The office market – a perennial favourite asset class for many investors – has been hit hard by the pandemic. The increase in teleworking, coupled with the consequences of the economic crisis, has led to a significant drop in square footage take-up.
According to Barclays, demand for office space could fall by an average of 20% in several countries, including Spain, the UK, France, Germany, Switzerland and the US. However, the fall will not occur equally in all these markets.
The report is based on surveys of 1,500 executives and 4,300 employees in these six countries. It reveals that this trend is due to employees preferring more flexible working models.
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