In particular, the question has arisen of what to do with empty office space, and how to make the most of a predicted future demand for co-working spaces.
EMBRACING THE "NEW NORMAL"
In many countries affected heavily by the Covid-19 pandemic, working from home has become the “new normal”. It is unlikely that employees in these nations will return to their offices full-time, making co-working and blended working spaces extremely valuable, both for companies looking to reduce their office space, and home workers looking for an alternative workspace.
One of the solutions may be hybrid hospitality, where hotels provide space for co-working spaces on their property. Global real estate advisor Colliers International predicts that hybrid hospitality could increase turnover for hoteliers by up to twenty per cent.
It’s a useful way for hoteliers to take advantage of the new economy to earn some additional income.
A FLEXIBLE APPROACH
Many hotels across the MENA region are likely to invest in better conference facilities, meeting rooms and even hotel rooms better suited for working and meeting, with, for instance, concealed beds and meeting-appropriate furniture.
Unlike offices, hybrid hospitality can be more flexible and responsive, providing a 24-hour, 7-day workspace serving businesspeople, tourists and the local community alike. This flexibility means workers can choose whether to establish a base at a co-working space or simply drop in and out for ad hoc meetings.
After a year of uncertainty for the hospitality sector, taking a hybrid approach as global travel recovers and in-person business meetings pick up could provide a guaranteed income stream and aid the industry’s economic recovery.
Hyatt Hotels is just one brand embracing hybrid hospitality, offering meeting and conference services that cater for online and offline customers. It is set to establish its new offering in all its Middle East and Asia Pacific sites.
EXPAND YOUR REAL ESTATE KNOWLEDGE
Subscribe to the Cityscape Intelligence newsletter here