Office market: mobility and life quality increasingly important
The impact of Covid19 on the office market on the short term is evident. Consultancy CBRE states that inversions have dropped by 58.9% (to 1.136 billion) until september. And during the following months recovery will be slow, but the consultancy agency also sees new tendencies that may create new opportunities.
Paloma Relinque, director of CBRE in Madrid, and Xavier Güell, director in Barcelona, both state that during the coming years company offices will find their way back to the centre and more residential areas of the cities. ‘We’ll see how through buildings new spaces and areas will be created. This will create new communities because the interaction with the surroundings’, thus Relinque.
Actual office model not sustainable
She thinks one of the most important lessons of this crisis is the unsustainability of the actual labour model: it doesn’t make sense that it takes 50 minutes to go to en 50 minutes to come back from work.
Up until recently specific labour and working areas were created for and by companies. ‘And when everything works out fine, we don’t think about it. With the actual crisis we start asking ourselves questions about mobility and life quality. The concept of the 15-minute city becomes more and more popular. Fragmented cities with more hubs or centers to gain in life quality in the different neighbourhoods’, says Güell.
This tendency has two cornerstones: the city centers and new areas of development. Güell believes companies will rent offices spaces inside of larger buildings around town. Their workers will be able to choose where and when they want to work in these co-working spaces and the offices will be located within residential areas.
Opportunities for foreign investors
In contrast to northern European countries, working from home was not common in Spain. The current developments are major changes.
This creates interesting opportunities for foreign companies and investors with experience in this field.
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