MONDAY, 26 JUL 2021



Facebook Linked In Twitter

Transport Minister Outlines Policy to Boost Electric Vehicles Registration to 36,000 by 2030

President Anastasiades Says He Won’t Stand For Third Term In 2023 Election



Real Estate: How Is Remote Work Affecting Office Space?

Real Estate: How Is Remote Work Affecting Office Space?

The pandemic was a time of unexpected ups and downs, changing the way we live and work. From one day to the next, companies and employees faced great challenges and had to adapt overnight to the new conditions created by Covid-19. In an effort to continue to operate as before, many companies adopted the remote work model, a form of work that although in Europe had begun to gain ground in recent years, in Cyprus was still in its infancy.


Indicatively, Eurostat data shows that 5.4% of the European workforce worked from home in 2019, while in Cyprus the corresponding percentage did not exceed 1.3%. A year later, remote working in Europe jumped to 12.3%, an upward trend followed by Cyprus, reaching 4.5%. For the first time, this new work regime was implemented en masse worldwide and in such a short amount of time.


In light of the new circumstances, many companies worldwide believe that the remote work model is here to stay, as it offers a number of advantages, most importantly the reduction of fixed costs. It is a fact that the business world is now seeking flexibility and lower rent costs, while it is concerned about finding ways to protect the health of employees when they return to the office. It is considered that safety, health and human interaction concerns will certainly continue to exist for a long time to come. And for some companies, this factor may be another reason to indefinitely extend their remote work regime. The above data reinforce the concerns felt internationally that in the near future there may be a reduction in the demand for business premises and office space.


These concerns are also felt by Cypriot entrepreneurs, who are at the beginning of working out plans to reduce their costs, which are expected to be finalised after the effects of the pandemic reach the final investors.


It is, however, our assessment that the office market in Cyprus is not expected to be affected by this trend, as the increased interest from foreign companies to relocate to our island is much greater than the shorter demand for office space created by the work-from-home trend. It is likely that the measures taken by other countries to deal with the pandemic and the new situation have rekindled investor interest in Cyprus. In fact, significant developments are expected following the recent lifting of the restrictive measures. The first signs are already evident.


But if the recent conditions of the pandemic and the existing environment continue in the long run, working from home could dramatically undermine the character and culture of a business, with remote working becoming more permanent and the demand for office space being significantly affected. Another emerging trend that is expected to affect the office market in the near future is the demand for new types of offices, which will be environmentally sustainable and with larger interiors.


It is a fact that we are still far from returning to normalcy and therefore, apart from estimates and speculations, no one really knows how things will turn out in the future. It is certain, however, that when the pandemic is completely over, we will return to a very different world. In the new everyday life, a hybrid work model will probably prevail which will combine remote work with office work, which will inevitably leave its mark on the office market.


The only sure and safe way to grow the office market is to turn to sustainability and the development of buildings and office spaces that consume low to zero energy and offer a safe working environment.



* By Yiannis Misirlis

  Director of Imperio Group, Deputy Chairman of the Cyprus Land and Building Developers Association (LBDA), member of the Board of Directors of    the Cyprus Chamber of Commerce (CCCI) and Industry and Chairman of the Real Estate Committee. 




The Apparent Incompatibility Of Family Offices Investing In Cryptocurrencies

Cryptocurrencies and Bitcoin in particular have always been in the spotlight during the ...



ECOFIN To Approve Cyprus’ €1.2 Billion Recovery And Resilience Plan

The European Finance Ministers will approve Cyprus €1.2 billion Recovery and Resilience Plan in a scheduled videoconference to be held today. The ...

Wire Index: Property Prices Continue to Fluctuate

WiRE FS, combining real estate knowhow with technology, has published its Q2 2021 edition of the WiRE Index for property and rental prices. According to ...

ARK36 Team Expansion: Loukas Lagoudis and Socrates Minas Join Cyprus Offices

Cyprus-regulated digital assets hedge fund ARK36 is working towards appointing Loukas Lagoudis as Executive Director and Socrates Minas as Investor Relations ...

Transport Minister Outlines Policy to Boost Electric Vehicles Registration to 36,000 by 2030

Yiannis Karousos, Minister of Transport, Communication and Works presented a general policy framework aiming at boosting electric vehicle (EV) registration to ...

Moody’s Upgrades Cyprus Rating to Ba1 Assigning Stable Outlook

Rating Agency Moody’s has upgraded Cyprus’ long term credit rating by one notch to Ba1 assigning stable outlook, citing reduced exposure to event ...

President Anastasiades Says He Won’t Stand For Third Term In 2023 Election

President Nicos Anastasiades has said he will not stand for a third term in the island’s 2023 election. In an interview with Phileleftheros on Sunday ...

Cyprus Forum: Launching a New Sustainable Horizon Cyprus 2040

The second annual Cyprus Forum will take place on Saturday, October 2, 2021 at the Nicosia Municipal Theater, bringing together local and foreign political ...

The Importance of Cyprus’ Sustainable Development Goals Strategy

On Wednesday July 21, 2021, Constantinos Petrides, Cyprus Minister of Finance addressed an online conference and along with the Cyprus Economy and ...