Nicosia, Cyprus. Technology and remote working were long expected to make physical offices redundant, but the market has moved in a different direction, according to Cyprus Property Developers Association chairman Yiannis Misirlis. He said offices have not disappeared but are being transformed to meet the needs of professionals and companies seeking to attract talent.
Changing role of offices
Misirlis said the pandemic reinforced the belief that offices would become obsolete, but leading businesses worldwide are no longer looking simply for office space. Instead, he said, they are seeking modern workplace ecosystems that support collaboration, innovation, talent attraction and quality of life.
Urban Knowledge Campus model
He said this shift is reflected in the Urban Knowledge Campus model, where work, housing, education, services and daily life coexist within the same environment. According to Misirlis, the principle behind this model is that employee productivity is shaped not only by what happens inside the office, but also by the wider environment in which people live and work.
Factors affecting productivity and well-being
Misirlis said commuting time, access to services, the quality of the urban environment and the ability to balance professional and personal life have become important factors for both companies and employees. He added that employees working in such integrated ecosystems tend to record higher levels of performance, well-being and satisfaction than those based in traditional business zones.
Growing relevance in Cyprus
What was until recently mainly associated with advanced metropolitan centres such as Tokyo, Singapore and Boston is now gaining ground in Cyprus, Misirlis said. He said this reflects a clearer need for more sustainable, human and productive urban environments.
Changing housing priorities among younger professionals
Misirlis said younger professionals, from Gen Z to Millennials, are also changing how they define the value of a home. He said a property is no longer judged only by its size or price, but by the wider life experience offered by the area.
He added that proximity to work, the ability to walk or cycle, and access to services, sports, dining and social life are now key factors in where they choose to live.