Budapest’s office market hasn’t collapsed but it has undergone a significant transformation over the past 12 months, and now the new normal has to be redefined, Valter Kalaus, Managing Director of consulting firm VLK Cresa explains.

What the future holds for the office market has been one of the hottest topics of debate ever since the pandemic struck. What changes are to be expected in the office sector after the pandemic? Katarzyna Lipka, an expert of Cushman & Wakefield, outlines key trends for 2021 and beyond.

Mindspace, a global provider of flexible workspaces, together with JLL, Colliers International, CBRE, ShareSpace and Brookfield Partners, has published an eBook with forecasts for the development of the flex office space sector in Poland. The experts agree that the current situation has prompted a number of companies to analyse their long-term lease obligations and redesign their strategies for further actions.

European markets with low levels of existing flexible workspace have seen the greatest growth in new flex operations over the first half of 2020, according to the latest flexible workspace report by Colliers International.

The market for flexible office space has been experiencing dynamic growth for several years. The COVID-19 pandemic has changed a lot of things about our daily lives, also in the office sector, and thus has significantly affected tenant preferences. Many tenants have made or are considering a decision to move some of their branches or even headquarters to flexible spaces. The main reasons for the growing interest in flex spaces include the possibility of enlarging or reducing the space, no long-term commitments, and no need for investment outlays, according to an analysis by experts from Mindspace, a global operator of flexible workspaces.

A dramatic shift in the terms, functionality and layout of office rental space is predicted as a direct result of the global pandemic. Organisations could begin to develop innovative strategies that prevent and tackle environmental disasters which encompass disaster recovery plans and hygiene enablers. FreeOfficeFinder.com, an online agent marketing over 2500 UK serviced office providers, has spoken with tenants and landlords to gather perspectives and predictions of how the pandemic will drive changes and considerations for selecting office space.

Saving money and time spent in traffic are the main advantages of working from home, while the main disadvantages are the lack of direct socialization with colleagues and the difficulty in separating professional from personal time, according to a survey conducted by Cushman & Wakefield Echinox.

Last year saw excellent results in the office sector in Poland. Demand was a record breaking 1.6 million sqm. Total stock exceeded 11 million sqm with regional markets accounting for 5.6 million sqm and outperforming Warsaw for the first time. JLL summarised the situation on the Polish office market at the end of 2019.

CBRE advised flexible space provider Regus in the opening of its 12th centre at Sun Business Center project, located within Sun Plaza shopping centre. The decision of Regus responds to the demand for flexible spaces from companies in the northern half of the city, in order to provide an alternative for the employees living in the southern area, their share being estimated at 50% of the total staff.

New Work has been expanding rapidly in the Polish market during 2019. In total, the company has added six locations to its Polish portfolio over the past 10 months.