What was The Buzz in February?
Our monthly roundup of real estate industry news.
As we head into spring, let’s take a look at a few of the stories that caught our attention in February.
Truce for remote working?
The battle continues to get remote workers back to the office, with social media giant TikTok informing US staff whose home addresses aren’t in the vicinity of their office, that they could face disciplinary action, including being sacked, if they don’t relocate.
However, research suggests that the gap between the number of days employees would like to WFH vs the ask from employers is narrowing. And with a proven increase in productivity when working remotely, plus fewer days sickness absence, perhaps it’s time to find a middle ground?
Remote workers doing more work
The National Bureau of Economic Research (NBER) shows that workers can save around 72 minutes a day by eliminating their commute. The research also shows that those saving this time are using it to work rather than for personal activities. Let’s not forget the reduction in carbon emissions too.
Four-day week trial results are in
56 of the 61 companies which completed the trial of a four-day work week will continue, at least for now, and 18 of those are committing to making the change permanent. On average, participating businesses’ revenues increased by 1.4% over the trial period and were up 35% on the previous year. Those involved in the trial hope that the results will motivate other companies to give the four-day week a try.
Oxford Street retail unit to be converted into five-storey flexible workspace
Canvas Offices has unveiled plans to transform 321 Oxford Street into a creative and inspiring work environment, that will provide businesses with true value for money and effectively blur the lines between home and work. Yaron Rosenblum, co-founder and CEO of Canvas Offices, said “Since launching Canvas in 2018, we have successfully developed a model that benefits Landlords and businesses alike in sourcing vacant or under performing buildings across the Capital and transforming them into really engaging work environments, which have been carefully designed to enable businesses to grow and thrive.”
How does your area fare?
Raconteur have ranked the suitability of UK cities for hybrid working based on index scores for factors considered important for enabling and maintaining hybrid-working arrangements. See how your area fares: UK hybrid working map
The first edition of the London PropTech Show (15 and 16 February) featured two days an exhibition, conference and visitors throughout the event. You can read about their full event round up here. If you want to find out about other Real Estate events happening in 2023, you can see our roundup here.