The British Council for Offices (BCO) has released new research which assesses the impact of the TMT sector (Technology, Media, Telecoms) on the commercial property industry and fit out contracts.
The report, Technology, Media and Telecommunications, highlights that due to the fast paced, entrepreneurial nature of TMT companies, businesses can pick up trends and adopt ground-breaking workplace solutions faster than other industries. However, the research also reveals that these changes have quickly permeated the wider commercial property market, heralding new requirements and approaches to workplace design that often challenge previous standards in a number of areas including office fit out.
The report reveals that organisations within the TMT sector often demand that developers and agents fit out their office space to meet their own standards and criteria, a trend that has since been replicated across other industries.
TMT companies use their office space as a means of expressing their culture and identity, and consequently tend to value high specification and tailored fit-outs.
As a result, fewer than 50% of companies surveyed in the advertising and creative sub-sector lease Grade A office space, reflecting a desire to keep rental expenditure to a minimum and spend more on the fit-out. This trend can now be seen across other industries, as organisations increasingly demand a bespoke interior which encourages employee interaction, differentiates it from competitors, and impresses prospective employees in the war for talent.
The report highlights Google as an example of an organisation that has exemplified this trend for a flexible fit out. The architects of its new London headquarters note that the building is comparable to a theatre, with the props coming in the form of “little meeting rooms and furniture, all of which you can reconfigure overnight.”