The future of work: In a hybrid world, office downsizings are coming

As many companies push back a full return to the office because of the pandemic — and struggle to figure out just what the workplace of the near future will look like — a glut of office space continues to grow, particularly in the US.

Corporate office leasing remains below pre-pandemic levels, according to Jones Lang LaSalle IP, Inc. (JLL), a commercial real estate and investment management services firm. Though third-quarter leasing volume is up 39% from a year ago, it’s still 25% lower than Q3 2019, according to JLL.

“This is the slowest rate of increase since the onset of the pandemic,” JLL said in its November Global Real Estate Perspective.

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