Employers are not only battling inflation and slowing growth, but worker productivity that is falling at the fastest rate in four decades. This has been the first year since 1983 to include three straight quarters of year-over-year drops in average productivity per worker, ADP chief economist Nela Richardson said during CNBC’s recent Workforce Executive Council Town Hall.
Kastle’s 10-city occupancy average, based on its survey of entry card swipes, stalled at 43% in March—a level it hovered around for the next six months—and then registered a modest bump to around 47% in the weeks since Labor Day.
CoreNet Global shared some survey data on the impact inflation is having on CRE real estate portfolios and footprints. We are seeing trends of shorter lease terms and more caution with longer commitments which makes sense in a time of potential instability in the markets. Here are a few key stats: More than half, 54 percent, are consolidating locations and 42 percent are reducing the size of leases they are signing 34 percent say that annual escalations are 100 basis points higher than normal 44 percent say that compared to prior to the pandemic their overall corporate real estate footprint has decreased; 21 percent say that it has increased, and 34 percent say that it has stayed the same. Between now and 2025, 39 percent expect an increase in the size of their corporate real estate portfolio, 42 percent expect a decrease, and 19 percent say that it will stay the same.
This month's newsletter will include two recent surveys on return to work and cleaning, NYC CRE market trends, hybrid work's impact on real estate portfolios and the return to office plans for Apple, Peloton, Bank of Canada and others.We hope this content is helpful as you navigate your return to …
Employees are asking for a flexible work experience new things and facilities teams must adapt to that sentiment, with new views around health, safety, and work-life balance. Hybrid workplaces not only mean flexibility for the employee but also more variability and complexity for facilities teams trying to provide a best-in-class physical workplace. How can we create the best and most efficient office environment to ensure satisfaction amongst occupants?
This month's articles will look at the key data points from recent studies around the future of the office, hybrid work, and sustainable workplaces.
It's no secret that there has been a major shift in work dynamics in the last two years directly influenced by the global pandemic. The power of when and where work gets done has shifted from the employer to the employee as workers have been able to have more control over where they live and operate independently from the office. Because of these changes, employees want flexibility and understanding from their employers as they begin to reevaluate their careers.
Pivoting away from traditional office strategies towards more of a destination strategy focusing on the overall employee & human experience where collaboration, innovation and creativity can be enhanced will increase the fundamental interest for employees to return to the office.
Leaders must transform their offices into the heartbeat of the company and invite their distributed workforce to gather, make meaningful connections, create rituals and celebrate milestones. That means investing in redesigning the office for a purpose-driven community and creating a connected network of “community spaces” for employees to know what’s happening, when and where, so that they’re inspired to visit often.
Every workplace is different, with specific needs, complexities, and culture, and each department operates in its own way. There is no one-size-fits-all solution. The next year will encompass a state of flux as tenants experiment with innovative ideas and new technologies.
