What Impact Will the Pandemic Have On Corporate Real Estate Portfolios And The Work Week?
Wednesday, June 30th, 2021
In two years, more than half (53 percent) of the corporations surveyed by CoreNet Global say that their overall corporate real estate portfolio will be smaller than it is today. For 15 percent of those surveyed, that reduction will be by more than 30 percent. For 26 percent of those anticipating declines the reduction will be between 10 and 30 percent and for the remainder the reduction will be less than 10 percent.
In addition, the corporate real estate professionals say that one half of the traditional work week will be spent in the traditional office, and the remaining half divided among home offices, co-working, or other remote locations.
While a clear majority (66 percent) say that the 9-5 work week is a thing of the past, 83 percent say that the office will remain as place for collaboration and teamwork.
Forty-four percent say that they now consider hiring employees regardless of where they are located, for 100 percent virtual work.
In May 2021 CoreNet Global conducted a survey of its worldwide membership to gain insight on how the ongoing COVID-19 crisis is impacting corporate real estate management. One hundred and forty-five leaders in corporate real estate responded.