Occupiers Get a Handle on Their Post-Pandemic Office Needs
Companies are more proactive this year about office attendance, with 65% saying they’re requiring in-office work at least some of the time, according to a new survey by CBRE of 207 companies with U.S. offices. That’s more than double the respondents that required in-office attendance last year.
However, with steady-state office attendance often lower than pre-pandemic, more companies are shrinking their office footprint to match office attendance patterns. Fifty-three percent of companies expect their office portfolios to get smaller over the next three years compared to 46% that anticipate either no change or expansion.
“Real estate evolves to accommodate changes in human behavior, and we’re seeing that as the office market adapts to hybrid work,” said Manish Kashyap, CBRE global president of Advisory & Transaction Services. “This means greater flexibility in lease terms, more occupiers gravitating to higher quality office space and an increase in adaptive reuse of obsolete buildings.”