Five years since the onset of the pandemic, the share of remote working in the euro-zone has generally increased by more than we had expected back in 2020. But office-based employment growth has also been stronger than forecast, meaning we estimate that average required office space could be 2% higher by 2030 across eight key euro-zone markets compared to our initial forecast that it would be similar to 2019 levels. However, this would be 10% hit than if remote working had continued on pre-pandemic trends. And this aggregate hides a large variation in the impact across markets, with space needs ranging from 15% lower in Hamburg to 30% higher in Barcelona by 2030 compared with 2019.
Note: We'll be discussing how the pandemic continues to shape UK and European real estate markets at 9:00 BST/10:00 CET on Tuesday 8th April. Register here for the 20-minute online briefing.
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