Future of Office

01 Jul 2020 15 Minute Read Time

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What is the future of office? Our prediction is there will be a permanent increase in working from home because of behavioral change during the pandemic, but the reduction in space demand will not be 1:1 given the need for buffer space for those working in the office. Our best estimate is a reduction of ~10%.

Over the longer term space reductions will be offset by demand for increased office space per employee as occupiers provide more flexible collaborative space. However, this is unlikely in the near term given the damage to corporate balance sheets in the current recession.

The impact on office performance will vary by city depending on several factors.