Will more workers return to their offices in 2024? A new report from real estate technology firm VTS suggests that a majority of companies feel strongly that the answer to that question is “yes.”
And that should be welcome news to the brokers and developers working in the office sector.
VTS commissioned an independent study to determine corporate tenant needs and expectations by surveying more than 400 business leaders. The findings from this research have been gathered into VTS’ first-ever Global Workplace Report.
The data in the report will be released in a total of four waves in the coming months, with each data focused on addressing unique aspects of the workplace. The first wave of data, released this week, focuses on workplace strategy and how companies are handling return-to-office.
VTS found that 62% of companies surveyed are currently executing a hybrid work strategy, while 38% of global companies have brought their employees back to the office full-time. According to the VTS report, 52% of companies require employees to come to the office one to four days a week. Only 10% of companies are taking a remote-first or office-optional approach, according to the survey results.
Why do companies want their workers back in the office? A total of 36% of companies surveyed said that in-person collaboration and community ranked as the top reason to encourage their employees to return to in-office work, at least on a part-time basis.
VTS’ survey, though, suggests that companies are adjusting to a new way of working. A total of 52% of surveyed companies said that they are navigating a work environment that includes employees working from their homes, shared spaces in their office buildings and flex spaces.
Companies in the VTS report, though, said that they aren’t rushing to expand or shrink their office space. According to VTS’ survey, 69% of companies say their office space is the right size to meet their current needs, while 19% said that their office is too small and 12% saying their office is too large.
