The business fraternity is yet to reach a conclusion on the definition of the ‘future-of-work’. Though some believe that hybrid is here to stay, there are varying opinions on the necessity of an in-person office place. According to a study conducted by Building Owners and Managers Association (BOMA) International, 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.
Commenting on the findings, Henry H. Chamberlain, president and chief operating officer of BOMA International said, “The office still plays a central role in the future of businesses. 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 the 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."