Engage in Tampa Bay

THE SAFE SIX recovery readiness &

GLOBAL OFFICE IMPACT STUDY & RECOVERY TIMING C&W RESOURCE

As areas stabilize from the COVID-19 pandemic and stay-at-home restrictions are lifted, organizations will begin to bring workers back into the physical workplace. It’s already begun in some parts of the world. In fact, as of April 2020, we have helped move our own employees, and those of our clients, back into more than 800 million square feet of properties globally. The “Recovery Readiness: A How-to Guide for Reopening your Workplace,” outlines some of the best thinking and practices that our more than 53,000 professionals have compiled across the globe and also includes insights from key partners. The recommended practices and protocols already have been implemented at locations across the globe with tremendous success.

IN THIS STUDY: • We examine both the aggregate cyclical and structural impacts on the office sector’s fundamentals. • We present three forecast scenarios that illustrate probable and/or possible recovery timing based on the information at hand today.

CLICK TO DOWNLOAD FULL STUDY

RECOVERY READINESS A HOW-TO GUIDE FOR REOPENING YOUR WORKPLACE Version 1.0

FOR RECOVERY READINESS RESOURCES AND TO DOWNLOAD THE GUIDE CLICK HERE: https://www.cushmanwakefield.com/en/insights/ covid-19/recovery-readiness-a-how-to-guide-for-re- opening-your-workplace

CUSHMAN&WAKEFIELDRESEARCH

This study is thefirst in a four-part series thatprovides anewperspectiveonCOVID-19’s effectson the commercial real estate industry and the futureof theoffice.Beginningwith thisglobal impact study, the series explores the cyclical and structural changes impacting theglobalofficemarket aswell as the implications for the timingof a recovery. Inpart two,wedo a thorough reviewof academic literature and industry studies, examining thebenefitsofoffice andworking fromhome (WFH) focusedon several key areas includingproductivity, culture,branding, employee engagement and creativity. Inpart three, the serieswill shift toperspectivesonfinding theoptimalmodel that incorporatesflexibility and a futureworkplace ecosystemmadeupof theoffice,work fromhome and places to creategreater employee satisfaction,productivity andprofitability.Finally, in the lastpartof the series,wewill explore the futurebeyond 2020.By focusingon the aspects that influence thebuilt environment—including the economy,geo-demographics, technology, societal shifts and thepolitical landscape—we strive to answerhow changingbehaviorpatternswill affectdecisionmaking. INTRODUCTION COVID-19 isdisrupting the economy, accelerating shifts and creating structural changes thatwill persist for years to come.Thepandemichas created several forces thatdirectly impact theoffice sector’s fundamentals.Someof the impacts are cyclical—for example, theCOVID-19 recessionwill result inoffice-using job losses,higher vacancy, andwillplacedownwardpressureon rental rates. Other impacts are structural, such as agreater shareof employeeswhowill regularlywork from home (WFH). In this study,we examineboth the aggregate cyclical and structural impactson the office sector’s fundamentals, andwepresent three forecast scenarios that illustrateprobable and/or possibleoutcomesbasedon the information athand today. Lastly,our studymakespredictionsonly at the regional level;we acknowledge thatnot every citywill follow the samepath as laidout inour aggregatedfindings.Further, althoughwebelieve the rangeof scenarios iswide enough to capturepossible andprobableoutcomes and that assumptionswemake arewell reasonedbasedon thedata available today,we acknowledge theunprecedented levelof uncertainty in today’soutlook. GLOBAL OFFICE IMPACT STUDY & RECOVERY TIMING September 2020 TABLEOFCONTENTS KEYFINDINGS ..................................................................................................................................2 5-YEAROFFICEOUTLOOKBYREGION ...........................................................................................3 STUDYOVERVIEW ...........................................................................................................................4 ASIAPACIFIC ...................................................................................................................................6 GREATERCHINA ............................................................................................................................10 EUROPE .........................................................................................................................................14 UNITEDSTATES ..............................................................................................................................18 CANADA ........................................................................................................................................ 22 BIBLIOGRAPHY ..............................................................................................................................26 APPENDIXA:ECONOMICSCENARIOASSUMPTIONS .................................................................... 29 MPTIONS .......................................................................................31

HELPING YOUR EMPLOYEES ADJUST TO A NEW NORMAL https://www.cushmanwakefield.com/ en/netherlands/six-feet-office

2 Cushman & Wakefield

om 1