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COVID-19 Business Impact Tracker (C-BIT)

Office Customer Sentiment

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How OfficeWorkersare Respondingto COVID-19

01_ The context02_ The change is real: brave new world03_ The new normal: COVID-1904_ The future: what to expect05_ The good news: how to adapt to COVID-1906_ The way forward: what are the logical changes?07_ Custom research

ContentsCOVID-19 Business Impact Tracker Worker Sentiment (April)

2COVID-19 Business Impact Tracker - Office_Worker Sentiment

MarketingJason Weaver

EditorGinny Grant

Web developmentAdam Lawdor-AnnesleyThis research product tracks the

sentiment of tenants and workers on a monthly basis. The insights uncovered will add certainty during this period of immense change, allowing property owners to be in control of their decisions, reduce risk and take hold of future opportunities as they arise.

Brickfields Consulting, in collaboration with Skyfii, has developed the COVID-19 Business Impact Tracker (CBIT) for workplaces.

Acknowledgements

The COVID-19 impact is changing by the hour. As such, pulling together a primary research report within two weeks has been challenging. This report was produced with special thanks to:

Rapid Response TeamStephanie BhimPete CraggsDavid GrantHeidi KrohnJeanette LambertBelinda LordStefanie MatosevicJohn RankinIan RobinsonJohn-Paul Talbot

WriterStephanie BhimDavid Grant

Research consultantDr Chris Cunningham

3COVID-19 Business Impact Tracker - Office_ Worker Sentiment

The context

Methodology and profile

01

Respondent profile

The typical worker profile for the following research represents a near even gender split of 46% male and 54% female, with 0.2% undefined.

The dominant age of those represented are a middle-aged cohort of 35-54 years (57%), followed by Under 35s (32%), with lower representation of those aged over 55 years (11).

The high representation of middle-aged groups is reflective of the key household types, with 34% being couples living with children (a typical age range to have a family), similarly, the representation of Under 35s generally correlates to the amount of couples living

with a partner (26%) or singles living alone (20%). Naturally there would be some overlap across all three age groups. There were significantly lower representations of singles living with family or friends at 9% and least of all singles living with children (3%) or singles or couples with adult children (2%).

Research methodology

The following research was conducted as an incentivised survey over 26 and 27 March 2020.

To capture a national representation, participants were recruited based on living within a 30 km radius of the Brisbane, Melbourne, Perth and Sydney CBDs.

A pre-qualifier question ensured the eligibility of 265 respondents, ensuring they worked in an office building or tower of over 10 storeys. Of the sample, 76% worked in an office building and 24% in an office tower.

The age groups used for testing are in line with the age/risk profile for COVID-19. An “at risk” variable was created for those respondents who stated that they were at risk, their families/friends were at risk and/or they knew someone personally who was diagnosed. A positive response to any of these three questions was needed to be classified as “at risk”.


Respondent profile (ctd.)

The sample can further be divided into three profiles, based on the level within an organisation and decision-making power.

The most dominant profile is a less senior cohort with little decision-making influence. This group is made up of Entry Level employees (11%) and those identifying as Mid-Level (48%). This generally correlates the representation of those “informed of the decision” (34%), and being “consulted about the decision” (15%).

Level of influenceThe second group are more senior and have a greater level of influence. This is comprised of Senior Managers (17%), and strongly correlates to those who identify as being a “significant influencer of the decision” (17%).

The lowest represented profile are ultimate decision makers (10%), which generally correlates to those identifying as a Director (10%), Executive (8%), or General or Regional Manager (2%).

The context

Who we asked

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Limited response re: role in decision making (n=128)

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Executive summary – Key areas to address

1. At present, 62% of respondents stated that the COVID-19 work arrangements have “made them question the value of a workplace long term”. Whilst it is not known whether their degree of “questioning” is deep, it is beholden on landlords to ensure that the value of physical workplaces (collaboration and productivity) is clearly communicated.

