Will traditional office buildings become obsolete?
Will traditional office buildings become obsolete as corporates encourage staff to work remotely?
Though there are mixed views on what the long-term impact of the Covid-19 pandemic on global real estate markets will be, one thing seems sure: the ways people work, live and play will change irrevocably.
Whether that will spell the death of the traditional office and the fixed, long-term lease agreements that come with it remains to be seen. But there’s no denying that corporates across the globe will be forced to cut down on accommodation costs as countries sink into recession. Forgoing a sprawling, corporate address (or at least a large chunk of it) in a prime business hub will no doubt make financial sense for many, especially if remote working takes off in a Zoom-enabled world where video meetings have become de rigueur...