2024 Bright Insight

01

Regional differences in leasing behaviors do exist, but many firms across the U.S. are looking at lease expirations as an opportunity to make changes relating to the size, function and location of their office space. In 2023 and early 2024, more firms elected to lease new spaces over renewing in place. The majority of those firms that moved locations increased the size of their office space in the process. Very few moved locations without making a meaningful change in the amount of space they leased. Moving forward, nearly 90% of firms expect to see changes in the size of their portfolio over the next two years— with over half of the firms expecting to grow their firmwide footprint , just under a third planning to reduce their portfolio size, and only 15% expecting their footprint to remain the same size.

Moving forward, nearly 90% of firms expect to see changes in the size of their portfolio over the next two years—with over half of the firms expecting to grow their firmwide footprint, just under a third planning to reduce their portfolio size, and only 15% expecting their footprint to remain the same size.

Over the next two years, do you expect your firm to increase or reduce the size of its office real estate portfolio?

40%

15%

12% 14%

11%

4%

1%

1% 1%

No change

0-5% increase

0-5% decrease

6-10% increase

6-10% decrease

11-15%+ increase

11-15%+ decrease

16-20%+ increase

16-20%+ decrease

Source: Cushman & Wakefield Research

12 | BRIGHT INSIGHT