Videoconferencing applications such as Skype, Zoom and Microsoft Teams were first launched in 2003, 2012 and 2017 respectively. Yet it took a pandemic to propel their usage to more than 300 million participants per day, with people confined to their homes in 20201.
Property analysts swiftly turned to traditional econometric models to measure the impact on future office demand. Figures ranged from -50% in the short term to continued growth over a 10-year forecast horizon as a result of economic and urbanization growth. But with most scenarios associated with a 50% probability of occurrence, it soon became clear that besides cyclical trends, structural drivers would likely be playing a bigger role in shaping market fundamentals going forward2.
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