Cawley Chicago’s Founder & Principal/CEO Daniel P. Cawley, SIOR provides insight in today’s ever-evolving office work life. The pandemic gave people the ability to work from home and two years later, we are finding that companies are still implementing a remote or hybrid work environment, causing the decline of needed office space.
“The office market is still finding its bearings following the height of the pandemic. Companies are striving for the right mix of in-office and remote work, and that might not be settled many places for another year” Cawley said.
The hybrid and remote workspace allows companies to end their lease or sublease their space as they no longer need the extra room that once fit in-office employees. Dan Cawley states that “hoteling“, a term used to describe a sublease to allow workers to share the same space if they are not in at the same time, is now on the upward trend incline. This grants companies to reduce their carbon footprint.
As team members are now used to the ability to work from home, Cawley, explains that it is imperative that companies continue to offer the flexibility of remote or hybrid work in order to keep their employees and recruit talent in a competitive jobs market.
We are in a new state of work flow, companies now need to re-strategize on their space needs. It is too soon to say where the office real estate market will continue, however, hybrid work environments may keep on the steady trendline.
To read the full article written and released by Cory Smith with The National Desk please click here.
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