2. In terms of what messages to communicate, with the push to people working from home, it is important to manage the perceived/real benefits

of working in the office. The aspects which were viewed as the strongest overall benefits of a physical office were for “better communication generally” (25%) and “timeliness of response” (also 25%).

3. During this bridging period of time, workplace services delivered from home are becoming more relevant and commonplace (57% of companies are currently offering these types of services, such as virtual tech support). There is also an opportunity for landlords to be more active in designing physical workplaces which respond to the need for a more comfortable work environment.

4. The want for rental reductions and concessions was widespread across the sample. For landlords it will be critical to determine a fair and reasonable response which caters appropriately to the needs of each tenant, while at the same time does not offend the full-paying majority. As an indication of scope, though only 31% of tenants plan on asking for a rent reduction, in open-ended comments, unsurprisingly the most common suggested “improvement” was rent reduction and concessions.

5. As the situation is constantly evolving, there is an expectation from tenants that landlords will

be better communicators. Almost one-fifth commented that the communication from landlords was not satisfying at all, or only slightly satisfying (13% and 7% respectively).

6. Overall, the sector should also be commended by its response to COVID-19, with 44% of respondents either extremely satisfied or somewhat satisfied by the actions of their landlord in addressing COVID-19, and only 9% were not satisfied at all. This is a very positive sign given the variability of the situation and responsiveness of various landlords.

The context01_


Impacting Business returnsRental obligations Space requirementsPerceived value

The COVID-19 pandemic has upended businesses all over the world, with varying degrees of severity dependent on the sector. With the situation evolving hourly, sentiment on what the future holds is also in flux. The research conducted in late March 2020 revealed that 58% of respondents considered that COVID-19 was going to have a significantly high or high impact on their business. Supporting this sombre outlook is the fact that only 6% of decision-makers endorsed the belief that COVID-19 would have ‘no impact at all’ on their businesses.

The change is real: the brave new world

02

Change is real

For decision-makers 66% believe that the emergence of COVID-19 has made them question the value of having a workplace long-term (Q29)

COVID-19 Business Impact Tracker - Office_Worker Sentiment

However, when looking at the present day the picture is slightly more positive. Though 15% of respondents indicated that their businesses were already ‘significantly impacted’ – only 8% of decision makers thought so. Further to this, 40% of all respondents thought they would be able to continue without serious impact for 3–6 months.

This window of time presents a reasonable period by which businesses may begin to normalise to the situation – hopefully shifting out of reactive decision making and into a space of productivity and innovation. Ideally, it’s a chance to trial new modes of operating that can generate revenue, allowing businesses to come out the other side.

The change is real02_

Level of impact April 2020

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• Around 15% of respondents indicated that their businesses were already ‘significantly impacted’. However, only

8% of decision makers thought so (Q44)

• 40.1% of all respondents thought they would be able to continue without serious impact for 3 – 6 months.

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When businesses will be significantly impacted

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• 58% of respondents indicated that COVID-19 was going to have a significantly high or high impact on their business (Q37)

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Factors discouraging workplace use

Supplementary office information

Q32 – cut by age and gender

• Age sorted into work-appropriate groups. The 65+ respondents were not included as there are only three valid responses.

Age

• This graph shows the percentage of #1 rankings within each age group in response to the question: “Drop and drag the following factors which most discourage you today when considering using your workplace (1 being the most significant and 4 being the least significant)”

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Factors discouraging workplace use, by age

8

• Only 6% decision-makers endorsed the belief that COVID-19 would have ‘no impact at all’ on their businesses (overall 2.4% of total sample who answered this question, no respondents who were not decision makers said this)

• The highest ranking factor that discouraged people from their workplace was the risk of contracting COVID-19 (40.5%) (Q32)

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#1 #2 #3 #4

The way we work has undergone a drastic shift in recent weeks as a response to the COVID-19 pandemic. Across all age groups, the highest-ranking factor of concern was the risk of contracting COVID-19 from others while at work (39%–44%), with the over 50 years age group expressing the most concern. It is clear that this group consider themselves most vulnerable, as they also ranked the risk of contraction or passing on COVID-19 while travelling to/from work very highly (29.4%).

