Not Good News For The Office Industry!!

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.