Bad News For Office Building Owners

Bisnow just reported a study by CoreNet, which is the corporate real estate directors organization, that based on a survey conducted between April 22 and April 27, 2020, polling its 11,000 person membership, 69% of corporate real estate professionals said their company would take less real estate after spending time working from home. Another survey done by the research firm Gardner released April 3, 2020 said that 75% of the 314 Chief Financial Officers surveyed said they planned to downsize the number of people that came into the office each day. “There will be a long-term adjustment to our location strategy, “Barclay’s CEO Jes Staley said this week. “The notion of putting 7,000 people in the building may be a thing of the past.”