According to data from the Manchester Office Agents Forum (MOAF), the commercial property market in Manchester City Centre experienced a resilient end to 2020 against the backdrop of challenges caused by the coronavirus pandemic.
In quarter four of last year, almost 350,000 sq ft of office space was transacted in the city centre. This was the highest figure of the year which saw a total of 800,188 sq ft transacted over 146 deals.
There has been speculation throughout the pandemic about the impact several lockdowns and government restrictions on going into work will have on the uptake of commercial property, particularly in cities, as many businesses switched to home-working to stem the spread of coronavirus. It appears from this data that businesses are still committed to having physical office space.
Benefits of Physical Office Space
The nationwide lockdown in the spring last year saw the majority of offices close their doors and staff moved to remote working. While there are undeniably some cost-saving benefits to remote working for businesses, there are still numerous positives that physical office space can offer.
Interaction, team building and collaboration
Having a physical office space allows teams to interact easily and instantly which benefits staff morale and also facilitates improved collaboration and training which is difficult to achieve when team members are working remotely.
Mental health benefits
Of course, every employee is different but a physical space to go to work can provide a balance for staff to separate their work life and home life easier than working from home. It is also easier for managers and HR personnel to monitor the general wellbeing of a workforce when they are able to see and speak to them in person.
If there is no physical space from which your business operates, meeting with customers and clients must take place over video calls or in public areas such as coffee shops or cafés where you have no control over outside factors that could affect the meeting. On the other hand, if you have an office to welcome your customers to, you can have control over the brand image you want to convey to them. There are also some demographics of customers who rely on the ability to have face to face meetings for certain services.
Alongside these benefits, a physical office also provides access to amenities, resources and technology, and the allows for prolonged training and mentoring. Whether your staff will be working full-time from an office or adopting part-time remote working, it is vital not to forget the importance of the workplace.
As the statistics show, despite a difficult year for business, there are some signs of recovery in a number of areas. If you are looking to buy, sell, or lease commercial property, Farleys has a team of commercial property specialists based in Manchester City Centre available to assist. Contact the team today on 0845 287 0939 or send your enquiry through our online contact form.