Empty CBDs, suburban renaissance? Post-COVID property predictions: QUT

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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.

  • Backyards rediscovered as lockdown havens will change housing choices
  • Commercial space demands likely to diminish significantly
  • Open-plan likely to stay but more workers hot desking, working remotely
  • Offices likely to allocate more space per worker and be better ventilated for pandemic-proofing

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.

Full story here

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