THE FUTURE of Office Global decision-maker survey looks at macrotrends affecting workspace SIMON CHINN Great uncertainty remains about how companies and their employees will use office buildings in the future. To examine this important topic, ULI and The Instant Group partnered on a research project in Spring 2023 to assess how changing occupier behavior and broader macrotrends are inluencing demand for workspace. The research involved a global survey of the key decision-makers for office occupiers and landlords. The survey was complemented by a series of interviews and roundtables with industry experts. The results from the study revealed that just 14 percent of occupiers believe their existing workspace portfolios align completely with their business objectives and strategies. However, offices still play a key role in occupiers' workplace strategies to convey their corporate culture, stimulate Average Office Vacancy (%) collaboration, and mentor new and younger team members. State of flux Structural shifts in the occupier sector and concerns regarding obsolescence mean office investment has fallen to its lowest level since the 2008-2009 Global Financial Crisis. Offices' share of total global real estate investment has fallen from 34 percent in 2019 to 23 percent in the first half of 2023. Since 2020, the living/ residential sector has supplanted offices as the leading sector for real estate investment, with a 27 percent share. Around the globe, worker presence at the office varies, but for many sectors and cities, office occupancy remains below prepandemic levels. The shift to more hybrid- where employees have a mix of time at home Source: JLL 134 URBAN LAND FALL 2023