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CBRE Group, Inc. is the world’s largest commercial real estate services and investment firm, with 2020 revenues of $23.8 billion and more than 100,000 employees (excluding affiliate offices). CBRE has been included on the Fortune 500 since 2008, ranking #122 in 2021. It also has been voted the industry’s top brand by the Lipsey Company for 20 consecutive years, and has been named one of Fortune’s “Most Admired Companies” for nine years in a row, including being ranked number one in the real estate sector in 2021, for the third consecutive year. Its shares trade on the New York Stock Exchange under the symbol “CBRE.”

CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.


CBRE Global Investors, combined with CBRE Clarion Securities and CBRE Caledon, is one of the world’s leading real asset investment managers with $124.5 billion in assets under management.

Built up over more than 40 years, our unparalleled platform is focused on real assets, giving our institutional clients access to real estate and infrastructure in the Americas, Europe and Asia Pacific. Our clients benefit from a complete range of investment solutions including equity and debt, direct and indirect, and listed and unlisted strategies.

Trammell Crow Company, founded in Dallas, Texas in 1948, is one of the nation’s oldest and most prolific developers of, and investors in, commercial real estate.The CBRE Global Investors and Trammell Crow Company platforms make up the Real Estate Investments division of CBRE Group.

The Real Estate Investments division is led by
Mike Lafitte, Global CEO, Real Estate Investments.


Regularly released content on the state of the real estate and infrastructure industry are produced by our subject matter experts and shared on their blogs. A selection of them can be found below.

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Column by Andrew Angeli, Head of European Real Assets Research

Insights on Behavioural of European Offices

Andrew Angeli

Head of European Real Assets Research

Views 1128 times


Mid-December is when the Oxford English Dictionary announces its word of the year. It’s celebrated by lexicographers and logophiles alike. But as 2020 was unprecedented in so many ways, the judges at the OED had a difficult time settling on just one word. So instead, they decided to report more expansively on the breadth of language change during the year. The English language, like all of us, has had to adapt rapidly and repeatedly. Some of the newly popularised terms found a place in this blog over the past 12 months: anthropause, unmute, Zoom fatigue (it’s real), and of course WFH.

Indeed, WFH has become part of the property vernacular. This is not only because so many of us continue to do so but also fears of its potential lasting impact on a very large office sector. The OED’s chronicling of WFH coincides with the release of the latest whitepaper from our Real Assets Research team: The Evolution of European Offices. In it, we look at the impact the pandemic is having on behavioural change regarding office use. Here are a few of the highlights.

Despite the current state of the public health crisis, office employees are signalling that they ultimately wish to return to the office. We expect its function will evolve from traditional desk-based working to more collaborative uses to meet the social and business needs of a growing hybrid workforce. As European cities reopen and it is perceived safe to venture back into the office, employees will be presented with greater flexibility. If we are correct, then demand will surely be impacted both in terms of the amount and type of space required.

Our analysis shows at a European level that if the percentage of those working from home increases by 20% by 2025, office occupancy could fall by a cumulative 5.2% and nominal prime rent growth would be 2.7% lower compared to our current House View for 2021-25. As European office markets entered the current crisis with different approaches to remote working, so too will be its lasting local impact after the pandemic. Our analysis shows Madrid, Warsaw and Dusseldorf being the worst hit by a sustained rise in remote working, with Paris, Munich and Berlin being comparatively better placed. A potential countervailing force is de-densification. If occupiers reduce workplace density, whether to ensure compliance with health guidelines or to create collaborative space, the repercussions will be positive for occupancy levels, and could offset the decline brought about by increased rates of WFH.

We conclude by stating that in a world where there is more remote work, the more critical real estate becomes. We see a clear polarisation of demand from occupiers and investors: less quantity, more quality, best and the rest. This warrants a more cautious approach to investing in the office sector; the burden of proof is understandably higher than it was before the pandemic. We recommend prioritising investment into flexible, tech-enabled, buildings in supply-constrained Winning Cities providing multi-modal access, with high sustainability and wellness credentials.

As a result of Covid, the outlook for European offices has changed in a profound manner. Whilst we are alive to behavioural change influencing increased rates of working from home and ultimately demand for space, we have conviction that the role of offices will endure, both for occupiers and investors.