reliant on office workers means such businesses will continue to struggle. These service businesses cannot survive on 60% footfall levels (3 out of 5 days of business). On the other hand, this will positively impact commuter town centres and give local economies a much needed boost. 

Seaside towns also proved to be busier than before the pandemic, while The City of London has seen Fridays become almost as quiet as weekends. Real estate firm CBRE Investment Management said empty office space in London has more than doubled in the last three years.  

Worried about Your Commercial Property Lying Vacant?

With so much volatility throughout the entire real estate industry, 2023 it set to continue on a turbulent path.

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Read more articles in TLS Insights magazine - Your #1 source for real estate trends, data and insight December / January 2023