In the short term, these factors will not imply drastic changes in the search criteria for new work spaces. However, the demand for office space will determine the importance that they give to one factor or the other, clearly affecting the allotment of space and work flows within an office. The current trend in space optimisation allocating for individual work could be eased to ensure adequate social distancing between colleagues. Meanwhile, common areas for collective work as well as relaxation and leisure are likely to take on a more prominent role.
The biggest challenge facing the office sector is to attract new demands. Due to the new developments planned not only in the short term (over the next 24 months), but also those programmed in the medium and long term (as a natural growth of the country’s main office markets), this demand must be able to take on this office space.
Moreover, the office market could be subject to a reinvention of the business, looking for creative solutions in an agile way that retain and attract new occupiers with the purpose of maintaining low vacancy levels. In addition to direct negotiation between the parties of the contract, the procurement of green seals by owners and occupiers, as well as the implementation of sustainability and wellbeing policies in work spaces, will be one of the key points in the requirements of the investors.
The overall attitude of office buyers is to wait and see, mainly for core+ and value added products. Moreover, core+ investors remain active in analysing opportunities despite the transitional situation during the health crisis.
