How states are future-fitting their real estate portfolios

In March 2020, the Covid-19 pandemic forced employees across the world to suddenly work remotely at an unprecedented scale, which resulted in a radical transformation in how work is performed. Whereas before the pandemic, approximately 15% of the nation’s office workers regularly teleworked at least two days a week, the COVID-19 pandemic caused the majority of office workers to transition to full-time remote work. There is much to be learned from this remote work experience, but a central finding is the widespread realization that working outside of the office is quite effective for most employees. Moving forward, if a significantly higher level of remote work becomes the norm, it suggests the need for a transformational approach to how to design and use offices when employees do come together.  Also, with large amounts of an organization’s workforce working remotely at any given point in time, it will reduce the office’s average occupancy levels. As a result, many public agencies and private sector companies anticipate reducing their real estate footprint by fifteen percent or more from pre-pandemic levels.

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