The pandemic is causing many corporate real estate end users to rethink their strategy, but many are holding firm as the pandemic continues, according to  Singapore’s Business Times

“Even as some companies are re-examining and reducing their office footprint, with the likes of Fujitsu announcing that it will halve office space over the next three years, others such as Netflix have decried work from home as a “pure negative”. Facebook leased all 730,000 square feet of the available office space in the Farley Building in New York City last month while Ping An Insurance paid HK$11.27 billion (S$1.45 billion) for office space in West Kowloon, Hong Kong, in April as part of its expansion plans for the Greater Bay Area.”

“The office continues to be essential because work from home is not an ideal long-term solution for many in the Asia-Pacific region. With more complex demands, investors are thinking long-term. They want Grade A offices which are certified sustainable and equipped with the latest technologies optimised to ensure the safety and health of occupiers as well as support the new way of working.”