With entire workforces working from home and zooming in and out for meetings with ease many organisations are questioning the need to rent expensive metres of commercial space, says property economist Dr Andrea Blake.
Meanwhile many bricks and mortar retailers who were already experiencing a downturn will close, leaving CBDs and high streets with more ‘for lease’ signs.
“The COVID-19 crisis has fundamentally changed the way we work and live and our relationship with the built environment,” Dr Blake, from QUT Business School, said.
“We will definitely see a rethink and change in commercial property. Although office space is protected by existing leases, significant changes to organisations’ way of using space and space requirements are likely.