For commercial real estate, this was one of the worst years. The business demand for office space has quickly shifted, with COVID-19 pushing us to represent our working process. As a result, the workplace has grown from real estate to human beings. Our forecast for commercial real estate in2021 is based on the significant shifts which will have to be adapted to or otherwise, leave behind vendors in the coming 12 months.
While versatile workspaces currently account for less than 1% of the global office market, this will transform quickly. Globally, businesses aim to enhance their versatile office portfolios representing the worldwide vacancy in commercial spaces.
As more customers seek office space nearer to home, the business presence is spreading and being diverse. The necessity for more mobility would result in increased competition in urban and regional office space for efficiency. This pattern may well lead to a market exceeds in supply as this will inject investment into those locations. In the meantime, Dubai's office for rentals could decrease, as more businesses migrate further from city skyscrapers. During lockdowns, competition for office accommodation in suburban and rural areas has increased and this is meant to keep commuting times down while more workers prefer to work from home or virtual office space for rent and to keep working/life balance.
The Portfolios are limited to 40% and the office room now used is based instead of the conventional office configuration on a more open style. Research has found that homeworkers have fought hardest to exchange ideas and communicate with the company and its colleagues. The Office of the future would also concentrate on promoting certain facets of working life.
The measures that describe a workplace's performance would transfer to an individual, method, and location emphasis. We can see a continuing transition to workplaces driven by the needs of workers, like changing operating time and less long travel times by the lockdown, which encourages versatile working types. There will be various office choices for completing the traditional 9 to 5.
Our analysis indicates that space initiatives are the second most significant aspect in today's departments, with our comeback to work after the COVID-19 program. We believe this feeling to grow with the pandemic that has taken health and wellbeing problems to the fore.
Flexible workspace is expected to develop by 21 per cent in 2021, the highest development ever seen in flexible workspace. All in all, the scale, place, and design of the office room will shift, with a consistent theme that reflects on the concerns of people. Companies with emphasis on the role, versatility, and operating style of their staff are up to providers to adapt to new competition. That's a change from costs to large regional centers to small, efficient, and decentralized offices, which we hope to see mirrored in several ways.