In the ever-evolving landscape of work, the concept of “Third Places” is gaining remarkable popularity. These Third Places go beyond the traditional boundaries of offices and homes and include environments like cafes, hotel lounges, serviced offices, and public libraries.
Their appeal has surged over the past two years, driven by a structural shift in the working week and the adoption of hybrid working models by organizations.
Technology has played a pivotal role in facilitating this shift, elevating connectivity, and flexibility to new heights.
What are your top priorities today?
As the work environment transforms, so do people’s priorities. From the prep-pandemic era to the present, the top priorities have shifted. Today, individuals value a good quality of life and work-life balance above all else. This is followed by the desire to work for a company that prioritizes health and well-being, and offers a comfortable salary.
Active interaction and work in Third Places have a positive impact on mental well-being and physical health, making them increasingly appealing for employees.
Source: JLL Workforce Preferences Barometer, 2022)
Third place benefits vs difficulties:
However, like any work environment, Third Places have their benefits and challenges. On the positive side, they offer networking opportunities, stimulate creativity, and enhance productivity. On the flip side, they may disrupt daily routines, lead to feelings of isolation, and lack privacy.
Taking a closer look at Singapore’s Central Business District (CBD), Grade A office rents and vacancy rates in Q2 2022 reflect a compelling trend.
“Although there are economic challenges, with low levels of new supply, rents have been able to rise to offset inflation and future environmental related expenditures,” noted by Alan Cheong, Executive Director of Research at Savills Singapore.
Despite the difficulties that come with these changing work paradigms, the future of hybrid work holds great promise. The question remains, which working space do you prefer, and what matters most to you in your work-life balance and well-being?