The Pandemic Impact on Corporate Real Estate: Companies Currently Using Less Real Estate, But Many Expect Growth Over the Next One To Five Years

News provided by

CoreNet Global

Feb 09, 2022, 15:32 ET

ATLANTA, Feb. 9, 2022 /PRNewswire/ -- A new survey conducted by CoreNet Global, the premier association for corporate real estate professionals has found that global companies are currently using less office space than when the pandemic began, but many expect to increase the amount of space they occupy over the next one to five years.

The survey was conducted in January 2022 and yielded more than 300 responses from all regions including North America, Europe, Asia and the Middle East.

According to the survey, when respondents were asked whether their companies were currently using less space than in March 2020:

  • 45% said they were using 0-10 percent less space less space than in March 202
  • 12% said they were using 10-20 percent less space than in March 2020
  • 12% said they were using 20-30 percent less space than in March 2020
  • 16% said they were using more than 30 percent less space than in March 2020
  • 15% said they had increased the amount of space they are currently using, compared to March 2020

Notably, many corporate real estate managers expect their portfolios to grow over the next five years. Forty-one percent said they would in fact increase the amount of space they are using, while 60 percent predicted a net decrease.

Respondents replied as follows when asked "How do you anticipate your company's portfolio to change in the next one to five years, when compared with the amount of office space your company currently uses?"

  • 17% said space would increase by 0% - 10%
  • 11.5% said space would increase by 10% - 20%
  • 5.5% said space would increase by 20% - 30%
  • 7.2% said space would increase by more than 30%
  • 22% said space would decrease by 0% - 10%
  • 17% said space would decrease by 10% - 20%
  • 12% said space would decrease by 20% - 30 %
  • 8% said space would decrease by more than 30%

About CoreNet Global

CoreNet Global is a non-profit association, headquartered in Atlanta, Georgia (US), representing nearly 10,000 executives in 50 countries with strategic responsibility for the real estate assets of large corporations. The organization's mission is to advance the practice of corporate real estate through professional development opportunities, publications, research, conferences, designations and networking in 45 local chapters and networking groups globally. For more information, please visit www.corenetglobal.org or follow @CoreNetGlobal on Twitter.

SOURCE CoreNet Global

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