Consistent with CoreNet Global survey findings, companies may be looking for less space for their headquarters, but they are rethinking the concept and not moving to remote work entirely. 

According to a report in CoStar, Airbnb, after years of shedding corporate real estate, is joining a growing number of companies not cutting space as rapidly as they had signaled they might.

“As companies gradually step up their enforcement of in-office time, some are beginning to realize that they may be moving toward offloading more space than they will need. While they probably won’t be hunting for the large blocks of space that were leased prior to the pandemic, the renewed demand can help boost markets such as San Francisco or New York that have been battered by arrested leasing volume and falling property valuations.”

“There is the possibility that companies have overcorrected on the contraction side,” Colin Yasukochi, the executive director of CBRE’s Tech Insights Center, told CoStar News. “As employees come back more days per week, there could be pent-up demand in the market.”