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Multiple trends are currently influencing the office sector, such as working from home. While the author wrote part of this article from home, it was finished in the office, emphasizing the office's role as an important venue for cross-fertilization. This is unlikely to change even though most work can be done remotely.

Working-from-home policies vary by country and city level. For instance, the Swiss government has no top-down calls for action unlike the new administration in the United States advocating a return to the office. Different industries also have varied office attendance requirements. Financial services and legal industries require more office attendance than technology or general professional services. Equipment-dependent industries, such as life sciences and manufacturing, also necessitate high office attendance.

The nature of offices is changing. Gone are the worker-bee types with cramped cubicles. Companies now seek spaces that enhance productivity and well-being through features like air-quality monitoring, circadian lighting systems, green walls, and sensory experiences. Offices are designed to facilitate seamless transitions between remote and in-office work, with improved video conferencing facilities, face-to-face collaboration spaces, and confidential meeting rooms. Future offices will include occupancy management systems, desk-booking systems, employee login apps, and remote access programs. Sustainability will also play an essential role, especially with financial incentives for energy consumption control.

Real estate is part of the economy's real capital, used to produce goods and services without being consumed. As economies develop from agriculture to manufacturing and services, the need for office spaces grows. In developed economies such as the United Kingdom and the United States, services account for over 70% of GDP. In China, this ratio has risen from 22% in 1980 to 55% in 2023. Low- and middle-income countries will need more office spaces as their service sectors grow.

In developed economies, however, the need for office space may plateau or decline, driven by demographic changes. The working-age population in the European Union is expected to drop by nearly 20% by 2050. Cities like Paris have millions of square meters of empty office space that could be converted to housing, addressing the shortage in the region. Many European cities have seen a contraction in occupied office space over the past few years. This is likely to continue in many areas.

Despite the contraction in occupied office stock, office investment opportunities remain, particularly in prime, centrally located areas. Rents for such offices have risen significantly since the COVID-19 pandemic due to the demand for spaces that meet evolving needs and the lack of supply of such space. Investors need to adapt to the changes in the office sector, focusing on granular local knowledge and tenant preferences. Obsolete offices should be converted or demolished, and zoning rules need to be flexible to facilitate these changes.