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Working from home affects real estate prices

About 12 percent of office space in companies across Germany is unused on average due to working from home and the hybrid work model that have become the post-pandemic standard, and the trend affects real estate prices, the Ifo institute found.

The share of unused office space is approximately three times higher than in 2019, according to the Munich-based institute.

Almost empty offices are most common in the information technology, advertising and business consulting sectors.

"About a quarter of employees regularly work from home," said Simon Krause, Ifo researcher.

“Some companies are turning empty offices into coworking spaces… some are reducing space requirements to save on unused office costs,” he adds.

"This may have consequences for the real estate market, which is already under pressure due to higher interest rates and more expensive construction," said Krause in a statement.

Ifo conducts monthly surveys among several thousand German companies on a range of topics, Dpa reminds.

Source: poslovni.hr

Magazin, 16. May. 2023.

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