But the booming South Korean office market may bolster arguments that it is better for employees to head back to the office — at least for those watching the US's struggling commercial-real-estate sector.
The increase in competition for office space has led to a roughly 15% rise in rental prices over the last year, Bloomberg reported.
KEF found that now, fewer than 60% of big companies allow their employees to work remotely.
Of the 40% of companies KEF surveyed that still allow remote work, almost two-thirds of those companies said they only allow it selectively.
There has been a general shortage of office space since 2021 due to government restrictions on redevelopment and the pandemic's disruption of construction.
Persons:
—, Claire Choi, Choi, KEF, it's, Goldman Sachs, Forbes, Biden
Organizations:
Service, Bloomberg, Global, Estate Services, Korea Enterprises Federation, Pulse
Locations:
Seoul, Korea