Four years after the pandemic ushered in remote working and hybrid schedules for many office occupiers, a new survey from CoreNet Global, the global association for corporate real estate, shows those changes are here to stay in many workplaces.
The association surveyed its membership in March and April regarding the current state of office work and found 36 percent of respondents said their offices had flexible schedules and 34 percent said employees were required to be in the office three days a week. Only 11 percent said employees needed to be in the office five days a week and 7 percent stated four days a week. Ten percent of those surveyed said their office employees were expected to be on-site two days a week and 2 percent said one day a week.
The Atlanta-based non-profit association represents nearly 10,000 members in 50 counties with strategic responsibility for the real estate assets of large corporations. The organization focuses on advancing the practice of corporate real estate through professional development opportunities and networking as well as research, publications, conferences and designations through 46 local chapters and networking groups globally.
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One of the survey’s questions asked what percentage of the members’ owned or leased portfolio is vacant. More than half—56 percent—reported between zero and 10 percent of the portfolio was vacant. The numbers dropped considerably from that option with 19 percent stating it was between 11 and 20 percent vacant; 12 percent saying it was between 21 and 30 percent vacant and 13 percent reporting more than 30 percent of the company’s portfolio was vacant.
Amenities and wellness strategies
As this month’s Commercial Property Executive magazine outlines in its cover story, today’s tenants want more than just a place to work when they do come to the office. The results of the CoreNet Global current state of office work survey echoed many of the themes in the CPE article, including the growing importance of amenities and corporate wellness strategies. Topping the list of amenities offered at their offices to encourage onsite work, was a variety of workspace options and good coffee, each receiving 51 percent of responses from those surveyed. Coming in close behind was offering fun/team building activities at 49 percent, providing new technologies to make the workplace seamless at 45 percent and furnishing healthy food options at 42 percent.
Parking was an enticement to 30 percent and having access to green space was important to 26 percent of the survey respondents. About 13 percent of the members said providing rooftop gathering spaces was an amenity offered at their offices.
Many companies are placing more importance on wellness strategies in the post-pandemic era. A majority of respondents—68 percent—reported their firms have a corporate wellness strategy. By comparison, 32 percent said their company did not. When asked what percentage of the company’s employees participate in the wellness strategy, nearly half—46 percent—reported more than 30 percent participated.
Of the CoreNet Global members surveyed, 31 percent stated the corporate wellness strategy at their companies was updated annually.
Some of the newest additions to corporate wellness offerings were self-defense and safety classes and gourmet menus and massages offered to on-site employees. There has also been a focus on offerings addressing mental health and menopause.
The post CoreNet Global Survey Looks at the Current State of Office Work appeared first on Commercial Property Executive.
In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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