19 February 2021
How space is used is changing, and the way people are working and studying is evolving. Real Estate teams are looking at different ways to get the most out of their assets while providing the best possible space for users. Business Continuity and resilience are now top of everyone’s agenda as we look forward in our industries. Director, Gavin Newburn, attending an event recently that focused on the higher education sector and came away with some key points worth sharing.
- Universities are looking to refurbish their existing assets, maximise their value and create spaces that are more flexible. Their assets other than teaching spaces have suffered very significant revenue losses in respect of accommodation, conferences, and events activity.
- Forecasted large capital projects are likely to pause until their assessment model is reassessed.
- Universities are reassessing their assets, and large estates might become less favourable in the future. Smaller sites that can be shared with other revenue providers might become more attractive.
- Science Parks and Universities are further reinforcing their relationship for future sites and have dual revenue streams.
- Mainstream teaching is likely to be online in some format, but there will be an increased focus on providing specialist facilities for activities that can’t be catered for at home.
- Supposedly Google and Facebook are looking at potentially entering the market given their ability to reach an audience through remote working. Google classroom is already well established with in the current market. How do universities compete for non-practical lessons if these large networking services enter the industry?
- Domestic Students – how do universities and local government support students where their economic situation at home may have drastically changed?
- International Students – how do universities attract students back into their safe spaces given the revenue and support it offers for university research and investment?
Get in touch – we’d love to hear your views on what is happening in the higher education sector.