COVID-19: Trying to Make Sense of the Office Space Market
Office space markets will never be the same, or will they? Are we staring into the office market abyss, or is this just a temporary blip? These and other unknowns have many of us questioning what does the future hold for office space in a post-COVID-19 world?
While the full impact of the coronavirus pandemic is far from known, it is already reasonable to expect office space markets will suffer a sizeable blow, at least in the short-term. A combination of lost revenues, a smaller workforce, and recessionary conditions, will all conspire to reduce the demand for office space.
Work From Home
With a global recession clearly underway, highlighted by the International Monetary Fund’s (IMF) recent pronouncement that the world economy was at a “near standstill”, companies across every industry and every region are aggressively cutting costs and preserving capital. In tandem, many, if not a vast majority of companies have adopted a work from home approach to keep their employees safe while keeping their businesses afloat. The results of this grand work-from-home experiment are far from known; however, the upshot of COVID-19 is companies that had long resisted a work-from-home program have now been forced to make a cultural shift towards remote working.
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