Rightmove: Agents are benefiting from return to the office

Rightmove: Agents are benefiting from return to the office


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A reversal of remote working as well as attempts to attract staff back to the office is booking enquiries to lease office space on Rightmove, the portal suggests.

Unique enquiries to lease office space is at its highest point since pre-pandemic as businesses look for spaces that meet modern requirements, Rightmove said.

Its data shows demand to lease office space is 19% higher than the same period a year ago and comes at a time when many businesses are continuing to consider how often employees should be in an office together.

Rightmove’s Quarterly Commercial Insights Tracker analyses millions of data points from the largest and most engaged commercial audience in the UK, to track supply and demand over time. Demand is measured by enquiries to commercial agents about listings for lease, or to invest in via Rightmove.

A snap poll in Rightmove’s research panel, Living Room, also shed some light on what could attract UK employees to spend more time in an office.

Amongst more than 350 office workers, a shorter commute (51%), free or discounted food (39%), greater flexibility with working hours (34%) and better facilities (29%) were some of the top priorities employees said would make them want to go to the office more.

The things that people found most frustrating about working in an office were the commute (61%), the office temperature (27%) and poor office facilities (24%).

Industry experts suggest a desire from employees to work in top class office spaces near good transport routes, particularly the Elizabeth Line, is driving business decision making.

In other trends, demand to invest in commercial property of all types continues to grow as the interest rate environment becomes more favourable. Demand to invest in commercial property is now 19% ahead of Q1 2024.

This quarter, demand to invest in offices has outpaced the industrial sector, which had been leading the way. Demand to invest in the office sector is up by 75% versus the same period last year (a low base), compared with 70% for industrial.

In the leasing sector, demand to lease leisure and hospitality spaces is up by 37% versus the same period last year. Demand to lease industrial space is also up 37% as the growth of e-commerce continues to fuel demand for warehouses.

Andy Miles, managing director commercial real estate for Rightmove, said: “Modern, well-positioned office space with great amenities and service is being used as an added incentive to attract top talent, to encourage them into city centres more, and is seeing strong demand. Older, energy-inefficient and less comfortable office spaces are struggling to meet expectations from office workers.”

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