The office space downsizing trend may be past its peak, according to a CBRE survey of 225 companies with offices in the U.S., Canada, and Latin America.
Just 37% of companies plan to shrink their office space this year compared to 57% last year, the survey found. In addition, more companies plan to expand their office space over the next several years with 38% planning to do so, compared to 20% a year ago.
Some companies may have trimmed too much space in recent years, CBRE says.
“An 18-percentage-point, year-over-year increase in companies anticipating expansion of their office footprints is a significant step toward a return to growth,” says Manish Kashyap, CBRE Global President of Advisory & Transaction Services. “It bodes well for a U.S. office market, which has faced many challenges in recent years. There remains a segment of demand where companies are opting to renew their leases to forego the costs of moving, but there is now a change in sentiment favoring expansion.”
Most companies say office attendance is holding steady. Companies looking to relocate are interested in upgraded space, such as a better location, better quality space or improved employee experience.
Related Stories
| Apr 19, 2012
KTGY Group’s Arista Uptown Apartments in Broomfield, Colo. completed
First of eight buildings highlights unique amenities.
| Apr 19, 2012
Nauset begins work on $20M Joint Forces HQ at Hanscom AFB
3D imaging key to project timetable and cost containment.
| Apr 17, 2012
FMI report examines federal construction trends
Given the rapid transformations occurring in the federal construction sector, FMI examines the key forces accelerating these changes, as well as their effect on the industry.
| Apr 17, 2012
Miramar College police substation in San Diego receives LEED Platinum
The police substation is the first higher education facility in San Diego County to achieve LEED Platinum Certification, the highest rating possible.
| Apr 16, 2012
University of Michigan study seeks to create efficient building design
The result, the researchers say, could be technologies capable of cutting the carbon footprint created by the huge power demands buildings place on the nation’s electrical grid.
| Apr 16, 2012
Drake joins EYP as science and technology project executive
Drake’s more than 30 years of diversified design and project delivery experience spans a broad range of complex building types.
| Apr 13, 2012
Best Commercial Modular Buildings Recognized
Judges scored building entries on a number of criteria including architectural excellence, technical innovation, cost effectiveness, energy efficiency, and calendar days to complete, while marketing pieces were judged on strategy, implementation, and quantifiable results. Read More
| Apr 6, 2012
Flat tower green building concept the un-skycraper
A team of French designers unveil the “Flat Tower” design, a second place winner in the 2011 eVolo skyscraper competition.
| Apr 2, 2012
EB-5 investment funds new Miramar, Fla. business complex
Riviera Point Holdings breaks ground on $17 million office center.
| Mar 28, 2012
Milestone reached for LEED-certified buildings?
Total number of major global green buildings now stands at 12,000.
