Several months ago, a CBRE survey of office trends revealed reduced office space needs among many employers. Fully 68% of the largest companies, those with more than 10,000 employees, indicated they planned to downsize. Some 46% of other respondents planned downsizing.

Of those intending to downsize real estate portfolios, 87% reported requiring less space due to the growth of hybrid work styles. Some 31% reported planning to downsize due to pre-pandemic real estate portfolio inefficiencies, and fully 27% for no other reason than to reduce expenses. CBRE’s conclusion? “Smaller requirements should remain the norm for future office leasing activity.”

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