Different worlds: Structural trends are bifurcating global office markets
The global office market is undergoing profound changes, driven by structural environmental, social, health and technology trends. Most pre-date the pandemic, and all have been accelerated by it.
Attention to buildings’ carbon footprints, tenant well-being, and increased operational use of space and tech-enabled services have all come to the fore. More stringent environmental legislation has aligned with more demanding investor and occupier ESG requirements on building energy efficiency. At the same time, landlords now have to increase standards in tech-enabled services and amenities (such as concierge, creche and catering facilities) to differentiate the office experience from working from home (WFH) in the post-pandemic, hybrid working–style world.
These catalysts have combined to modernise the office experience for tenants, raise standards in building sustainability and, consequently, bifurcate the sector between best-in-class offices and everything else. They h