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
Office Buildings | May 8, 2020
The pillars of work
The workplace will most certainly look different in the future, but how different it looks will be unique to every organization. There (still) is no one-size-fits-all solution.
Office Buildings | Mar 24, 2020
Morphosis designs lululemon’s new global headquarters
The HQ’s design is meant to serve as an extension of lululemon’s core values.
Office Buildings | Mar 16, 2020
Investments in ‘human experiences’ are paying off for employers
A recent survey conducted by JLL and Harvard Business Review found that more companies are giving their employees greater say in changing their work environments.
Coronavirus | Mar 15, 2020
Designing office building lobbies to respond to the coronavirus
Touch-free design solutions and air purifiers can enhance workplace wellness.
Plumbing | Mar 13, 2020
Pioneer Industries launches new website
Pioneer Industries launches new website
Architects | Mar 9, 2020
New York's façade inspection program gets an overhaul following a death from falling terra cotta
January 14, 2020, kicked off big changes to the NYC Local Law 11 Façade Inspection and Safety Program (FISP) for Cycle 9.
Office Buildings | Mar 5, 2020
SOM design’s Disney’s New York HQ
The HQ is being built in the Hudson Square neighborhood.
Office Buildings | Mar 3, 2020
REI’s new headquarters is all about the outdoors
NBBJ designed the project.
Adaptive Reuse | Feb 25, 2020
Hastings Architecture creates its new HQ from a former Nashville Public Library building
The building was originally constructed in 1965.
Office Buildings | Feb 13, 2020
CareerBuilder’s Chicago HQ undergoes renovation
Perkins and Will designed the project.
