A rich mix: reimagining single-use workspace assets

As we approach the end of 2022 and look ahead to the new year, several key trends loom large for clients around the world. At Handley House, through enquiries we’ve received, conversations we’ve had and conferences we’ve attended, we’ve seen a shift in dynamics and discourse within the property sector. Across Asia, Europe and the US, owners and investors are facing a common conundrum: what to do with single-use workplace assets that are failing to perform in the post-Covid landscape.

Over the past ten years, single-use retail has faced a similar challenge. In response to the rise of online shopping, department stores and malls have needed to evolve to create a compelling reason to visit. And so it is today, with the growing popularity of remote working, physical workspace needs to be reimagined in order to survive. As tenants reduce their office footprints in an effort to cut costs, landlords and developers the world over are asking the same question. How can the single-use model be adapted to protect balance sheets and secure future viability?

In this paper, we outline the challenges and benefits of converting single-use assets into mixed use spaces. We also discuss key design considerations for mixed-use developments, and the costs and implications of do-nothing scenarios. The workplace landscape is changing; and while the expansion into mixed-use may seem challenging, we believe it’s the surest route to a successful and sustainable future.