Half of firms with more than 50,000 employees plan to prune office space, with most anticipating a reduction of between 10% and 20%, according to a survey of 347 companies around the world by Knight Frank, a UK-based real estate firm.
“Office stock in major markets around the world will reduce because some of the offices of a lower quality just won’t come back into use,” Elliott said. The survey, the first Knight Frank has conducted since the pandemic, found that 56% of companies had opted for a hybrid work policy, where employees spend some days each week in the office. Almost a third, or 31%, require staff to come into the office most or all of the time, while just 12% of firms plan to implement a fully remote work policy.
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