Demand for office space is set to increase in the long term, despite the home working trend propelled by the pandemic, according to a new study by Credit Suisse.
The Swiss bank said that while people’s preference for working from home”is likely to cast its shadow over the office property market for several more quarters,” in the long run demand for office spaces will return.
In a study of the office property market in Switzerland, commissioned by the Swiss government, the bank forecast that 60 per cent of workers in Switzerland would be carrying out activities in an office by 2060.
“Over time, this effect should offset the decline in demand caused by home working, resulting in a significant increase in demand for office space in the long term,” Credit Suisse said.
The forecast compares with a rise in the average proportion of workers doing in-office activities from 34 per cent to 45 per cent between 2000 and 2019.