Reflections and Predictions on the Future of Work for 2024

Reflections and Predictions on the Future of Work for 2024
December 11, 2023

It's been a dynamic year for the office and flexible space sectors.

With the World Health Organization declaring the official end of the COVID-19 pandemic in May, we finally started to see the stabilization of the “new normal,” including the way organizations approach work, meetings, and the office. 

Going into a new year, we are on the precipice of a fundamental shift across the entire global commercial real estate landscape. But before we dive into my predictions for 2024, let’s see how my predictions for the future of work from 2023 fared:

Increased demand for flexible workplace solutions

With hybrid emerging as the dominant work style, there has been an increased demand for flexible workspace solutions from both occupiers and landlords. A recent report from CBRE indicates that 50% of all companies expect that flex office will comprise a significant portion of their real estate portfolio by 2026. What’s more, occupiers are increasingly expecting landlords to provide meeting and flex space as a building amenity - and their demands are being heard with two-thirds of landlords looking to include flexible workplace solutions as a key offering.

This past year Convene announced a partnership with Greycoat and Mitsui Fudosan for the redevelopment of Sancroft, St. Paul’s in Paternoster Square, City of London where we will be opening a new - and extremely grand! - Meeting & Event venue as well as managing the entire front-of-house operation for the building including reception and a tenant amenity center inclusive of a lounge area, cafe with barista, library, and unique programming. We are also proud to have partnered with progressive organizations like goop to offer flexible office space solutions and on-demand meeting rooms to support their hybrid working style.

The workplace of the future is a meeting space

We can do individual work wherever, but impactful and inspiring team-based work requires purpose-built meeting and social event spaces which have the tools and amenities to support collaboration. A June 2023 report from Cushman & Wakefield indicates that meeting rooms and collaboration spaces are the most utilized flexible office solutions. And Convene is seeing more of the same, having witnessed a nearly 20% increase in Meeting & Event sales year-over-year.

Half the space, twice the experience

Robin’s recent state of the office report found that 88% of companies are mandating employees work a certain number of days in the office, but those offices are getting smaller - 80% have downsized since the pandemic and leases signed in 2022 were on average 16% smaller. But companies will not compromise on quality and experience; new, Class A, and/or trophy assets are bucking the trend with positive absorption rates. Within our own Convene portfolio, we’ve seen tenants at 22 Bishopsgate take, on average, 5% less space by outsourcing their meeting and event needs to the in-building Convene amenity.

The industry finally consolidates

This past year saw the beginnings of industry consolidation, most notably with the Convene acquisition of etc.venues in February 2023. With the addition of etc.venues to the Convene portfolio of brands, Convene became the largest provider of premium meeting and event venues in the U.S. and UK, allowing us to serve our clients in more places and exciting new ways. 

What does the future of work hold?

So what’s next for the future of work and the future of meetings and events? Let’s dust off the crystal ball, as it’s time for me to share my predictions on what we’ll see take flight in 2024 for Convene:

1. 1. Employees become “members,” leading to the “social club-ization” of the office 
   2. Buildings become “brands” and property management is replaced with experience management
   3. The workplace is no longer a place, but a “network” offering clients access to purpose-built meeting and workspaces around the world
   4. The office is dead, long live the office. 2024 will be the year of rethinking what the office is and the purpose it serves
   5. Fewer, bigger, “better,” in-person events will lead to more impactful and experiential programs to encourage attendance and drive engagement

You can read my full thoughts on the future of work, meetings, and events here. The way we work may be continuing to evolve but one thing is clear: flex is here to stay.

If you are a landlord looking to reposition an asset, contact our Real Estate Team here.

If you are a company looking to provide your team with a dynamic return-to-office solution, contact our Meeting & Event Team here or our WorkPlace team here.

Special thank you to our clients, partners and team Convene for all of their support in 2023. Cheers to a happy, healthy and successful 2024.