The overall effect is likely to be a moderate reduction in the total amount of office space, but with significant changes in the type of space and where it’s located.
In this video, I provide insights on what COVID-19 means for real estate businesses now and as they move into recovery.
Many in the sector are concerned about the prospects for the June quarter.
At the moment, many businesses are wholly or partly closed, and finding it very difficult to pay their rent.
At the last quarterly payment date at the end of March, property companies saw a significant shortfall in rent, making it essential that they can build their resilience
New operating models
There will be more space devoted to collaboration and creativity.
Many businesses now know that many tasks can be done away from the office. While that won’t result in everyone working from home all the time, it’s possible that workspaces will be provided closer to where people live.
For further information and guidance on COVID-19, please refer to our dedicated insights resources area.