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
Game Changers | Feb 5, 2016
Asia’s modular miracle
A prefab construction company in China built a 57-story tower in 19 days. Here’s how they did it.
Game Changers | Feb 4, 2016
GAME CHANGERS: 6 projects that rewrite the rules of commercial design and construction
BD+C’s inaugural Game Changers report highlights today’s pacesetting projects, from a prefab high-rise in China to a breakthrough research lab in the Midwest.
Mixed-Use | Jan 25, 2016
SOM unveils renderings of dual-tower Manhattan West development
The five million-sf project includes two office towers, a residential tower, retail space, and a new public square.
Office Buildings | Jan 21, 2016
Nike reveals design, first images of planned 3.2 million-sf expansion to its world headquarters
The expansion looks to combine design elements inspired by human movement, speed, and the strength and energy of competition.
| Jan 14, 2016
How to succeed with EIFS: exterior insulation and finish systems
This AIA CES Discovery course discusses the six elements of an EIFS wall assembly; common EIFS failures and how to prevent them; and EIFS and sustainability.
Office Buildings | Jan 14, 2016
JLL: Slowdown not expected for office market
The booming sector had an occupancy growth rate 1.3 times that of new supply in the fourth quarter of 2015.
Office Buildings | Jan 11, 2016
Spec for tech: Designing for the creative class
The new work environment, settings which blur the line between work and life, is inspired by cities and the attributes that all great urban environments share, writes Ben Tranel of Gensler.
Office Buildings | Jan 6, 2016
4 tips for creating flow in a multi-level workspace
Successful workplaces enable a clear progression of ideas and people, which can be challenging for workplaces that occupy multiple levels. Perkins+Will's Sarah Stanford found some strategies that have proven successful.
Office Buildings | Dec 23, 2015
Good design alone won’t eradicate mindless meetings
Gensler's Johnathan Sandler discusses efficient alternatives to dull, wasteful workplace meetings.
Office Buildings | Dec 17, 2015
John Buck Company to develop CNA’s Chicago headquarters
The 35-story building will have plenty of column-free space.