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WQ.223/2020
WRITTEN QUESTION TO THE MINISTER FOR TREASURY AND RESOURCES
BY DEPUTY C.S. ALVES OF ST. HELIER
ANSWER TO BE TABLED ON TUESDAY 16th JUNE 2020
Question
Given that the current situation with Coronavirus suggests that companies may seek to downsize their office accommodation because of the ability, and desire, of employees and employers to work from home more regularly, will the Minister state what changes, if any, have been considered in respect of the plans to construct Buildings 3, 4, 5 and 6 of the International Finance Centre (I.F.C.)?
Answer
Whilst it is early days, there is an expectation that flexibility on financial services employees' working arrangements will continue and this could translate into a reduction in floor space required by businesses going forward. However, businesses are also assessing whether more space is required between employees in the workplace which would have a compensating effect on those employees that are able to work from home.
There is currently 3 million square feet of office accommodation in St. Helier of which only 600,000 square feet meets environmental assessment BREEAM rated Grade A space. With the Island's commitment to achieve carbon neutrality by 2030 and businesses and investors focusing on sustainability, the motivation for companies to operate from modern, efficient and environmentally friendly office accommodation is forecast to continue.
Most businesses operating out of physically obsolete office accommodation will take the opportunity at the expiry of their lease to seek improved, environmentally-efficient accommodation. It is therefore expected that whilst there may be a reduction in the total volume of office accommodation over time, there will continue to be a demand for new modern accommodation with older offices being converted to residential use.
IFC 1 and 5 have been built, let and sold. IFC 6 has full planning consent that SoJDC will only bring forward for construction once it has secured a sufficient level of legally binding pre-lets. SoJDC has also designed the fourth IFC building (IFC 2) that will complete the quartet of buildings around Trenton Square. The remainder of the IFC development site falls within Key Opportunity Site 1 of the Southwest St. Helier Planning Framework and the future of this area will be the subject of extensive public consultation.