More Companies Seek To Cut Down On Office Space

A new survey by the American Institute of CPAs (AICPA) found that there is an increasing number of business leaders in the U.S. who are looking to cut down their office footprint this year.

The survey of nearly 700 leaders found that 21% of respondents are looking to cut down on their office portfolio this year, an increase from the 18% in the third quarter of 2020.

Additionally, of the leaders who planned to reduce their office space, 9% stated they would shed between 10% and 24% of their portfolio.

However, despite more companies considering reducing their footprint, the majority of companies still don’t plan to lose any office space at all.

Even more, 7% of respondents said they actually had plans to expand their space this year, which is an increase of the 5% from the third quarter of 2020.

These findings come as more big-name companies like Citigroup have announced they would adopt a hybrid work model in the future, allowing employees to work remotely and in the office throughout the work week.