Will SA real estate survive the ‘office apocalypse’?
Covid changed the way companies and their employees work. As a result, some corporates have downscaled their HQs, cutting operating costs and giving workers much sought-after freedom. It’s taken a hefty toll on SA’s commercial real estate sector, with more than 3-million square metres of office space standing empty, costing landlords as much as R3.8bn a year in forgone income
01 September 2022 - 05:00
“Commuting to office work is obsolete. It is now infinitely easier, cheaper and faster to do what the 19th century could not do: move information, and with it office work, to where the people are.’’
These prescient words were written 33 years ago by the late US management consultant and author Peter F Drucker, in his 1989 book, Managing for the Future. Little did he know it would take a pandemic to force employers across the world to adopt remote working policies. ..
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