Wondering what COVID-19 will mean for our commercial office sector?
CBRE has provided some insights, showing that the commercial office sector will be hit the hardest, followed by retail property and then industrial/logistics property. Across Australia CBRE expects commercial office rents to fall by between 5% and 10%, depending on the specific market. At the same time, retail rents are expected to fall between 4% and 7%, while industrial rents will fall between 0% and 1%. As every has shifted to purchasing goods online, the logistics and freight industry is booming.
More interesting is some of the shifts that CBRE has picked up in a survey of tenants across the Asia-Pacific region. Over 80% of commercial office respondents said they were increasing investment in technology to support remote working. Just under 80% said they were adopting flexible working arrangements.
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