Three years ago, the onset of the Covid-19 pandemic upturned our lives and routines. The shifts in how we work created new questions in the commercial real estate (CRE) industry, with organizations closely monitoring the evolving relationship between work and office. Amid the predominantly remote and hybrid work environment of 2020-2022, office location and employee commute patterns were not a primary consideration for companies with upcoming lease expirations.
However, 2023 has seen a ‘return to office’ (RTO) movement among companies of all sizes, with many organizations currently requiring partial or full-time in-office presence. As such, urban congestion and lengthy commutes are back, thrusting office location and workday travel back into the CRE conversation. While many employers continue to delay long-term real estate decisions as the RTO movement plays out, a thoughtful and data-informed location strategy is critical for organizations approaching real estate decisions.
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