With more workers opting to return to offices, landlords of commercial and convention spaces are likely to be positively impacted.

Jeffries Survey revealed that 75% of workers in Asia prefer to immediately return to office-based work, if allowed, reported Singapore Business Review (SBR).

The study also showed that 61% of respondents would most likely be back full-time in the office, while 13% expect to be working from home full-time. The other 25% of the respondents expect to work on a hybrid model, which involves both working styles.

While the survey was not specific to Singapore, the sentiment was similar to the city-state’s local office sector, noted Jefferies Survey. They added that employers could consider the study results as one of the factors in deciding on real estate options post-pandemic.

Its report noted that authorities had permitted 75% of employees to return to the office starting this month.

This comes after a further relaxation of social-distancing rules, which is expected to positively impact landlords of commercial and convention spaces in the Central Business District and city fringe areas.

Annual supply for this year and 2022 is also below the annual demand registered in the past decade, at 1 million sq ft.

Jeffries expect demand to improve along with the GDP growth, while room rental squeeze is seen in 2022 as older buildings with a combined area of 1.5 million sq ft are out for redevelopment.

Source: CommercialGuru, 21 Apr 2021