PROFESSIONAL REAL ESTATE: TOWARDS A TRANSFORMATION OF BUSINESS NEEDS IN THE POST-COVID ERA

Word from Omar Berrada, Deputy Managing Director Yasmine Immobilier Everyone knew that the covid-19 pandemic was going to permanently transform economies around the world. The professional real estate sector is no exception. The confinement that has led to teleworking in thousands of companies around the world has opened the field to in-depth reflection on the consequences of “home work”. Whether in terms of performance, the well-being of employees, management of office spaces, it has forced management to question the 100% face-to-face paradigm. Internationally, several studies show that teleworking should take root in the landscape. The study conducted by the French Association of HRDs and the Boston Consulting Group on new ways of working following the Covid-19 crisis, reveals that 85% of HRDs questioned indicate that the development of telework is desirable and 82% now believe more “eligible” positions currently. According to another study by the Association Pour l’Emploi des Executives (Apec), 83% of executives want to “telework in the future”. However, aware of the risks associated with isolation, burn-out, workload… they call for the adoption of a “hybrid model”. For its part, the Cisco study entitled “The future of employees”, explains that before confinement, only 4% of French people questioned had the possibility of teleworking as they wished. Today, the majority of them hope to maintain the acquired autonomy, while being able to choose the option that suits them best. Indeed, 88% want to define how and when they use office spaces, while combining remote work. In Morocco, a good number of companies (media, etc.) have decided, even after deconfinement in June 2020, to give their employees the opportunity to work from home. If the movement is only at these beginnings, the transformation of mentalities in Morocco, in relation to the work space is underway. Long considered a means of controlling the work and the involvement of employees, the presence in the office is called into question by the experience of confinement. It is now accepted that “home work”, far from reducing the productivity of the teams, and in a good proportion makes it possible to improve the well-being of the employees. Better still, the economic recession engendered by covid-19 has pushed companies to deploy rescue plans including, among other things, downsizing, freezing new recruitments but also, is a salient feature of this crisis, a reduction in office space. At Yasmine Immobilier, we note that 90% of requests from multinationals who contact us for the rental of offices, have received a directive to reduce their office spaces by 50% by the end of 2021. This augurs a transformation of the needs of companies to the Post-Covid era in professional real estate. Indeed, the dogma of an office by manager or director is behind us. Shared, agile, modular spaces are becoming the rule. The presence in the office goes from 100% compulsory to 2 to 3 days per week, with rotation between the teams. Only Finance or HR teams must ensure a continuous presence at work. At the level of the Jasmin Tower for example (Office floors developed at Casa Anfa by Yasmine Immobilier) the fact of having the possibility of renting offices of 200 m2, seemed in 2019, to be a heresy for real estate experts. But today, 9 months after the delivery of the building, we see that this perfectly meets the needs for reducing office space in companies. While it is true that part of the Jasmin Tower accommodates the headquarters of Manpower over a large area, the majority of other companies that set up there are moving towards offices of 200 m2. Ultimately, companies are much more careful about the ability of their future offices to integrate new health protocols. Among the most important elements, the security locks, the brightness of the offices, the natural ventilation and the outdoor spaces. It is therefore obvious that the 2020-2021 period will sustainably transform the professional real estate stock, leading all the players in this segment, from the architect to the marketer to design and carry out projects in line with this new era that is opening. .