The findings are in from our short survey on the EXM community Slack. (Thank you to those who took the time to complete it). The responses came from a broad spectrum of property professionals. Whilst particular challenges differ, it is clear that challenges around income and cost reductions is still a major concern, followed closely by supporting teams to adapt and prepare, not just to different ways of working but for a different way that the property industry will operate.
90% of respondents mentioned income, expenditure or making savings amongst the main focus
90% of respondents mentioned income, expenditure or making savings amongst the main focus (which makes you wonder what the other 10% are doing!). At Experience Makers we were pleased that some respondents mention the customer, keeping up clear communication, gathering fresh data and adapting services and products to fit new needs.
'Communicating with our customers'
'‘ Keeping close to clients to understand their challenges ''
are other things taking up maximum bandwidth.
When asked about current challenges, uncertainty around length of lockdown and income forecast adds to a sense of anxiety amongst the need to rejig people, spaces and investment portfolios.
Views expressed in the survey demonstrate some timidity around co-working investment due to change in perceptions around shared space. Although this could be off-set by new preference for in-house co-working and continued demand for better service, that caters to a more flexible workforce. Expect refurbished and repurposed commercial spaces and more interest in ‘safer’ assets by investors, BTR for example.
On a personal level (please let’s not forget individual wellbeing), there’s a split between trying to make the most of being at home vs. working like crazy - and is that any wonder!?
When asked what opportunities will arise from the impact caused by coronavirus, we see an accelerating pace in existing trends towards more sustainable and people-focussed property.
81% of respondents are cautiously optimistic
Looking ahead the general mood is hopeful. 81% of respondents are 'cautiously optimistic' , with the rest of the minority answering ‘pretty neutral or ‘too early to say’ when quizzed on overall outlook.
‘I’m looking to see early adoption of nascent technology and ESG principles'
‘There is a wealth of opportunity to reflect the changing paradigm, provided organizations are willing to listen, and adopt a more creative, innovative and flexible approach to real estate’
Over the next few weeks and months, as we navigate our way out of ‘lockdown’ and battle to balance the books, let’s not lose sight of these goals.
Tap into conversations taking place across the Experience Makers network with our Lunchtime 'Listen-ins'.