This study is the third in a four-part series that provides an insightful perspective on COVID-19’s impact on the commercial real estate (CRE) industry and the future of the office.
Part Three of our “New Perspective: From Pandemic to Performance” Series
One thing is clear: the purpose of the office workplace is changing. The pandemic-induced work from home (WFH) experiment has altered perspectives on work, flexibility and the office. Cushman & Wakefield partnered with top researchers from George Washington University to explore potential outcomes of for the future of office.
As part of this report process, focus groups and interviews were conducted with 32 owners, occupiers and placemakers to get a 360-degree view on the future of the workplace. This was information was then augmented with insights from Cushman & Wakefield Total Workplace consultants directly involved across hundreds of occupier clients and with data collected as part of the Experience per SFTM consulting tool. Represented in these conversations were investors with just under $900B in assets under management and occupiers representing $574B in annual revenue. Additionally, the placemakers included business improvement district (BID) executive directors for submarkets in major U.S. downtowns containing over 350 million square feet (msf) of office space. The conversations were focused on a future “post-COVID-19” world where a vaccine has become widely available and the direct pandemic health risks are low or non-existent.
In this study, we address critical questions such as:
- What purpose does the office serve now and in the future?
- How will that purpose impact how occupiers think about their portfolio footprints, location strategy and office layouts?
- What are the implications of the changing nature of the workplace on office owners, corporate users and civic leaders?
- How much WFH penetration should we expect?
- What are the variables that impact WFH penetration?
This report follows:
- Part 1: Global Office Impact Study and Recovery Timing
- Part 2: Purpose of Place: History and Future of the Office