Survey by MRI Software and CoreNet Global Shows Significant Rise in Anticipated Office Expansions
Solon, Ohio – December 5, 2023 – There is some positive news, at last, about office leasing: A recent survey from MRI Software and CoreNet Global reveals that a growing number of organizations plan to lease more space in the coming months.
This finding, based on responses from more than 1,300 real estate occupiers globally, contrasts significantly with those of three previous surveys conducted by MRI and CoreNet in 2021 and 2022. This year, 42% of respondents reported that they plan to lease more space, compared to less than 10% in December 2022, 11% in August of 2021, and 9% in March of 2021. At the same time, most respondents in the latest survey also reported limited seating capacity for their workforces, indicating a focus on improved common spaces and on-site amenities to attract employees back to the office.
“Many organizations are discovering that creative use of space and appealing work environments can be employee perks,” says Brian Zrimsek, Industry Principal at MRI Software.
In some cases, employees have little choice about where and when they work: The survey shows that many employers are formalizing their policies for work arrangements. It comes as no surprise, therefore, that Mondays – and even Fridays – have “reentered” the standard on-site workweek.
On the other hand, 30% of organizations are offering a choice of environments, and remote work continues to increase. These statistics align with the finding that two thirds of respondents expect no more than 50% of their workforces to be on-site by the end of 2024.
“Overall, the findings are positive for the office real estate market,” notes Zrimsek. “Commercial landlords and leasing agents can take comfort in the anticipated expansions of space. But it’s also clear that attitudes and policies are continuing to shift, and the labor market will influence the extent to which employers will allow flexibility or improve their office environments.
“We’ll continue to gather data on policies and predictions of real estate occupiers,” Zrimsek adds. “Our goal is to help tenants and the owners of commercial buildings make the right decisions.”
About MRI Software
MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI’s open and connected, AI-first platform empowers owners, operators, agents and occupiers in commercial and residential property organizations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than six million users worldwide, including social, affordable, public and community housing organizations. Through innovative solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to realize their vision of building thriving communities and stronger businesses. For more information, please visit mrisoftware.com.
Press Contacts
North America for MRI Software
Rachel Antman
+1 212-362-5837
rachel@saygency.com
EMEA for MRI Software
Platform Communications
Hugh Filman, Nana Rodaki, or Katya Pristiyanti
+44 7905 044850
mri@platformcomms.com
Australia and New Zealand for MRI Software
Heather Jones
+61 400 394 669
heather@hjconsulting.com.au
