Abstract
The profound changes in the commercial real estate market brought about by the COVID-19 pandemic, including the widespread adoption of remote and flexible work arrangements, have significantly altered the utilisation of commercial office real estate. This paper outlines common pitfalls organisations may encounter when contemplating real estate portfolio consolidation due to these changes. It highlights the financial costs associated with reducing office space, while addressing the reputational cost of such decisions. The continually shifting landscape related to hybrid work policies is also explored, along with issues such as employee pushback, over-cutting space, timing issues, employee dissatisfaction and economic viability. To aid organisations in decision making, the paper suggests key metrics and data points for assessment, including headcount analysis, telework policies, badge analysis, sensor implementation, workplace observation, demand studies and pilot programmes. Ultimately, the paper underscores the importance of data-driven decision making while considering the holistic needs and preferences of employees. It acknowledges the challenges and uncertainties in the post-COVID-19 real estate market and provides a comprehensive checklist for organisations to consider prior to consolidating their real estate portfolios, and guidance for planning such consolidations effectively.
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