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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..

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