Nigerian property management consultant, Frank Okosun, has said the office market is seeing a steady recovery after a seeming collapse occasioned by the COVID-19 pandemic.
Frank said the market was picking up as key industries, such as finance and technology, are driving its rebound.
“The office market is showing promising signs of revival, driven by new requirements from businesses in the technology and finance sectors,” he said.
Frank made the remarks while addressing challenges confronting the Nigerian real estate industry in an industry report seen by TechParley correspondent on Monday.
The property manager and industry leader noted that though the global office market continues to grapple with the aftermath of the pandemic, positive trends are now in sight —heralding new opportunities for property management companies and stakeholders.
TechParley understands that office market, which is the market for use in connection with commercial businesses, corporations or entities, governmental agencies or entities and nonprofit corporations, had suffered weak demand after the world was impacted by the pandemic and grounded by a resulting lockdown that led corporate and multinational companies into adopting virtual and hybrid office culture.
As the technology and finance sectors continue to thrive, experts are positive that they will breath new life into the office market and provide a glimmer of hope for its recovery.
What is not certain, however, is if its new projected highs after its envisaged upturn would be anywhere close to pre-COVID-19 levels.