ESG megatrend far more an influence on future of office than WFH revolution
The ESG and net-zero megatrends are set to have far more of a long-term influence on the future of the office than the working-from-home phenomenon.
Jose Luis Pellicer, head of investment strategy and research at M&G Real Estate, believes many tenants are becoming more discerning when it comes to “ESG credentials” and the quality of the buildings in which they place their employees. An emphasis on good quality office facilities, with features such as state-of-the-art ventilation systems, green spaces and large areas for collaboration, will result in greater spending on retrofitting across Europe's main office markets.
“The permanent emphasis on ESG and net zero, which places far more emphasis on the quality of the offices that tenants are occupying and their greenhouse gas emissions, will be a bigger step change in the office market than the amount of days that people will work from home,” says Pellicer. “It will be a much bigger change — long-term —