Some post-COVID-19 changes will be transitory, some permanent. Proactive CRE leaders are preparing now.
Few industries have been impacted (both economically and emotionally) as deeply as commercial real estate (CRE). Today, owners, clients, and investors across the board are taking a hard look at office space strategy.
According to Cushman & Wakefield, in 2022 Q2, global office vacancy rates will rise over 43 percent compared to pre-crisis levels (2019 Q4). They also foresee the potential reversal of a decades-long trend of densification in which businesses allocated less space per office-using employee. COVID-19 social distancing is a powerful pushback against this trend.
This report, a collaboration of Proxyclick and CRETech, is the result of a recent survey of corporate CRE decision-makers across the global markets. The goal was to gain a sense of how real-world CRE professionals see the current terrain, and the role of technology in problem solving.
Despite the tension in the CRE industry, the news is not all bad. In fact, there’s plenty to be hopeful for.
In Q4 of 2020, we commissioned global research firm OnePoll to interview 300+ commercial real estate professionals with the majority being property managers at the level of director or higher.
Nearly 75 percent manage over 500K sq. ft. across all their properties with an average of 285 tenants per asset. It was a global sample of respondents hailing from the US, UK, EU, APAC/NZ zones with representation from Africa and the Middle East as well.
This report offers the insight of corporate decision-makers representing a wide variety of commercial real estate disciplines. The objective was to acquire direct, hands-on knowledge of the state of property-based technology.