Demand for modern office spaces reached pre-pandemic levels

Demand for modern office spaces continued its recovery, Q2 2022 being the best quarter since Q4 2019. New demand reached 73,500 square meters in the first half of 2022, up by 94% compared to last year, according to Colliers.

Most notable additions in the first half of the year were the River Developments’ Oslo and London buildings part of the Sema Parc project (31,500 sqm), Forte Partners’ Tandem (21,000 sqm) and the first building in Atenor’s @Expo project (21,000 sqm).

The drop in vacancy rate from 16.50% at the end of last year to 15.25% mid-2022 is another indicator of a market in recovery-mode. The rate for buildings in good locations drops towards 10%.

Modern office stock could surpass 4 million square meters by the end of the new decade, and might even close in on the 5 million milestone, if no other (economic) crisis will show up on the radar.

SEE ALSO: Romanian Millennials and earliest Gen Zs prefer working remotely

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