The world's oldest asset class is going to go through a fundamental epoch defining change over the next decade as the need for office space takes on a different dimension. Or maybe not...I am very hesitant to draw too many conclusions too soon but even people who have not consistently worked from home prior to the lockdown are telling me 5 days a week on a commuter train and glass tower is not part of their futures.
This of course has huge implications for the City - fewer finance professionals means fewer coffees, pints, sandwiches to be bought. But it has wider implications in terms of how offices are set up and for whom. The end of open plan? No more staff canteens? And what of residential development in major metropolitan centres? Why would you need to live in cramped city centre accomodation if you are spending less time there?
Fascinating to see how the next 10 years plays out.
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