Real estate Office property
23:10 13 January 2022
Post by: WBJ

Despite the pandemic, the demand for office space has not decreased

Despite the pandemic, the demand for office space has not decreased
Karol Wyka, source: Newseria

Lockdowns and remote working have changed the way offices are used, but by no means have they ended the need for office space. There is no shortage of people willing to rent, although the time of negotiating contracts has increased. Moreover, these contracts, as before the pandemic, are usually long-term, which is influenced by the rising costs of arranging offices. In the coming years, the market is likely to have a supply gap and it is the landlords who will be handing out the cards. On the other hand, health issues, such as, for example, contactless entrance to the office, have gained in importance.

"I have not seen much of a crisis on the office market, especially when it comes to new buildings. Interest is, the buildings have been put into use, fully leased, at the moment quite a lot of lease contracts are being signed," Karol Wyka, member of the HB Reavis board, said.

"Interestingly, this year's vacation was the busiest for us in the last 10 years. Indeed, companies have been making decisions for quite a long time, much longer than before the pandemic. Previously, it was six to nine months from the beginning of discussions with the client to the conclusion of the contract, now a year, one and a half or even two years, while other parameters have not changed, not even the length of the lease – in our recent transactions, these are all 10-year contracts," he added.

Research conducted among companies indicates that hybrid work, combining work from home with work in the office, will remain the leading model.


hb reavis
karol wyka

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