More Than 75% Office Real Estate Firms Have Cancelled Or Put Expansion Plans On Hold, CBRE Survey Says
July 20, 2020 — CBRE Research recently conducted a survey of 126 senior-level global real estate executives to determine how the COVID-19 pandemic will change the location, design and use of office space. The survey findings—the first in a series—will help occupiers and investors identify evolving workplace trends and how sentiment toward office environments changes over time.
More than 60% of respondents are pursuing lease renewals and more than half have relocation plans on hold. More than 85% are optimizing their portfolios and more than 75% have expansion plans on hold or canceled.
70% of respondents indicated that some portion of their workforce will be allowed to work remotely full-time; 61% of respondents indicated that all employees would be allowed to work outside the office at least part-time.
70% are confident in setting long-term real estate strategies even amid the pandemic; fewer than one in 10 companies are considering leaving high-density urban cores; one-quarter are exploring suburban satellite strategies. 73% of respondents expect flexible office space will play some role in future strategy.
Read full report here..