Hybrid work has gained massive traction, and a new report from Colliers examines what that means for office vacancy. Colliers | realestate realestatenews office hybrid officerealestate
It’s safe to say that the pandemic-inspired, now widely adopted, hybrid work model is here to stay — at least for most businesses.from Colliers Real Estate Management examines the rise of the hybrid work model — something it calls “the great experiment” — and what it means for real estate needs. The report is based on Colliers’ latest office tenant survey and highlights the adoption of hybrid work’s impact on office vacancy, sq. ft allocation per employee, and the demand for flex space.
Colliers goes on to note that the average sq. ft space per employee has declined 10% since the onset of the pandemic, due to both the onset of hybrid work and the concept of “hoteling” when it comes to the office. According to the report, 44% of companies say they will not be providing a dedicated office or workspace for all employees. In turn, the average square footage per employee has dropped from 280 sq. ft at the start of the pandemic to 250 sq. ft – a 10% reduction.
While hybrid work culture is here to stay, companies seem up in the air about how it will be implemented. “Only 49% of the companies surveyed have finalized their plan for how they will approach the balance between in-office and remote work, suggesting that the great hybrid work experiment is still on,” reads the report. In fact, 27% of companies are currently evaluating the plan they put in place and 24% have not yet developed a plan.
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