Many tenants have already changed their appetites for office space — or are in the process of doing so — by transitioning to hybrid and remote work models, while the commercial property sector comes to grips with these evolving workplace dynamics.
In June 2022, Commercial Observer, in partnership with proptech firm VTS and data collection company Signet, commissioned a survey of commercial real estate professionals on the state of the office sector, tenant sentiment and the prevalence of hybrid work. A link to an electronic questionnaire was emailed to 94,266 Commercial Observer subscribers and website visitors, of which 707 responded; 530 of the respondents identified themselves as either owners, landlords or investors (41%), property managers (13%), office leasing and investment sales brokers (32%) or tenants (43%).
The findings of the survey reflected an office sector that is undoubtedly undergoing fundamental changes in the way it views the usage of space and how it will approach new office investment and development going forward. This comes while the market works under the cloud of a possible recessionary scenario in the U.S.
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