The adoption of new work schemes in offices will promote leasing through the remodeling of spaces and favorable conditions for workers.

The return to offices under favorable conditions for tenants remains persistent in most markets globally. In addition to this, the continuous corporate emphasis on well-being, quality and sustainability worked as a support to maintain rental prices in premium office spaces.

In addition, the existing need for long-term space by tenants will become clearer with the adoption of new work schemes. What will produce a consolidation in new products, the remodeling of spaces and conditions that allow flexibility to workers.

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This will make sustainable and well-conceived buildings in areas that meet the amenities of workers, continue to be the focus of demand.

Consequently, demand for leases is expected to recover in Europe and the US and will see further momentum from lease maturities globally.

On the other hand, due to the completion of projects in 2021, the production of a peak of developments is expected to continue in 2022. However, this scenario will differ in different regions.

An example of this is the United States, which will complete important developments in the year, which will lead to its highest point. Despite this, in 2023 this momentum is expected to taper off sharply.

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Meanwhile, in Europe and Asia Pacific, the portfolio will continue to grow, which will lead to an increase in vacancy rates in the coming months.

As of the fourth quarter of 2021, offices increased their global leasing volumes by 51%. Which symbolized an increase of 21%, compared to 2020. Despite this, the recovery in various parts of the world has been slow.

In this sense, the only region that returned to pre-pandemic levels was Asia Pacific, which exceeded its 4Q2019 levels. However, Europe and the United States continue with a decline in space rentals.

On the other hand, the levels of concessions continue to increase, despite the fact that they remain frozen in many markets. Meanwhile, the global vacancy rate stalled in 4Q2021 and stabilized at 14.6%.

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Original note