2023 Fall Issue of Urban Land - 135

and in the office each week-and flexible
working patterns has proved to be the most
enduring impact of the pandemic.
Measurements of physical office occupancy
vary, but according to data on access swipes
to enter buildings, the European average is
around 55 percent and the United States averages
47 percent. These numbers still leave
office occupancy around 15 to 20 percentage
points below a pre-pandemic average of 70
percent, which accounts for people traveling,
or being at off-site meetings, or on vacation
or sick leave.
Where workers have returned to the office,
they often do so on a hybrid basis-with
occupancy levels varying considerably during
the work week. Consequently, in many markets
occupiers are reducing office space as
their leases come up for renewal, and office
vacancy rates are rising. The global average
office vacancy rate has risen from 10 percent
at the onset of the pandemic in Q1 2020 to 16
percent in Q2 2023.
Adaptable spaces and services
Although great uncertainty remains about
how companies and their employees will use
office buildings in years to come, both office
landlords and occupiers expect greater lease
flexibility and agility in workplaces.
Consequently, the leasing relationship will
need to become more of a partnership
between the landlord and occupier.
Demand is growing for offices to be fit for
activity-based working (ABW), which means
providing environments for workers to do
their different tasks in a fully optimized setting.
Occupiers are appraising an office for its
capacity to let them provide employees with a
choice of settings, according to the nature of
work they are doing, combined with a workplace
experience that enables workers to use
those spaces throughout the day. Businesses
are placing significant value on a building
that operates as a well-serviced social hub
designed around functional and social areas.
What makes a high-quality office
building today?
When it comes to office buildings, there are
several factors that are now considered essential
in the eyes of potential tenants. Attitudes
toward space provision are adapting to offer
a more human experience at work. Office
occupiers are voting with their feet for better
amenitized, more sustainable office buildings
to deliver a higher-quality workspace for
employees and engage with them. Location
has always been important, but it is now more
so than ever. A location that is well connected
Our Survey of Leading Office/Landlords in the Market Indicates:
Percentages indicate proportion of respondents
Source: ULI, The Instant Group
FALL 2023
URBAN LAND
135
INDUSTRY VOICES

2023 Fall Issue of Urban Land

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