Senior business decision makers expect Covid-19 will result in more businesses downsizing to smaller offer spaces in the coming 12 months, according to new research published by Accumulate Capital. The property development firm commissioned an independent survey of more than 500 senior decision-makers from businesses all over the UK. It found that 73 percent expect businesses to downsize as a result of the pandemic.
Nearly 37 percent of decision-makers said their business is planning to relocate to a smaller commercial space in the next year. Also, the same percentage of decision-makers are looking to relocate to a new location with cheaper rent.
The research also found that 57 percent of businesses will rely on a physical workspace in order to network and collaborate with partners and prospective clients. Paul Howells, CEO of Accumulate Capital, said: “Today’s research demonstrates just how COVID-19 is affecting both the UK’s businesses and its commercial real estate market. As a result of the pandemic, businesses clearly no longer look at offices and commercial property in the same way, which will have significant implications for property developers and commercial landlords.