Demand for commercial space to shrink
When it comes to office space it seems that in the future Europe won’t be needing so much of it. Findings by the commercial brokerage, Colliers International, paint a somewhat bleak picture for the future of the humble office as the working population of Europe continues to shrink. It believes the next 40 years will see a reduction in demand for commercial space by up to 20 percent as Baby Boomers leave the workforce and are not replaced. What’s more the style of offices is expected to change with the cellular design favored by Baby Boomers making way for the more open plan offices preferred by both Generations X and Y.
The findings will prove interesting for developers, owners and businesses who should take these changes into account over the next decade. Given that the average office has a 20-year lifecycle new commercial spaces should be built with these future trends in mind. Those that aren’t will suffer from higher vacancy, obsolescence and lower rents according to Colliers.
And the shrinking workforce will have a different impact across the continent with western, eastern and southern areas seeing the biggest decline in office demand. Northern Europe (including the UK), however, will see continued growth in the number of people working thanks to an increased level of immigration, especially in the UK where the workforce is expected to increase by 2.18 percent over the next 40 years. The trend might also be bucked in Eastern Europe where an outsourcing boom could mean job growth and an increased demand for office and commercial space.
For a chance to see the very latest office and commercial spaces on offer throughout Europe head down to MIPIM 2012 in Cannes. While we can’t promise you an office, we can promise you the best hotel rooms, the most sought-after rented apartments and even the odd luxury yacht or two. With our expert knowledge we’ll make sure your stay will be one you don’t forget. Click on this link to fill in our request form.