Earlier this year, many companies closed their offices and shifted their staff to remote work due to health and safety concerns. And while remote work has been a mixed bag, it’s also proven itself as a viable model for companies in almost every segment of the market.
That opens the door to a world of flexibility for companies going forward. But it also puts office buildings in real danger.
Office building demand could wane to a dangerous degree
When employees were first told to pack up their desks and work remotely back in February and March, many assumed it would last a few weeks. But now, nine months later, many companies are realizing remote work is a sustainable model, with the potential for major cost savings. If workers can maintain productivity from afar, businesses can spend less on office space.
A good 68% of large-company CEOs say they now plan to downsize their office space, according to a survey by KPMG. And that’s not just in response to the pandemic.