One trend that CoreNet Global has been tracking in its surveys during the COVID crisis has been the pace at which corporations say they will have an overall smaller real estate footprint as a result.
In our most recent survey, Seventy percent of survey respondents think their corporate real estate footprint will shrink over the next two years.
That trend was reflected in a recent Wall Street Journal article reporting that companies including Airbnb Inc. and Twitter Inc. in San Francisco and Expedia Group in Austin, Texas, are trying to subletting unwanted office space.
“Corporate tenants put a record 42 million square feet of space on the office market in the second and third quarters, according to data firm CoStar Group Inc. That increased the total sublease space in the U.S. to roughly 157 million square feet, or 1.7% of the total office inventory. It is the highest rate since CoStar began measuring it in 2005,” according to the article.