Madrid residents are the European employees who go to the office the most, according to data managed by the real estate consultancy Savills.
Specifically, Madrid, with an average of 65%, has the in-person attendance rate highest average of European cities analyzed by Savills in its latest report on office occupancy in Europe, surpassing the business district of Paris and the West End of London, both areas already at 62%.
The average presence rate in the offices of the main European cities analyzed by Savills has gradually increased and In the last six months it has gone from 55% to 57% on average in Europe. However, reality changes depending on the day of the week. Thus, on Tuesdays and Wednesdays the average is 64% and 62% respectively, approaching the pre-pandemic ratios, which were around 70%.
London’s West End has experienced the largest increase in attendance levels of the cities examined: in the last semester the rates have gone from 50% to 62%. For Savills, this rise is partly explained by the activity of financial companies located in central London, since firms in the financial sector (excluding insurance companies) register an average occupancy rate of 63%, due to the fact that the sector has largely opted for a four-day-a-week model in the office.
The consulting firm indicates that, with average levels of presence on Tuesdays and Wednesdays, already approaching the “normal” levels recorded pre-pandemic, around 70%, Companies must plan their workspace strategies as they need enough space for peak attendance, even if levels are lower on other days. In this sense, the key is how the space is designed to meet the diverse needs of employees, ensuring that they have alternative work environments within the office that adapt to different tasks throughout the day.
Keys to filling offices
The consultant’s forecasts indicate that Average office attendance rates in Europe will begin to stabilize at around 60% as businesses and employees find a balance that suits them, although this will vary between cities and sectors. Thus, the capitals that are showing a pattern of high occupancy, such as Madrid and Paris benefit from the fact that the city center has a lot of life, of good transport infrastructure and lower public transport costs.
Likewise, according to Savills, the demand for well-connected, good quality offices in mixed-use locations continues to intensify across the board, and in a context marked by construction delays and a shortage of prime stock, companies will be forced to compete for the best space, which will contribute to increasing the rents of prime offices.