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Why the Hybrid Work Model is Important 

When the whole globe went into lockdown in 2020, many of us were forced to test out alternative employment arrangements. The majority of businesses took advantage of this as a chance to review their workplace cultures. The traditional full-time office model may soon be replaced by the hybrid model, which will fundamentally alter how businesses operate and interact with their clients, workers, and suppliers. This being said there are many benefits of the hybrid work model. According to Forbes, 83% of 9,326 workers surveyed say they prefer a hybrid model, in which they can work remotely at least 25% of the time.

 

  • A Rise in Productivity 

With more freedom to play to their strengths, people can work more productively under a hybrid approach. Teams may achieve a solid mix of creativity and cooperation by promoting a culture that sees remote work as a beneficial option for finishing deep-focus projects in the office. Giving employees the option to work where and when they are most productive might benefit those who require quiet, alone environments to concentrate. According to PWC, new Research shows that as many companies have boosted workforce productivity and performance during the pandemic

 

  • More Possibilities For Lifelong Learning 

The ability for employees to engage in continual learning outside of the busyness of their typical work environment is another significant and perhaps underappreciated feature of a mixed work arrangement. This implies that if they are working from their office for a portion of the workweek, they may work from home for the remaining time on personal development goals to improve their job performance and career prospects. Especially for those with long commutes, removing the community to and from the office can free up time for personal development and hobbies which would positively impact work performance. 

 

  • Improved Relationships & Collaboration 

Unlike remote work, hybrid work allows for face-to-face contact and cooperation, which promotes healthy team-building and, as a result, improves employee collaboration. Employees will be able to interact and build deeper working connections as a result of being given the opportunity to speak and socialize in person. This will also enhance departmental, team, and workgroup collaboration. This mainly can be true in our present environment, where many employees communicate and collaborate with their coworkers via screens rather than in person. Every face-to-face communication, which might only take place during scheduled meetings when working remotely, might create a chance for mentoring, knowledge sharing, or making crucial business connections.



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Impacts of Long-Term Virtual Work

When people switch to working from home, which momentarily can boost the quantity of work they accomplish each day, work-from-home (WFH) employment cannot provide the real benefits of face-to-face interaction, such as learning and new long-term connections. The benefits of in-person work on productivity are better long-term as opposed to the short-term gains from working more at home for potentially unsustainable periods. In-person work stimulates invention. The one-time benefit from the time saved on commutes will be swiftly outpaced by an even slightly greater growth rate once workers return to their offices.

 

Members of the Team have Less Human Interaction.

Not everyone wants to be “besties” with their colleagues and treat their work for work only; however, according to Business Insider interaction helps in providing a productive and enjoyable environment. It’s also a social setting in which employees get to know one another, have casual chats, bounce ideas off one another, connect as a team, and come to appreciate the business culture. Even when you are no longer obligated to attend the monthly standup meeting physically, you might not know how much you’ll miss those free workplace coffees. 

Low Employee Morale

Building relationships with coworkers is more difficult while working from home. There are fewer chances for chance meetings or social gatherings like lunches, and happy hours. 

Inability to Focus

While some professionals find the home environment conducive to concentration and productivity, others are overwhelmed with distractions: children wanting attention, spouses, and roommates interfering, and street sounds boring into the awareness.

Overworking Dangers 

The possibility of working more hours than necessary exists when you telecommute. Burnout and increased work-related stress are unquestionably consequences of this. This may be prevented by carefully outlining your calendar and allotting certain work and personal responsibilities periods. For some people, having a designated workspace where you can leave when the workday is done is essential.



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Company Culture is Not Built Virtually

Company culture is not built virtually

I believe there will be long-term impacts on company culture, especially for the younger generation moving into the workforce. The newer generations are now becoming the majority in the workplace. Even if it has been some time, can you still recall running into coworkers in the corridor and catching up with them about weekend plans or a significant project you were working on? Do you have any memories of being in the right location at the right moment, providing a person with the knowledge they were lacking, or inviting a colleague to a lunch meeting or event they could benefit from? Like many others, you might not have appreciated the significance of these discussions until you started working from home. Over 50 studies have been conducted this year by Microsoft teams to investigate how the nature of work has evolved since early 2020. This endeavor includes a study of billions of productivity signals such as emails, meetings, chats, and postings across Microsoft and LinkedIn’s user bases. Additionally, a poll of over 30,000 persons who were located in 31 different nations is included. Basically,  this study found that employees feel more connected to their colleagues in the office and completely disconnected when working virtually. 

 

  • Difficulty in Building Genuine Relationships with Colleagues

Collaboration, creative problem-solving, mentorship, and team morale is more challenging when each requires a Microsoft Teams or Zoom invite to do so. According to a study done by Stanford 67% of workers are distracted during virtual meetings. · 47% of people prefer in-person meetings.

