Will telecommuting and hybrid work deal a fatal blow to the office market? The advent of covid and its impact on the way we work raises major questions about the future of work and, by extension, offices. In our opinion, to shed some light on these questions, it is crucial to analyse the ‘holy grail’, which is productivity per hour worked, and to start observing the effects of teleworking and hybrid work in order to understand the future of offices and whether an investment opportunity is opening up. This report is the result of several months of work in which we have analysed numerous academic sources, and with it, we try to answer the key questions in a succinct and direct way to determine if offices offer an investment opportunity.