Here’s Why Tech Companies Should Continue to Invest in Office Space

The concept of office space has its origins in ancient Rome, and the modern office has been an important cornerstone of the business for over 100 years. Before COVID-19, only 8 percent of Americans worked remotely on a full-time basis. As of May 2020, up to 70 percent of employees were working from home. Now that it’s safe to return to the office, many companies are trying to determine if it’s worth the investment.

In the world of technology, some businesses choose to forego a physical office to cut costs, but most do big tech companies are choosing to keep their office space, and with good reason. You can benefit from office space in many ways, including team building, increased security and support for your local community.

Advantage: Promotes team and culture building

One of the main benefits of working in an office is that it helps improve team building and team culture. The majority of employees also want to be in the office at some point during the work week, so giving them the opportunity to work in person and remotely is important. In fact, almost 60 percent of employees would like to work hybrid (both at home and in the office), while almost 10 percent would like to work full-time in the office.

Many top companies are moving to a hybrid model to encourage collaboration, including Capital One. Richard Fairbank, CEO, Shares, “We are excited to welcome employees back to the workplace, where teams can collaborate, engage and connect in a way that we have missed over the past 16 months. Personally, I am looking forward to entering the hybrid working model.”

Pros: Increases security and privacy

It can also be beneficial for technology companies to have physical office space to enhance their security measures, especially as many of them manage private data. While working remotely certainly has its benefits, security risks can arise.

If you work from a private laptop or a home WiFi connection, the data is not as well protected. Privacy can also be difficult to find at home or in public workplaces, posing a security risk that confidential work conversations could be overheard. Inside a physical office, data is protected by firewalls and security protocols. An office can also provide plenty of opportunities for private meetings and phone calls, reducing the likelihood of being overheard.

Benefit: Supports your local community

Using physical office space can also benefit the local community. For example, Amazon’s $2.5 billion investment in its headquarters in Northern Virginia leads to this 25,000 jobs in the region as well as thousands of indirect jobs. Being part of a community can also help businesses connect with nonprofit organizations, government agencies, and environmental groups.

While remote work will likely continue to be an element of workforce planning, physical office space will also play an important role for tech companies. Sid Banerjee, Qualtrics Chief XM Strategy Officer, states, “There’s value in the culture, there’s value in the continuity of being part of a team that you want to be a part of for the long term, and I think that comes from belonging being a physical office or in an office that you can go to from time to time.”

If you are looking to expand your business or relocate to an area with a wide variety of commercial real estate, the Fairfax County Economic Development Board is here to help. Fairfax County has over 119 million square feet of space, making it the second largest suburban office market in the United States and the largest in the DC metro area. To learn more about doing business in Northern Virginia, visit our website.

Editor’s Note: Qualtrics CEO citation previously provided to the Fairfax County Economic Development Authority Commission dated December 13, 2021.