BOMA Releases New COVID-19 Tenant Impact Survey - CommercialCafe

Abstract

The Building Owners and Managers Association, alongside investment and property management software company Yardi and research advisory service provider Brightline Strategies, recently released a three-part, nationwide study regarding the effect of the pandemic on tenants' approach to their office space needs going forward. The highlights presented in the final study relied on a series of fielded responses from more than 1,267 office decision-makers, including company owners, CEOs and other members of the C-Suite. A reinvention of the office to accommodate evolving needs is on the horizon. Simply put, changing times require a flexible approach toward the office space of tomorrow. Hybrid Work, Office Size & Occupancy Changes Just more than half of those surveyed signaled that they were likely to reduce the size of their workspace, while some 36% were either planning to increase or maintain their office footprint. The high cost of office spaces - coupled with the increasing costs of doing business - were also significant hurdles that many tenants reported facing when considering their workplace needs. Reimagining the Office Meanwhile, the most popular changes mentioned by respondents were those that sought to adapt the office to hybrid work patterns.