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Not Good News For The Office Industry!!

Nov 1, 2020 | Posted by Jeff Weil | California Economics, Commercial and Business Insurance, Commercial Real Estate, Commercial Tenant Improvement Contractor, Newsletter, Office Furniture, Office Furniture Vendors, Office Space, Real Estate Landlords, Technology, Trends, U.S. Economics, Workspace, World Economy |
https://www.amazon.com/a/c/r?k=fd44e06e56a04817b04c3ef9ac90607a-1cb2

BISNOW Oct. 30, 2020 reports that real estate companies think they’ll need less office space. “More than any other industry, real estate has a vested interest in making sure office occupiers don’t cut their real estate footprint. Office is the largest of the real estate asset classes, and a reduction in demand would lead to falls in rents, valuations and fees for huge swathes of the industry. A new global survey of more than 550 real estate professionals across the globe, undertaken by the Urban Land Institute and EY, found that more than half (53%) of those polled expect the amount of space needed by their organization to decrease. The report found that 69% if those surveyed spent a day a week or less working remotely before the coronavirus. From here on , 59% expect to spend two days a week or more working remotely. ULI said that the office will still play a major part in corporate culture.

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Jeffrey Weil, CCIM, MCR.h, SIOR

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  • Colliers International
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  • CA Lic. 00786195
  • +1 (925) 279 5590
  • jeff.weil@colliers.com
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