We appear to be in the midst of a false green dawn. There is a clear disconnect between expectations and reality, with most real estate leaders (37%) claiming less than half of their current commercial premises carry a green accreditation. 67% of large organizations claim under 25% of their current portfolio of commercial space is green rated.
In the Middle East, cities such as Dubai, Abu Dhabi, Riyadh and Jeddah are anomalous in that they are currently experiencing Grade A office occupancy levels of 90-100%. This sits in stark contrast to many cities across the US and Europe, where office occupancy levels are still trailing pre-Covid highs, predominantly due to long and expensive commutes.
Predictably perhaps, 47% of companies in the UAE and Saudi, with a city or country-wide remit, expect an ‘office first’ work style to prevail over the next three years. This lean towards more traditional working styles, clearly hints at the strong appetite and backing for the office as the main place to conduct business – rather than hybrid working styles. In contrast, 42% of businesses with a global reach expect hybrid working to dominate in three years’ time, mirroring global trends.