Despite perceptions to the contrary, employers and employees are equally supportive of hybrid work, according to a report released today by the Building Owners and Managers Association (BOMA) International. More than six in 10 members of each group want to be back in the office at least three to four days per week.
That’s among the chief findings of the new 2022 BOMA International COVID-19 Commercial Real Estate Impact Study, a survey of 1,267 office-space decision-makers and high-level influencers. The survey, conducted in the second quarter of this year, follows up on two similar studies published since the start of the pandemic, all of which were underwritten by Yardi and developed by Brightline Strategies.
“The office still plays a central role in the future of businesses,” says Henry H. Chamberlain, president and chief operating officer of BOMA International. “Because employers and employees both see value in the physical workplace, our research shows that a majority of both groups want to spend more time in office than out of it. This means commercial real estate has an opportunity to create even stronger partnerships with tenant companies to promote innovation and reinvention to shape the offices of tomorrow.”
This new study targeted the top 20 U.S. markets and analyzed data by industry, company size, office square footage, geographic location and more.
Among the study’s key findings:
• 86% of respondents affirm their in-person office is vital to operating their business, up from 78% in 2021.
• 72% say they would renew their lease if it were up today, up from 38% in 2021.
• 76% said their employees and colleagues support returning to physical offices.
• Decision-makers predict that 29% of their employee base will be partly or fully hybrid/remote 12-18 months from now.
• 70% of respondents across tenant sizes report that they’ll reassess their space needs, a 15-point jump from 2021.
• 78% of tenants seek property owner or manager investments beyond the status quo in health and wellness amenities and programs designed to improve in-office collaboration.
“This study confirms that decision-makers are comfortable returning to offices, their colleagues share that level of comfort, and there is demand for investments that make employees safe and foster greater collaboration,” says Robert Teel, senior vice president of global solutions at Yardi.
“There’s an opportunity for organizations not only to partner with tenants to foster environments employees want to come back to, but also to support them on macro-economic challenges like inflation and supply chain issues,” said Michael Broder, CEO of Brightline Strategies.
To read the 2022 BOMA International COVID-19 Commercial Real Estate Impact Study executive summary, please click here.