The increase in demand for co-working spaces is responsible for the expansion of the office real estate market. As companies recover from the effects of COVID-19, which had previously resulted in strict confinement measures including social isolation, remote working, and the cessation of commercial activity, they are starting up again and adjusting to the new normal. Covid-19 dramatically accelerated the emergence of flexible workspaces.
Moreover, co-working space providers benefit greatly from and can afford to implement sustainable practices. For instance, CoCoon in Hong Kong uses natural bamboo flooring, non-toxic paints, and LED lighting. Additionally, the building's interior and exterior are covered in drought-tolerant flora. Green Spaces in Denver is an example, using roughly 160 solar panels on the roofs of its workplaces. These help green spaces make significant financial savings. As a result, sustainable co-working spaces can grow during the anticipated period. These help green spaces to save a lot of money. Another factor driving the demand for office real estate is the increase in demand for data centers. Throughout 2021, the pandemic's effects on lifestyle contributed to an increase in demand for data centers. Internet usage has increased and is expected to increase as remote work becomes more widespread and more activities shift online, suggesting that data generation may increase as more people seek out cloud-based services. The buying of internet of things (IoT) devices also grew. Data center operators have to make sure they are making the most of every square inch of their facilities to accommodate both current and future data needs because predicted data storage requirements are high.
The office real estate market is segmented by regions into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market is extremely competitive, fragmented, and crowded with companies. The majority of players grow their companies through thoughtful investments in alliances, mergers, and acquisitions, among other strategies. The market is attracting a lot of investments supported by an increasing number of real estate purchases and the number of new property builders. Major companies operating in the market include Skanska (Sweden), JLL (UK), Hines (US), Colliers International (NA), Delhi Land & Finance (India), Mitsubishi Estate (Japan), Savills (UK), Gecina (France), Hochtief (Germany), Aroundtown SA (Germany), Engel & Volkers Germany (Germany), and many more.
Middle East & Africa
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