Colliers Denmark Market Report 2024

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OFFICE - COLLIERS MARKET REPORT 2024

HOTEL INDUSTRIAL & LOGISTICS RETAIL RESIDENTIAL OFFICE

AKSEN, Hedeager 44, Aarhus N

Short commute time benefits office market During the coronavirus pandemic, working from home really took off and employees in many countries realised the benefits of working from home. This is especially true in big cities where commute times from the surrounding areas are long - either due to long distances or long com mute times with traffic jams or both. As more and more employees in these cities have been less interested in resuming their commute, compa nies are rethinking their space, design and technology requirements. Several major cities – such as London, Los Angeles, New York and San Francisco – have seen sharp increases in office vacancy rates. In Denmark, the need to work from home is generally much lower than in several other countries. For example, a survey conducted by global research network CESifo in

2023, with responses from approx. 42,500 office workers in 34 countries across the globe, documented that Danes have relatively few planned days of working from home compared to other countries. The survey also showed that Danes’ desire for working from home is at a very low level. For example, on average, Danes surveyed only wanted to work from home 1.15 days a week, or less than half the number cited by Americans. The widespread desire to work from home in the US may explain the high vacancy rates in major US cities, and in general, the prevalence of scheduled work-from-home days may explain the decreasing demand for office space and thus increased vacancy rates. But beyond that, the large-scale survey can provide important signals as to whether vacancy rates may increase further. The greater the difference between the