Given this level of apprehension across the board, the daily commute, let alone the workplace, no longer make for a positive experience. Irrespective of government regulations, it is no wonder that remote working has skyrocketed.



Where remote working was previously done on select days, utilised by team members living regionally, or only prevalent in certain sectors such as technology and software – it has now hit peak adoption, with nearly every sector transitioning their workforce wherever possible.

The C-BIT survey revealed that 89% of workers and 86% of decision-makers agree that COVID-19 has changed how they work. Regarding remote working, 41% of workplaces have introduced working from home (across all employees, all of the time), and 26% operate with alternative teams working from home (across all employees some of the time). Conversely, only 14% indicated that it was ‘business as usual’ (they did not have a working-from-home policy).


6

1. Change is real • 89% of workers and 86% of decision-makers, agree that COVID-19 has changed how they work (Q29) • For decision-makers 66% believe that the emergence of COVID-19 has made them question the value of having a

workplace long-term (Q29) • For 65% of decision-makers, believe that the emergence of COVID-19 has made them less likely to re-lease (Q29) • Only 14% of office respondents indicated that it was ‘business as usual’ (they did not have a working-from-home

policy (Q30)

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65% of decision-makers, believe that the emergence of COVID-19 has made them less likely to re-lease.

Present Workplace Adjustments

The top 3 ways in which businesses are supporting employees include: workplace services from home (57%

10COVID-19 Business Impact Tracker - Office_Worker Sentiment 10

11COVID-19 Business Impact Tracker - Office_Worker Sentiment 11

This shift to remote working presents an interesting live experiment for new modes of business operations, which challenge traditional practices, assumptions and approaches to expenditure.

As the weeks unfold, directors, executives and general and regional managers will keenly look to see what proves successful, how well their teams perform, and what luxuries can be happily set aside.

A questioning of such areas is already underway. The C-BIT survey uncovered that 66% of decision makers believe that the emergence of COVID-19 has made them question the value of having a workplace long term. Further to this, 65% of decision-makers, believe that the emergence of COVID-19 has made them less likely to re-lease. If this sentiment continues or increases, landlords will have to adapt. Some areas for review would be the flexibility of lease terms, contingency clauses in the event of global crises, the flexibility of spatial typologies, and the overall proposition of the onsite offer – particularly how this can compete with the comfort of working at home.


The transition to remote operations and more flexible ways of working has called for businesses, at their discretion, to offer support services for employees. The approaches are varied based on a business’s unique operations and financial position.

The new normal: COVID-19

How businesses are responding to new modes of operating

03

Present Workplace Adjustments

The top 3 ways in which businesses are supporting employees include: workplace services from home (57%

Most common Workplace services from home andflexible hours

Least common Financial support

COVID-19 Business Impact Tracker - Office_Worker Sentiment

11

• The top 3 ways in which businesses are supporting employees include: workplace services from home (57%), flexible work hours (46%), and reduced work arrangements (30%). Interestingly, only 8% of employees were offered financial support (pay in advance) (Q31)

• 8.6% reported “other” means – (n=11) all negative – ranging from “standing people down” to “nothing” • 64% reported only one supportive measure, 24% two, 9% three and 3% all four measures had been put in place.

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Sixty-four per cent of respondents noted only having access to one supportive


The most popular way in which businesses are supporting employees is with workplace services from home, with 57% of respondents having received this. On face value, this presents as the most simple and cost-effective measure to implement, with solutions occurring on an as-needed basis (whether it is a data add-on or new desk chair, among other items).

Other support measures speak to flexibility, which is even more important for working families and caregivers at this time. Flexible hours was indicated by 46% of respondents, followed by reduced work arrangements, at 30%. Such measures work in tandem with wider societal restrictions that have seen working parents juggling homeschooling activities throughout a workday.

