From WFH to WNH...Return of “commercial building” can be game-changer in property business

It is fairly possible that the next trend following “Work from home” would be “Work near home”. Peeking from the balcony of a high rise building in Bangkok this morning, I noticed several commercial buildings in the neighborhood putting up “For sale” signboards. Much of these properties have long been abandoned, which made me felt pity for the waste of such economic resources.

However, commercial buildings could be potential solution for city living amid lingering pandemic. Although commercial buildings attach to other units, they remain rather resilience given compartmentalized characteristic as each unit has its own air-conditioning system and no elevator-sharing.

Commercial buildings are said to be the father of “Home office”, allowing people to conduct business on the lower floors and live on the upper floors. Over the years, commercial buildings have lost their charms due to lacking of parking spaces. As people nowadays tend to rely less on private cars, it won’t be a surprise to see new businesses acquire cheap commercial buildings and transform them into Home Offices.

It is about time for companies to review their outstanding cost structure (such as office rental, utilities, parking spaces) and future requirements. Following the COVID-19 crisis, companies should have a clearer picture if it is possible to reduce office space, relocate from city center, or whether parking spaces are needed since staffs can work from home the way they do now.

For providers of office building for rent, Work from Home or Work near Home becomes a burning issue for their boards and managements. They need to resolve quickly on how to cope with the way salary men work in the future.

I wish you all get through this viral crisis safely. Do keep in mind that every crisis offers opportunities for those who see them and act fast.

Kulvech Janvatanavit
CEO
Thai Institute of Directors Association (IOD)
April 20, 2020