The coronavirus (COVID-19) pandemic has led to major cyclical and structural changes in the office real estate sector. As a result of the economic downturn and rising unemployment, along with an increasing share of businesses that introduce the option to work from home, office real estate rents in certain regions worldwide are forecast to experience a short term decline. The Asia Pacific region is forecast to see the highest drop in rents, at 13.1 percent in 2021 followed by a gradual recovery to 7.1 percent in 2024.
Rental growth of office space worldwide in 2019 with a forecast from 2020 to 2024, by region
*Advanced Economy Rents
The forecast shows a baseline scenario with the following assumptions:
"A vaccine is available by mid-2021 after medical/government approval by the end of 2020. • No major second wave that requires widespread lockdowns. • Businesses reopen gradually as the virus still ebbs and flows until a vaccine is available. • Bankruptcies pick up as businesses adjust to lower demand and policy support expires in certain countries. • Financial market sentiment improves in 2020 H2. • Improving global demand supports a recovery in trade flows and commodity prices. • Real GDP returns to pre-COVID-19 levels by 2021 Q3."
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Cushman & Wakefield. (September 29, 2020). Rental growth of office space worldwide in 2019 with a forecast from 2020 to 2024, by region [Graph]. In Statista. Retrieved December 30, 2024, from https://www.statista.com/statistics/1196929/office-real-estate-rental-growth-globally-by-region/
Cushman & Wakefield. "Rental growth of office space worldwide in 2019 with a forecast from 2020 to 2024, by region." Chart. September 29, 2020. Statista. Accessed December 30, 2024. https://www.statista.com/statistics/1196929/office-real-estate-rental-growth-globally-by-region/
Cushman & Wakefield. (2020). Rental growth of office space worldwide in 2019 with a forecast from 2020 to 2024, by region. Statista. Statista Inc.. Accessed: December 30, 2024. https://www.statista.com/statistics/1196929/office-real-estate-rental-growth-globally-by-region/
Cushman & Wakefield. "Rental Growth of Office Space Worldwide in 2019 with a Forecast from 2020 to 2024, by Region." Statista, Statista Inc., 29 Sep 2020, https://www.statista.com/statistics/1196929/office-real-estate-rental-growth-globally-by-region/
Cushman & Wakefield, Rental growth of office space worldwide in 2019 with a forecast from 2020 to 2024, by region Statista, https://www.statista.com/statistics/1196929/office-real-estate-rental-growth-globally-by-region/ (last visited December 30, 2024)
Rental growth of office space worldwide in 2019 with a forecast from 2020 to 2024, by region [Graph], Cushman & Wakefield, September 29, 2020. [Online]. Available: https://www.statista.com/statistics/1196929/office-real-estate-rental-growth-globally-by-region/
