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Office tenants downsizing, as shift to hybrid work continues in 2023
Office sublease availability was at a record high of 242.8 million square feet in 2022, according to Colliers in its 2023 outlook report.
The office sector this year will see the continued return to the office by the workforce, but companies have adopted hybrid working. The dominant model could be three days a week in the office and two days of remote work. But properties will combine cutting-edge amenities with optimal work experience and should succeed in returning staff to the office.
And expect a significant number of firms to reduce their office footprint as leases roll. A reduction of 20 percent to 30 percent could be typical for larger occupiers, but some cuts could be 50 percent or more.
To read the full report, click here.