Though reduced work arrangements are a support measure, it is likely that this is preferable for businesses that are looking to cut down on expenses wherever possible. This is made evident by financial support being the least common measure, along with 9% of respondents noting “other” – with open-ended responses reflecting “nothing” and a general negative sentiment.

A cautious and incremental approach While the presence of supportive measures is excellent and necessary, it seems that businesses are cautious with the extent of their offering, or at least incremental in their approach. This is denoted by 64% of respondents only noting one supportive measure, 24% two, 9% three and 3% all four measures had been put in place. This is likely due to the current bewilderment felt by businesses, thus taking a slow and careful approach to changes in operations and spend.

The new normal: COVID-1903_

Benefits of working from home There are a number of benefits and challenges to working from home. When reviewing the most positive aspects, “comfort” was ranked the highest by 38% of respondents. This is in line with wider workplace trends which have seen Millennials in particular curate lifestyles that seamlessly blend work and leisure. Further to this, in recent years workplaces have by design and service offering become more akin to hospitality spaces such as cafes and hotels, in an effort to emulate an air of relaxed, casual comfort.

The second most positive factor was flexibility, with 34% of respondents noting being able to do other things

while working (e.g., looking after children). Again, this similarly supports the wider education restrictions that have left parents undertaking homeschooling activities.

Interestingly productivity was the lowest ranked factor at 38%. It is unknown if employees are struggling to be productive at home. Taking the wider context into consideration, it is no wonder that a task-oriented factor such as productivity would be outweighed by the enhancement of quality of life brought by comfort and flexibility, particularly in a climate of evolving restrictions.

Top positive aspects of working from home

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• For respondents, the top two positive aspects of working from home were; a more comfortable work environment and being able to do other things while working (eg, looking after children). Interestingly, being more productive for workers was the least supported factor. (Q33)

• (communication was better for face-to-face, not work from home)

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When working from home, comfort and flexibility are valued more than productivity.


The new normal: COVID-1903_

Respondents were asked to assess the scale of the impact on their businesses of COVID-19. Only 25% of decision-makers indicated that the emergence of COVID-19 would have ‘no impact at all’ on their ability to meet their rent obligations. Inversely, three-quarters of decision-makers within commercial offices think that COVID-19 will have some impact on their ability to meet their rental obligations in some way. The proportion of most concern are the 46% who felt that there would be a significantly high or high impact on their ability to meet rental obligations.

Almost one-third (31%) of decision-makers plan on asking their landlord for a rent reduction; a further 16% are ‘not sure’, but may ask in the future.

The future: what to expect

How to adapt to COVID-19


04

When it comes to assessing the next most likely step in the relationship – rent abatements – almost one-third (31%) of decision-makers plan on asking their landlord for a reduction; a further 16% are ‘not sure’. Even if only half of the 31% who plan on asking are successful, this represents a considerable reduction in rental returns.

The sheer number of inter-related factors influencing business operation is one of the most challenging aspects of the current climate. Tenants are asking themselves which factor is most restrictive on business as usual, and what is the best solution for this limitation. Respondents were asked to rank the factors which were most likely to limit business operation during this COVID-19 period.

Considering the business community has embraced the move to working from home, it was surprising that ‘restrictions on the movement of people’ was viewed as the most significant influence on business as usual. Shortages of goods and personnel to conduct typical processes were ranked as the least significant.

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• Only 25% of decision-makers indicated that the emergence of COVID-19 would have ‘no impact at all’ on their ability to meet their rent obligations. Inversely 46% of decision-makers felt that there would be a significantly high or high impact on their ability to meet rental obligations (Q40)

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The future: what to expect04_

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• Almost one-third (31%) of decision-makers plan on asking their landlord for a rent reduction, a further 16% are

‘not sure’

• Restrictions on the movement of people was rated at the greatest future impact on the internal operation of the business (34% ranked this #1), followed by loss of income (23%) (Q41),

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16COVID-19 Business Impact Tracker - Office_Worker SentimentCOVID-19 Business Impact Tracker - Office_ Worker Sentiment

Considering macro-economic factors, unemployment was ranked the most concerning (48% ranked this as the most significant). Interestingly, unemployment was very strongly endorsed by those in the 50–64 age bracket. Overall, this was almost four times more strongly supported than ‘low consumer confidence’ (14%). For younger respondents ‘increased general uncertainty’ and ‘low consumer confidence’ were more likely to be factors of concern.

