As the economic pressure continues to cause closures of companies and contraction of operations, thousands of firms are moving workplaces into homes, thereby reducing demand for office space in major cities across the country, CHINEDUM UWAEGBULAM reports.
Following economic headwinds that continued to paralyse business activities, many international and local employers have begun to reduce their office space, increasing vacancy rates in the commercial real estate market.
The idea of reducing office space by corporate organisations started with the COVID-19 pandemic era when remote work and online meetings gained traction, as well as due to the rise in office rents.
The downstream sector’s deregulation has also increased fuel costs and many workers are finding it difficult to pay for transportation. This development has rekindled the idea of space reduction.
According to…
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