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One of the most enduring aftereffects of the pandemic is the increased preference for remote work, leading to a drop in office space per employee.

With many large occupiers having made property decisions in 2022, the challenging economic backdrop is concentrating attention on cost control, reducing letting activity as a result. Occupiers continue to focus on quality over quantity, widening the gap between assets in the most coveted districts and secondary locations.

Occupier demand remained lively in 2022 despite challenging environment: letting volumes are back to their 10-year average in most of main European markets. The year-end showed the first signs of normalization in activity while the post Covid rebound seems to be fading. The demand is currently driven by an increasing focus on quality over quantity.

The outbreak of the pandemic has imposed a mass telecommuting experiment by companies on their employees everywhere around the world. Over the short term, office markets are on hold and prompting rethinking about how the future office will work.