In terms of judging the future recovery for the economy, the general consensus is that the government stimulus is going to have “some” (25%) or a “slight” (29%) impact on their business. Only 8% said it would have a significantly high impact, and 14% said it would have no impact at all. It is unknown whether this belief of “no impact” can be attributed to the inadequacies of stimulus to have any positive effect, or whether the stimulus would have no impact due to the business not requiring it, i.e., being insulated from the effects of COVID-19.

Q42 Drop and drag the following factors in how you anticipate COVID-19 will impact the external market conditions for your business (1 being most significant and 4 being least significant)

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Ranking the impact of macro-economic factors by age Perceived impact of government stimulus

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3. Future Workplace • The general consensus is that the government stimulus is going to have ‘some’ (25%) or a ‘slight’ (29%) impact on

their business. Only 8% said it would have a significantly high impact and 14% said it would do nothing (Q38)

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The future: what to expect04_


In times of extreme uncertainty, it is reassuring to focus on the fundamentals. Prior to the emergence of COVID-19, there was an 87% level of workplace satisfaction. This is particularly high and suggests that on the whole commercial tenants are content with their place of work. Additionally, when work practices return to their pre-COVID state, they are more than likely to be reminded of the benefits of a physical workplace – if they don’t realise these already.

The good news is that in a pre-COVID world, workers had a very high level of satisfaction with their workplace (87%), which suggests that they are more likely to have a vested interest in staying where they are.

The good news: how to adapt to COVID-19


05

The good news05_

18

5. What can we do • With the push to have people working from home, it is important to manage the perceived/real benefits from

working in the office with face-to-face interaction. The highest #1 rankings were for “better communication generally” (24.8%) and “timeliness of response” (also 24..8%) (Q43)

• Workplace services from home (57% of companies are currently offering) • Responding to the need for a more comfortable work environment (#1 positive aspect of working from home) • Communicating better with tenants – almost one-fifth commented that the communication from landlords was

not well at all, or only slightly satisfying (13% and 7% respectively) (Q46)

• Open-ended themes – many comments

Contact: pitch – 2 pages, including thanks

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Satisfaction levels with the communication of landlords

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4. Good news: There is a silver lining • 87% level of satisfaction with existing workplace • 62.3% of workers support the idea that COVID-19 has made them question the value of a workplace long-term • 53% of decision makers were not planning on asking their landlord for a rent reduction

• 43.5% were either extremely of somewhat satisfied by the actions of their landlord in addressing COVID-19, only

9% were not satisfied at all (Q45)

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Financially, there appears to be a sizable gap between the tenants who are most exposed and therefore vulnerable and those who are more solvent and stable. The positive view on whether rent reductions will be sought is that the majority, 53% of decision-makers, were not planning on asking their landlord for a rent reduction. If this is the case, then for landlords more than 50% of their rent returns are assured at pre-COVID rates.

The sector should also be commended by its response to COVID-19, with 44% of respondents either extremely or somewhat satisfied by the actions of their landlord in addressing COVID-19, and only 9% were not satisfied at all. This is a very positive sign given the variability of the situation, and responsiveness of various landlords to the situation.

19COVID-19 Business Impact Tracker - Office_Worker SentimentCOVID-19 Business Impact Tracker - Office_ Worker Sentiment

Action 1Undoubtedly, the current working-from-home arrangements for professionals has forced many to adapt, and during the recovery this will provoke landlords to justify the value of a physical workplace. At present, 62% of respondents stated that the COVID-19 work arrangements have “made them question the value of a workplace long term”. Whilst it is not known whether their degree of “questioning” is deep, it is beholden on landlords to ensure that the value of physical workplaces (collaboration and productivity) is clearly communicated.

