Colliers Denmark Market Report 2024

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OFFICE - COLLIERS MARKET REPORT 2024

Top-3 answers from 34 countries: Why many people want to work from home

number of desired home working days and the actual or planned home working days, the more likely it is that vacancies will increase: If employees want to work more from home - e.g. to save commuting time - then it is likely that this will to some extent also trigger more working from home and thus less need for office space. However, in Denmark (and the Netherlands) there is lit tle difference between how much employees want to work from home and how much they actually work from home. Based on this, we believe that increased vacan cies triggered by a ‘homeworking effect’ are less likely to occur in Denmark than in most other countries in 2024. The underlying occupational market is stronger in Copenhagen than in many other major cities, and there fore office letting in the largest Danish cities is not prone to the same risks as in some foreign cities, where office vacancy rates continue to rise. At Colliers, we believe that there is unlikely to be a decline in corporate space requirements unless the Danish economy is hit by a major economic crisis with a drop in employment. Benefits of metro and light rail The CESifo study also found that saving on transport was rated as the biggest benefit of working from home by far, followed by reduced fuel and lunch costs. This high lights the benefits of companies being located close to public transport and/or major access roads. This speaks in favour of areas in Copenhagen with S-train or metro

60%

No transport

44%

Reduced fuel and lunch expenses

42%

Flexible work hours

Note: The three most frequent answers to the question: “What are the main benefits of working from home”. Respondents were able to select up to three answer options. Source: CESifo (Working from Home Around the Globe: 2023 Report), Colliers

proximity – either existing lines or the upcoming Sydhavn metro, scheduled for opening in 2024. Similarly, in Aarhus and Odense, we have seen increased interest in office space close to the light rail lines there – and we expect to see the same effect for the upcoming Greater Copenhagen Light Rrail in the suburbs northwest, west and southwest of Copenhagen (scheduled for commissioning in 2025).

Dusager 25, Aarhus N