The logo of Swiss bank Credit Suisse is seen at a branch office in Zurich, Switzerland, November 3, 2021. REUTERS/Arnd WIegmann/File Photo
ZURICH, Dec 8 (Reuters) – Demand for office space is set to rise in the long term as the trend toward digitalising work offsets the pandemic-triggered impact of more people working from home, a study by Swiss bank Credit Suisse (CSGN.S) found.
Its analysis of the Swiss office property market showed supply was outstripping demand during the coronavirus pandemic. The home working trend “is likely to cast its shadow over the office property market for several more quarters,” it said.
But prospects are more upbeat in the long run, it said, based on a study the Swiss government commissioned on what is likely to happen by 2060.
The average proportion of workers in Switzerland carrying out office-based activities rose from 34% to 45% between 2000 and 2019, and should reach 60% by 2060, the study found.
“Over time, this effect should offset the decline in demand caused by home working, resulting in a significant increase in demand for office space in the long term,” it said.Reporting by Michael Shields; Editing by Angus MacSwan
Our Standards: The Thomson Reuters Trust Principles.
This article was originally published by Reuters.
Iraq's banking sector is facing renewed pressure to strengthen lending activity after most state-owned banks…
Kuwait's e-commerce market is moving beyond its initial adoption phase, with stronger digital infrastructure, evolving…
Jordan's banking sector is showing continued resilience as Jordan Kuwait Bank (JKB) reported net profit…
Bahrain's cybersecurity industry is gaining international visibility as Beyon Cyber becomes the first Bahraini cybersecurity…
Oman's fintech ecosystem is moving into a more collaborative phase as payment technology providers and…
Egypt is stepping up its artificial intelligence ambitions as Cairo becomes an increasingly important centre…