Action 2In terms of what messages to communicate, with the push to people working from home, it is important to manage the perceived/real benefits of working in the office. The aspects which were viewed as the strongest overall benefits of a physical office were for “better communication generally” (25%) and “timeliness of response“ (also 25%).

Action 3During this bridging period of time, workplace services delivered from home are becoming more relevant and commonplace (57% of companies are currently offering these types of services, such as virtual tech support). There is also an opportunity for landlords to be more active in designing physical workplaces which respond to the need for a more comfortable work environment. Unsurprisingly, this was viewed as the number one positive aspect of working from home.

The way forward

What are the logical changes?


Action 4While only 31% of tenants plan on asking for a rent reduction, it is critical that any action in this regard is undertaken fairly. In open-ended comments, unsurprisingly the most common suggested “improvement” was rent reduction and concessions. With such a widespread belief from tenants that reductions are deserved, it will be critical to determine a fair and reasonable response which caters appropriately to the needs of each tenant, while at the same time does not offend the full-paying majority.

Action 5Finally, as the situation is constantly evolving, there is an expectation from tenants that landlords will be better communicators. Almost one-fifth commented that the communication from landlords was not at all satisfying, or only slightly satisfying (13% and 7% respectively).

The way forward

What are the logical changes?

06_

Better communication with tenants is a must – almost one-fifth commented that the communication from landlords was not at all satisfying, or only slightly satisfying.


07

COVID-19 Business Impact Tracker (C-BIT) is quantitative research designed specifically for landlords and will provide your organisation with benchmarked industry data. Delivered via electronic means, the monthly research is conducted with your tenants and your customers.

Custom research

How are your tenants and customers responding to COVID-19?


Value of this research

Anticipatechange

Support relationships

Minimise exposure

Capitalise on recovery

Tailor responses

07_Custom research

How are your tenants responding to COVID-19?

What information will it provide me?• How your current tenants have adjusted their

workplace behaviours with the emergence of COVID-19

• What direct impacts COVID-19 is having on your tenants’ businesses and the financial capacity to meet their requirements

• How you can better support your tenants to help retain them long term

• How to predict the rate of recovery based on past improvement

• How your tenant sentiment benchmarks against your competitors

23COVID-19 Business Impact Tracker - Office_ Sentiment

Custom research

How are your tenants responding to COVID-19?

07_

Value of this research

Anticipatechange

Support relationships

Minimise exposure

Capitalise on recovery

Tailor responses

What this information will allow you to do• Minimise risk from the downturn by

identifying exposed tenants or assets

• Support key tenants through this time of significant change

• Take action informed by how your portfolio compares to others within the market

• Prepare for the market rebound by identifying how best to manage the transition back to recovery

TimingAs this situation is quickly evolving, round one of benchmarked research will commence in April 2020, with ongoing monthly results.

PricingCustom research can be conducted to meet your needs. Please contact us for further information.

24COVID-19 Business Impact Tracker - Office_ Sentiment

John-Paul Talbot Head of Data Skyfii

[email protected] +61 406 263 247

Get in touch for custom research

David Grant Managing Director Brickfields Consulting

[email protected] +61 449 164 089

Brickfields Consulting brickfields.com Sydney The Commons, 20-40 Meagher St Chippendale, NSW 2028 T +61 2 9699 3113

Melbourne The Commons 3 Albert Coates Ln Melbourne VIC 3000 T +61 3 9329 6819

Skyfii skyfii.io Sydney Level 2, 100 William Street Woolloomooloo Sydney, NSW 2011 T +61 2 8188 1188

Melbourne Building 4, Level 2 540 Springvale Road Glen Waverley, VIC 3150 T +61 3 9637 7890

San Fransisco 1 Belvedere Drive Mill Valley, CA 94941 T +1 (833) 759-3443

Singapore One George Street #10-01 Singapore, 049145 T +65 3158 6745

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