KBS signed slightly more than 2 million square feet in accumulative lease transactions during the COVID-19 pandemic. The transactions comprise a mix of new leases, renewals and expansions, and span across the firm’s $8 billion portfolio of office assets.
“These leasing transactions demonstrate companies’ continued commitment to having a physical office after having experienced more than nine months of largely remote working due to the ongoing COVID-19 pandemic,” says Giovanni (Gio) Cordoves, Western regional president for KBS. “During the course of the pandemic, we have observed a rising sentiment among companies to return to their offices. The 2 million square feet of leases that our firm has signed during the pandemic is evidence that this sentiment is real.”
Although coronavirus cases continue to ebb and flow throughout the country, Cordoves points to studies revealing that enthusiasm for full-time remote work has waned considerably since March. When COVID first emerged, working from home was attractive to employers and employees as a means of continuing to operate efficiently.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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