CBRE’s Spring 2021 Occupier Survey found that only 9% of companies are planning to significantly cut down on their office portfolio, a huge dip from last year’s figures of 39%.
Even more, 85% of the 185 surveyed companies anticipate employees to spend at least half of their time in the office.
Additionally, 72% of large companies are planning for “modest” office space reductions, an increase from the 45% that said the same thing during CBRE’s September 2020 survey. In comparison, smaller companies are expected to maintain their portfolio or even grow it.
“Multiple factors support this sentiment, including the ongoing rebound of the US economy and companies’ realization that they need to retain more office space than they previously thought,” said Julie Whelan, CBRE Global head of Occupier Research. “Many companies now recasting the design and function of their offices will find that the square footage needed to accommodate team-centric work, free-address seating and meeting space often exceeds that previously dedicated to rows of individual offices and cubicles.”
However, remote working will still play a role in the future of the workforce. The survey found that 38% of companies believe employees will spend three or more days in the office, while 32% expect a blend of in-office and remote work.