We are living in a globalised world that is characterised by a continuing trend of urbanisation. First time in history, more than half of the world population is living in urbanized areas and almost three quarters of the European population lived in an urban area in 2015 (source).
This development has enormous social, economic as well as environmental consequences, e.g. that real estate prices are steadily going up since the demand outweighs the available land for construction purposes often by several magnitudes (source).
This price increase is even further triggered by the fact that interest rates are low, and capital is looking for other investment opportunities, which is very often the real estate market.
Hence, the rents – and not only for prime site properties - went up steeply in the last years, especially for office buildings that tenants have a strong economic incentive to reduce office space as much as possible to bring operational costs down. Consequently, cell offices (CO) have been replaced by open-plan offices (OPO) with a much better ratio of office space per employee. This development has spread all over the world and is the most common type of office today.