Building Owners and Managers Association International, Yardi and Brightline Strategies have released key findings from the first in a series of nationwide commercial real estate COVID-19 impact studies, according to www.boma.org.
Fielded among 3,010 office space decision-makers and high-level influencers from throughout the U.S., the BOMA International COVID-19 Commercial Real Estate Impact Study assessed the latest in tenant sentiments relating to the COVID-19 pandemic, as well as its effects on their businesses, attitudes towards the physical work environment and office space decisions going forward.
Key findings from the study include:
- Sixty-five percent of commercial office decision-makers continue to see significant value in on-site business operations, particularly as they relate to collaboration, coaching and culture.
- Thirty-three percent of respondents say they have experienced at least a 25% revenue decline since the onset of the pandemic, and an additional 27% say they could experience a similar or greater decline by the end of 2020.
- Sixty-one percent of all respondents report they will reassess their space needs, with 43% seeking to reduce the size of their office square footage, 24% maintaining their current footprint, 9% increasing their size and the remainder being unsure.
- Seventy-eight percent approve of the response their current property owner or operator has implemented during COVID-19, and 77% are confident they understand how to reduce and manage risk in their physical office.
View more information and download the BOMA COVID-19 Impact Study Executive Summary.
