Introducing the Global Workplace Report
Commercial Real Estate is ultimately a people business. In a tenant’s market, every person matters—from the COO leading a meeting in an office conference room, to the finance manager walking through the lobby turnstile, to the programmer punching in on the proverbial clock from their couch. VTS knows owners and operators must understand tenants more deeply than ever before, so we commissioned an independent study to pinpoint corporate tenant needs and expectations by surveying over 400 business leaders. The findings from this research have been gathered into VTS' first-ever Global Workplace Report, which will be released over the coming weeks, just in time to inform your 2024 tenant renewal and acquisition strategies. As the way people work continues to evolve, VTS invested in this extensive research to allow owners and operators to gain unparalleled insights into today’s tenants and the workplace strategies they’re putting into action. Keep reading for a preview of the essential findings and an overview of the survey methodology.
Data Beats Headlines
You've likely read breaking news articles and participated in hallway chatter about the latest announcements from CEOs planting their flag in one of three camps: 'remote forever,' 'flexible for now,' or 'butts-in-seats, or else!' Beyond the headlines, many leaders are thinking through the nuances of their company culture to decide what they need from a workplace to execute on the strategy they’ve chosen. To cut through the noise, we partnered with a research agency to survey leaders across a diverse selection of industries, company sizes, and regions within the U.S. and Europe to gather insights on their top priorities, challenges, and overall sentiment pertaining to the office.
Four key areas emerged that the report will cover in detail:
- Current workplace strategy and in-office experience
- Tenant relationships with their owner/operator and sentiment
- Property access and operational needs and wants
- Workplace engagement needs and wants
Meet the Business Leaders
To draw actionable conclusions from the survey, we focused on building a sample set of respondents integral to renewing or leasing space. Participants included company executives and senior employees who manage talent or are directly involved in managing office operations, employee engagement & retention, and workplace experience. These are the personas that matter most to closing a deal and meeting your revenue goals.
Tell Me Something I Don’t Know
We were pleasantly surprised by some survey results, while others validated themes that have dominated the CRE-industry news cycle. Below are the top findings from each area of focus:
- Workplace strategy: Only 1% of tenants have gone entirely remote, while 62% have moved on to a hybrid work arrangement
- Tenant and landlord relationships: One in four tenants say that unaddressed maintenance most negatively impacts the relationship with their landlord
- Access and operations: 92% of tenants are interested in using one application to access both the base office building and the workplace suite
- Workplace Engagement: 88% of tenants say a personalized workplace app–with both company-specific information, offerings, desk booking, as well as building-level amenities and offerings–would boost employee office attendance
Want more insights into how your stakeholders are thinking? Read Chapter 1 for actionable data points on workplace strategy.
Data to Guide Strategic Decisions
VTS is already known for delivering unmatched proprietary data and helping CRE stakeholders make and execute better decisions. The new Global Workplace Report will help owners and operators keep up with the transformation of the expanded workplace. It’s clear hybrid work is here to stay—ensure you and your teams understand tenant leaders and talent to keep up with evolving demands.
For more complimentary data and analysis to shape critical tenant, leasing, and marketing strategy decision-making, check out the quarterly VTS Office Demand Index (VODI) and our 2023 Global Landlord Report.
