Global Survey Reveals a Mixed Outlook for the Office Market

Recently released results of a survey of 347 companies around the world led to a projection of an expected shift in office occupancy over the next three- to six-years. U.S. cities are anticipated to be impacted the most, in part due to a higher ratio of office space per person than in Europe and Asia, with San Francisco, New York, and Los Angeles topping the list. Among the 65 surveyed companies with more than 50,000 employees, 50% plan to reduce their office footprint, and among those, most anticipate a reduction of between 10% and 20%. In contrast to the large multinational firms, “55% of all surveyed companies expect to ‘increase or greatly increase’ their footprints over the next three years, with growth led by smaller firms of up to 10,000 employees,” which represented 211, or 61% of the total 347 companies surveyed. The survey results also found that 56% of the respondents had opted for a hybrid work policy, while 31% require staff to come into the office most or all of the time; and just 12% of the firms planned to implement a fully remote work policy.