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Why Covid 19 may benefit corporate sustainability

Covid-19 has altered the way in which we work, not least due to the fact that millions of employees globally went from working in an office to working from home almost overnight, a large percentage of whom are still there.

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Although offices will no doubt continue play a key role, with 90 per cent of 1,000 real estate clients interviewed by Savills believing they will continue to be necessary, the office as we know it might look a little different.

The role of the office as a hub for in-person collaboration, innovation and the reinforcement of corporate culture will carry more weight than before as people look to reaffirm it as a centralised social hub and a way to differentiate between the home environment.

The success of a business is built in a collective setting and the office will remain very much a place to support this. Not only does the social aspect of the office contribute to emotional wellbeing, but it helps to foster a sense of purpose and happiness while increasing employee retention and discouraging potentially negative effects of irregular working hours that people may have experienced at home.

What’s more, the general focus on health and wellbeing during this time is likely to inform our choices moving forward. Daily exercise and the emphasis placed on going outside could see office design change in the future to facilitate what has become a vital release for many. With nearly all non-essential employees now working from home, we’ve also seen a significant reduction in travel and an uptake in remote working technology. Now that we know this is a possibility, agile working is likely to become a permanent fixture for many and the need for business related travel will be scrutinised more than ever before, potentially having a positive long-term impact on the environment.

Green Office

Yet simultaneously, there has been a huge corporate shift in attitudes towards working from home. It is no longer seen as a perk to attract talent, rather a way in which to change the way in which we think about wider Environmental, Social and Governance (ESG) goals. This has been a step change for many companies, accelerating trends around workplace flexibility, while simultaneously shining a light on how ESG is discussed on a corporate level.Many businesses now have the courage of their convictions to future-proof their operations by mobilising their workforce to be able to work from anywhere, while also having a positive implication on lowering emissions and doing their bit to achieve the goal of carbon net zero by 2050. As a result, many businesses will take this opportunity to repurpose their workplaces in order to meet flexible requirements while adhering to evolving demands for more sustainable office space. Firms are having to consider their impact on not only the environment via themes such as carbon emissions, but are also having to take into account their role in wider social issues; the reaction to the Covid-19 pandemic being one of them.

Ms. Tu Thi Hong An, Director of Commercial Leasing Department Savills HCMC, said: “Today, office work also contains many potential health risks, forcing employers, as well as employees themselves, to pay more attention to their health in the working environment. Besides the healthcare requirements in the office design, property management and operation solutions are also focused on by tenants. Since then, the market has witnessed that many investors have been proactive and pioneering in creating quality office buildings for rent, focusing on their tenants' health, increasing wellness facilities in the modern working environment. This transformation will also be the competitive factor of the traditional office segment compared to other models.”

Ms Tu Thi Hong An, Director of Commercial Leasing, Savills Vietnam

Ms. Tu Thi Hong An, Director of Commercial Leasing, Savills Vietnam

What’s clear is that the repercussions of Covid-19 are likely to be brutal and long lasting, so it’s essential we focus on even the smallest of positives. If nothing else, the pandemic has given people the tools to move towards a more sustainable future and debunked the long-standing climate change myth that individual actions don’t matter

Going forward, we will undoubtedly see a shift in the way in which ESG values are upheld, not only from a corporate perspective but also from a personal point-of-view. The role of the office will continue to be a place where employees can go to feel a sense of belonging, while safe in the knowledge that through increased flexible working, they are protecting the future of the world.

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