Corporate Office Trends

Drivers:

• As the economy continues to shift to more service and knowledge-driven industries, new jobs that will use office space will be created.
• As companies contemplate how to bring their employees safely back into an office environment, there will be an increase in renovations and office furniture purchases to provide safer and welcoming environments. (National trends indicated pre-COVID that square footage per employee was decreasing; it will be interesting to see if the space begins to increase again.)
• Corporate office users in large markets are reconsidering if they can perform just as successfully in smaller markets where it is less expensive and not have to be as concerned for employees’ health and safety with mass transit, large buildings (not having to ride elevator up/down dozens of floors), etc.

Drawbacks:

• As people continue to work from home permanently or on a rotating basis, the future of physical office space is uncertain.