Key Factors that Impact Demand for Office Buildings in the Middle East
In the last two years, many critical factors have changed the demand for office buildings in the Middle East. Therefore, it is essential to be aware of future factors that will impact the market for office building post-pandemic.
Flexibility and Growth
Because operations are evolving so quickly, flexibility has become a crucial phrase for businesses looking for space. Companies do not want to be locked in areas that limit their ability to expand. Instead, they desire an adaptable space to fit their present and future company needs. For example, flexible offices could have moveable walls, coworking spaces, and buildouts. Creating versatile workspaces has become an essential part of workplace design. Modular soft seating, workbenches, desk pods, and “meet point” are just a few options that may help you create a well-designed and flexible workplace that suits the Middle East post-pandemic.
It is essential to be aware of the quality factor that can impact demand. It refers to many different aspects such as quality of the buildings, in terms of location, build quality, and amenities provided. But it also considers the quality of the maintenance, management, etc. More increasingly, the quality of the ESG offerings that buildings provide and their statements around those.
We understand that having exciting office spaces can encourage employees to return to the office. So, for example, landlords that can offer well managed, ESG focused, cost-effective buildings will be at the top of the list regarding occupier choice.
If you need advice in relation to your new, or existing portfolios in the Middle East, or further afield, IREP can help.