CHICAGO – (BUSINESS WIRE) – Sep 29, 2021–
Cushman & Wakefield (NYSE: CWK), one of the world’s leading real estate services companies, released a report saying 40% of the workforce returned to the office in September, but predicting the majority will return early from 2022.
The new report, “Predicting Return to the Office,” by the Cushman & Wakefield Global Research Team analyzes return-to-office data from around the world, as well as virus trajectory and vaccination rates to predict when a large-scale return to office may occur. The latest research shows that returning to the office is directly correlated with high vaccination rates and low infection rates. The researchers also looked at additional data, including government restrictions, school openings, and public opinion regarding transit to predict realistic return dates for industries operating in the Americas regions (U.S. and Canada), APAC (Asia-Pacific) and EMEA (Europe).
“It’s important to remember that before the pandemic, office buildings were never 100% occupied on any given day; 60% was generally the norm, ”said Kevin Thorpe, chief economist at Cushman & Wakefield. “Today we are 40% in the world, but of course it varies greatly from city to city. In this study, we try to connect all the dots, all the factors that would lead to a stronger return to the office. Assuming there are no virus setbacks at this point, we are seeing office buildings and cities revitalize in early 2022. “
Current data included in the report suggests that most of the world will achieve herd resilience – i.e. over 70% vaccinated or infected – by the second quarter of 2022, and current trends suggest that most office workers around the world will be able to return to the office in the first quarter of 2022. Regionally, the return is expected to be led by Greater China, followed by Europe, then the United States, Canada and finally the United States. Asia-Pacific region.
“Most companies are hoping to come back as soon as possible,” said David Smith, global head of Occupier Insights and co-author of the study. “It’s not a conversation about never going back, it’s a conversation about when can we get back to the office safely, as almost every employee and employer has indicated that they want go back – more flexibility, yes, but they want to go back. And based on the increase in touring activity, we know the demand is there – so it’s not about whether office buildings will repopulate, but when. The main data point to the first quarter of 2022. “
This article is the first in a three-part series that examines returning to the office. The second part will examine the net impact on the fundamentals of office leasing, given the latest recession recovery trends and the dynamics of remote working.
Read the full report here.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services company delivering exceptional value to real estate occupants and owners. Cushman & Wakefield is one of the world’s largest real estate services companies with approximately 50,000 employees in more than 400 offices and 60 countries. In 2020, the company had revenues of $ 7.8 billion in key property management, facilities and projects, leasing, capital markets, appraisal and other services. . To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Caution regarding forward-looking statements
All statements contained in this press release other than historical facts are forward-looking statements, which are based on a number of estimates, projections and assumptions about future events. Such statements are also subject to a number of uncertainties and factors beyond the control of Cushman & Wakefield. These factors include, but are not limited to, uncertainty regarding COVID-19 vaccination rates, infection rates, virus setbacks and the behavior of office workers. If Cushman & Wakefield’s estimates, projections and assumptions or such other uncertainties and factors materialize in a way that Cushman & Wakefield did not expect, there is no guarantee of future performance and actual results could differ materially. forward-looking statements in this release press. Any estimate or projection of events that may occur in the future is based on the current best judgment of Cushman & Wakefield. All forward-looking statements speak only as of the date of this press release and the report referred to, and except to the extent required by applicable securities laws, Cushman & Wakefield expressly disclaims any obligation to put update or revise any of them, whether as a result of new information, future events or otherwise. Additional information regarding the factors likely to influence the results is presented under “Risk factors” in part I, point 1A of the company’s annual report on form 10-K for the financial year ended December 31, 2020 and its other documents filed with the Securities and Exchange Commission.
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KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS
INDUSTRY KEYWORD: CONSULTING OTHER PROFESSIONAL SERVICES IN CONSTRUCTION AND REAL ESTATE COMMERCIAL BUILDING AND REAL ESTATE CONSTRUCTION AND PROPERTY
SOURCE: Cushman and Wakefield
Copyright Business Wire 2021.
PUB: 09/29/2021 3:00 PM / DISC: 09/29/2021 3:02 PM
Copyright Business Wire 2021.