 

  • Frequent Interruptions and Unsupervised Performance 

Self-regulation and focus can be difficult for most without having the accountability of your team around you like in an office. 55% of workers admit to checking their email during virtual meetings according to a study done by Standford. 

 

  • Lack of Motivation When There’s No Comradery

When you are surrounded by people who share the same vision and purpose it is the comradery that keeps each of us motivated and feeling supported when you are having an off day or dealing with a difficult project/situation.

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Your Workplace is a Reflection of the Company Culture

 

 

According to Business news daily when searching for a new job, 77% of respondents said they would consider a company’s culture before applying. Corporate culture is a serious issue. According to Deloitte research, many business executives surveyed saw staff retention and corporate culture as an “urgent” issue. Given that business culture has a direct bearing on employee retention, particularly among the millennial age and younger, it stands to reason that it also has a direct bearing on the number of employees who stay with a firm.

Your workplace is a reflection of the company culture. Whether actively developed or just developed through time, every business and workplace has a culture. Cultures can be positive, feel positive, and act positively. Or they might be awful, feel bad, or behave badly. And there is a middle ground between the two. A great corporate culture is one that is shared by all employees, from the newest intern to the CEO. Culture involves putting your underlying principles into action. The business’s responsibility is to guarantee that each employee is aware of the requirements and aligns properly. A company’s culture should be one that naturally fosters inquiry, respect, cooperation, and employee wellness. In most circumstances, deciding whether something is “excellent” or “poor” is a matter of personal preference. If you want a relaxed atmosphere, a fast-paced, competitive culture will not suit you. Conversely, there is no doubt that each culture is unique, even if it makes sense for that particular industry. One of the main characteristics one company differs from another in the same sector is through culture.

The quality of an employee’s work life will be greatly influenced by the setting in which they spend that time. People are more willing to put in long hours and stick with a company for the long term if they work for one with a strong culture that matches their personal values and mission. People are considerably more inclined to quit, or even worse, underachieve while still working for the organization if the culture does not match their own personal feelings.



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2nd Quarter 2022 Tampa Bay Office Market Report and 3Q Forecast

low angle photography of gray tower crane

Important Highlights:

Tampa Bay:

  • Tampa’s office vacancy rates are roughly 11.82% for all types of buildings. 
  • The unemployment rate in Tampa Bay has decreased to 2.5% in March of 2022, compared to the end of the 1st Quarter 2022 of 3.50%, Tampa Bay is below the national average of 3.50%
  • Tampa Bay is the third-fastest-growing metropolitan region in the US for entrepreneurs.

Office Market:

  • Office vacancy rates in Tampa are approx.11.82% between all office building class types and Class A buildings 2.15%
  • Tampa’s overall rent has increased by 5.00% this year to 37.8% compared to 2021 which was 32.8%
  • Tampas business-friendly environment, companies from out of state will continue to develop and migrate to Tampa Bay

Let’s Talk Rent Numbers:

Submarket Overall Average Asking Rent-All Classes Overall Asking Rent Class A
Westshore $27.70 Sq. Ft.  $37.01Sq. Ft.
Downtown Tampa $19.05 Sq. Ft. $35.57 Sq. Ft.
Northwest Tampa $21.62 Sq. Ft. $26.24 Sq. Ft.
South Tampa $28.89 Sq. Ft. N/A
I-75 Corridor $24.31 Sq. Ft. $27.70Sq. Ft.
Downtown St. Petersburg $24.98 Sq. Ft. $35.95 Sq. Ft.

Construction Highlights: 

  • Construction costs continue to rise due to inflation. 
  • Tenants should be prepared to sign a longer lease 7+ years to absorb construction costs and pay out of pocket. 

2022 3rd Quarter Forecast:

  • With new buildings likely to be finished by the end of the year, total vacancy is predicted to rise as more available space enters the market. 
  • Flex schedules, which combine working from home and in the office, will continue to be tested. When faced with such short constraints, companies that have postponed their relocation and growth choices may find themselves with fewer options and less leverage when bargaining. 
  • Our business-friendly environment, companies from out of state will continue to develop and migrate to Tampa Bay

 

What does this mean for Tenants?

  • Despite landlords being more lenient with lease economics, vacancy rates are not comparable to other significant markets in the United States. Landlords in Tampa Bay are not as driven to fill vacancies as they are in other parts of the country. 
  • Take advantage of market conditions. 
  • Take a look at your existing working situation. Is your staff content with their jobs?

 

What does this mean for Landlords?

  • Changing the asking rent to obtain a competitive advantage over landlords who are obligated to maintain their face rents 
  • More flexible lease periods and concessions, such as a rent decrease, should be made available. 
  • Start advertising open space six months ahead of time.