A rise in the number of hybrid workers could provide a major boost to the North East commercial property market, according to a leading property agent.
The latest figures from the Office for National Statistics (ONS) has revealed that the number of UK workers embracing hybrid working almost doubled from February to May, while the number of people working from home has more than halved.
The research also found that 84% of those who switched to home working due to the coronavirus pandemic now plan to move to hybrid working full-time.
And this change in working habits appears to have already had a positive impact on the region’s commercial property market, according to one of the region’s leading full-service property agents.
Bradley Hall saw commercial deals more than double in the five months up until May when compared to the same period last year and the agency is confident that the resurgence of the office will provide a major boost to the region’s property market.
Neil Hart, group managing director at Bradley Hall, said: ”We have seen a clear increase in demand for workspace in the region over recent months and this latest research around hybrid working can only be a positive indicator of what lies ahead for the region’s property market.
”To see more and more people returning to offices is a clear sign that the future of work will not be remote, but will instead be a hybrid mix of office and home working, with the majority of employees spitting their time between home and the office, and the North East is more than ready to welcome businesses looking to embrace the new way of working.
”Whether it’s city centre offices in Durham, Newcastle or Sunderland or out-of-town business parks in Alnwick or Team Valley, there are so many fantastic developments that have either recently hit the market or are due to be unveiled over the coming months, that it is no surprise so many businesses are now turning their attention to the North East.”
Hybrid working has risen to prominence postpandemic and is a type of flexible working where employees are granted the freedom to split their time between the workplace and remote working.
”The North East is the ideal place for businesses looking to invest in commercial property,” Hart added. ”The cost of commercial space is lower here than many other areas of the country meaning companies can significantly save on their overheads. ”There are also great benefits for staff here in the North East too, meaning companies can benefit from a happier and more productive workforce. The region has a lower cost of living than many other areas of the country; house prices are the lowest in the country and commutes are much cheaper too.
”Add to that the incredible countryside, abundance of green space and our numerous blue-flag beaches and there really isn’t anywhere else where employeers can enjoy such a high quality of life.