Companies are taking a more proactive approach to office attendance this year, with 65% of 207 U.S.-based companies surveyed by CBRE requiring in-office work at least some of the time – more than double the amount from last year. As steady-state office attendance remains lower than pre-pandemic levels, many companies are shrinking their office footprints accordingly; 53% expect their portfolios to become smaller over the next three years compared to 46% that anticipate no change or expansion.
Manish Kashyap, CBRE Global President of Advisory & Transaction Services commented: “Real estate is evolving to accommodate changes in human behavior as we witness an adaptation within the office market due to hybrid work arrangements. This has led us towards greater flexibility in lease terms and an increase in adaptive reuse for obsolete buildings while occupiers gravitate towards higher quality spaces.”
