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Survey: Office Users Moving Back to Expansion After Post-Pandemic Contraction
More office-using companies are shifting their portfolio strategy to expansion after a heavy focus on contraction since the pandemic, CBRE said Friday based on a survey of 225 companies with offices in the U.S., Canada and Latin America.
The firm’s 2024 Occupier Sentiment Survey found the percentage of office-using companies that anticipate expanding their occupied space in the next three years increased to 38% from 20% in 2023. Those planning to reduce portfolio requirements decreased to 37% from 53% last year. Twenty-five percent expect their portfolios to remain the same.
Some companies that may have trimmed too much space in recent years or have added staff now find their offices can’t accommodate employees on high-attendance days, according to survey results.
“An 18-percentage-point, year-over-year increase in companies anticipating expansion of their office footprints is a significant step toward a return to growth,” said Manish Kashyap, CBRE global president of advisory & transaction services. “It bodes well for a U.S. office market which has faced many challenges in recent years.”
- ◦Lease
