BT, the company responsible for installing superfast broadband in millions of UK homes and businesses, faced connectivity issues in its own offices. Meetings at its old City of London headquarters were often affected by poor connections. Recognizing the need for a new office site, BT’s team set out to find and develop a better workplace.
BT is not alone in rethinking the modern workplace. Many businesses have downsized and reduced property costs as they adapt to hybrid work patterns post-pandemic. This shift has prompted a reevaluation of what the modern workplace should offer, including considerations such as net zero commitments, technology, location, and staff wellbeing.
While some parts of the office market are contracting, there is still demand for modern, smaller central locations. London saw a record number of office property transactions in 2022, with the strongest demand for premises under 25,000 square feet. Companies like HSBC and law firms like Reed Smith, Clifford Chance, and Addleshaw Goddard have taken significant amounts of new or refurbished office space in central London.
According to Martin Devine, a representative from commercial real estate services company Avison Young, the office has become central to staff attraction and retention. Workers want to feel connected to the space they work in, both from a health and social perspective. Companies that fail to recognize this may struggle to grow.
To explore how workplaces are evolving, the Financial Times visited three companies that have made significant office moves. Santander UK, for example, relocated its headquarters to a state-of-the-art building in Milton Keynes. The new office aims to create a workplace that employees want to come to, rather than feel obligated to. It features a range of amenities, including a ground floor with a brasserie, microbrewery, bakery, and street food trucks. The office design has shifted from traditional banks of desks to more dynamic, flexible workspaces that accommodate different work styles and encourage collaboration.
Electrical retailer Currys took a different approach, moving its corporate staff from an outdated office on the outskirts of London to a WeWork space near Waterloo station. This central location offers better transport links, amenities, and flexibility. By choosing a co-working option, Currys can accommodate a portion of its corporate workforce and provide a more appealing workspace for potential employees.
BT, on the other hand, invested in a new 325,000 square foot building in Aldgate, near the City of London. The goal was to upgrade its aging infrastructure and provide a great working environment for staff while consolidating its UK estate. The new office focuses on high-quality technology, prioritizing seamless WiFi and hybrid meeting spaces.
Overall, companies are reshaping their offices to meet the changing needs and preferences of their workforce. The modern workplace is now seen as a crucial factor in attracting and retaining talent. By incorporating elements such as flexible workspaces, amenities, and sustainability measures, companies hope to create an environment that fosters productivity, collaboration, and employee satisfaction.
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