It is believed that the office rental market in the central business district is likely to expand even more in 2023. This is mainly due to the increase in Class A rental space, as well as the trend of working on a hybrid schedule (people return to offices from remote work).
It is expected that the number of Class A offices will increase. As for Class B, occupancy is likely to remain stable.
The office rental market in areas outside the central business district is likely to recover slightly in 2023. After the expansion of electric train lines, it became more convenient to get to many areas.
Nevertheless, a significant increase in the supply in the Class A segment may lead to a decrease in occupancy and a short-term restoration of rental rates.
However, the recovery of the office rental business in 2023 and beyond is likely to be gradual and slow.
The tendency to work on a hybrid schedule from the office and from home is growing. What will affect the office rental market. Office occupancy will be higher than during the pandemic, but it is unlikely to return to the figures of 2019 and earlier. Most employees will not return to the office to work on schedule 5/2.