US' San Francisco, New York to have emptiest office space by 2033: Report
1 year, 6 months ago

US' San Francisco, New York to have emptiest office space by 2033: Report

Hindustan Times  

San Francisco, New York and Los Angeles top the list of major global cities that will have the most empty office space by 2033, according to a report from Savills Plc. US cities will have the greatest excess of office space, according to an analysis by the real estate firm. US cities will have the greatest excess of office space, according to an analysis by the real estate firm, which included projected economic, demographics and development pipelines as well as current working habits. “This isn’t just about offices just becoming empty due to some cities seeing lower return to work levels post pandemic,” says Savills World Research associate Kelcie Sellers.

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History of this topic

Will empty offices stay ghost towns?
1 year, 4 months ago

Will empty offices stay ghost towns?

BBC  

Major cities are now with filled with empty office buildings. “A lot of companies will be closing their auxiliary offices,” he says, “and bringing their employees all together into one where it’s overcapacity and high energy.” He points out that this may help in-office collaboration, but is difficult to manage, especially as office attendance ticks up – in the UK …

Half of large firms plan to cut office space over next three years: Survey
1 year, 6 months ago

Half of large firms plan to cut office space over next three years: Survey

Hindustan Times  

Many of the biggest corporate employers plan to reduce the amount of office space they occupy over the next three years, underlining the changes set to reshape the commercial real estate market. The rise of hybrid working since the pandemic has heightened concerns about the amount of office space in cities around the world that may be obsolete. “Now that …

Half of the biggest global companies plan to cut office space. US cities will suffer most
1 year, 6 months ago

Half of the biggest global companies plan to cut office space. US cities will suffer most

CNN  

London CNN — Around 50% of major global companies will need less real estate in the next three years, with American cities — led by San Francisco — most exposed to empty offices, new research has found. Half of firms with more than 50,000 employees plan to prune office space, with most anticipating a reduction of between 10% and 20%, …

New York City has 26 Empire State Buildings worth of empty office space after pandemic
1 year, 7 months ago

New York City has 26 Empire State Buildings worth of empty office space after pandemic

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. There’s 74,582,671 square feet of vacant …

19% office building New York City vacant as experts say the city faces biggest crisis since 1970s
3 years, 5 months ago

19% office building New York City vacant as experts say the city faces biggest crisis since 1970s

Daily Mail  

Almost 19 percent of office in New York City remain completely empty despite coronavirus restrictions being lifted more than two weeks ago and easing starting months earlier. Many New York employers are offering greater flexibility to their work force, allowing at least some remote work even as the pandemic recedes and recalculating their space needs. New York's financial district, which …

Work from Home Hits Office Demand, Net Leasing of Office Space Dips 44% in 2020: Report
3 years, 11 months ago

Work from Home Hits Office Demand, Net Leasing of Office Space Dips 44% in 2020: Report

News 18  

Net office space leasing fell 44 per cent year-on-year during 2020 to 25.82 million sq ft across seven major cities as corporates deferred their expansion plans and adopted ‘work from home’ policy for employees because of the COVID-19 pandemic, according to a report by JLL India. Net leasing of office space stood at 46.5 million sq ft in 2019 across …

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