Flexible office operational platform HubbleHQ said businesses using its technology, which includes names such as WeWork, Knotel, British Land and Techspace, reported the drop off in activity late last week.
“It clearly differs from operator to operator, but the crisis has put a rapid brake on transactions,” Mark Lewarne, head of real estate at HubbleHQ, told Property Week.
“There are some companies still taking offices, but this is typically being driven by lease expiries.”
Hubble HQ said it is seeing between 5% to 15% of the typical number of people working in the offices it services, which Lewarne said is “reducing daily”.
To cope with the decrease, Lewarne said “operators are seeking to stimulate the market via both discounted office prices and rent-free periods.”
Many companies are delaying or postponing their office search, he added, “due to the uncertainty around the time it will take to defeat the virus and the impact it will have on their business and headcount in the meantime.”
HubbleHQ hopes to drum up interest by promoting virtual tours offered by 13 providers on its platform. “We’re working hard to make this as easy and stress-free as possible,” HubbleHQ tweeted on Monday.
Source: Office - propertyweek.com
