Understanding the cause: Why are offices empty?
With the home office trend shifting from a short term solution to a modern work requirement, it’s not too surprising to see that since 2020 the average office lease duration dropped from 5 years to 4 years. While office lease duration has naturally decreased in the last decade, it would be unwise to assume that the pandemic hasn’t affected this for the long run.
A result of this uncertainty has led to an increased interest in mix use spaces with boutique office spaces and co-working spaces. Businesses are turning to these methods because they offer flexibility and create a more attractive working environment. It helps them to stand out and draw in new business.
How to improve: How can property managers fill empty office space?
But where to start?