Companies might be past the peak of their office downsizing, according to commercial real estate services and investment firm CBRE.
FILE - A sign advertising commercial space for lease is posted on an office building on October 27, 2022, in San Francisco. , the world’s largest commercial real estate services and investment firm, released results this week from a survey of 225 companies with offices in the U.S., Canada and Latin America.
And the survey found more companies plan to expand their office space over the next several years. That share increased to 38% from 20% a year ago.“An 18-percentage-point, year-over-year increase in companies anticipating expansion of their office footprints is a significant step toward a return to growth,” Manish Kashyap, CBRE Global President of Advisory & Transaction Services, said in a news release. “It bodes well for a U.S. office market, which has faced many challenges in recent years.
CBRE said the high costs of moving and building out new space are still limiting factors for companies looking to expand.
CBRE Companies Expansion Space Survey Market Attendance
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