CBIZ Gibraltar Insights And Resources

90% of Companies will Return to the Office — Understand Costs and Savings Opportunities for Current and Future Leases

What are the key phases of the lease process? How can tenants benefit from a conflict-free broker?

These questions are being asked more frequently today as many five and ten year leases come up for the first time since the start of the pandemic, as employers seriously rethink what they need for their future workplace.

At a time when 90% of companies will return to the office by the end of 2024 (according to a Resume Builder survey), most decision-makers agree that a hybrid work model will remain — and are activity evaluating everything from the amount of space they need to where the offices are located and the amenities they offer.

While we acknowledge that office space is generally the second largest expense on the balance sheet after payroll, more leaders are seeing these costs as an investment and view the work environment as a driver of business. In fact, in a 2022 Korn Ferry survey of 15,000 global executives, two-thirds agreed that corporate culture accounts for more than a third of a company’s market value. Further, the study mentioned above shows the return to the office driving improvements in revenue (reported by 72% of decision makers), productivity (81%), worker retention (63%), employee relationships (79%) and company culture (75%).

Accordingly, organizations from nearly every industry, large and small, are turning to tenant representation firms like CBIZ Gibraltar to better understand the costs and savings opportunities associated with their current and future lease.

When you’re looking for new space, having a representative that exclusively works with tenants is your best interest, helping you achieve the best possible rate, lease concessions, flexibility and market favorable terms — at NO cost to you.

CBIZ Gibraltar works with clients on space needs assessments to determine the type and amount of space they need. It’s important to consider not just how many employees will be coming in and how many executives need private offices, but also what types of collaboration, meeting and training spaces will meet business and employee needs.

From a functional perspective, we’re seeing companies reimagining the purpose of their offices. They’re looking to create offices that serve as a hub for collaboration and foster productivity. Equally important, it needs to be a place that employees value and want to come to on a regular basis.

Based on these details from the company, plus an evaluation of the current space and expected growth, we’re able to recommend the appropriate square footage and suggest amenities — and guide teams through what has and will continue to be a very tenant-favorable market.

As the leading provider of integrated real estate services with a 100% commitment to advocating the interests and needs of tenants, CBIZ Gibraltar understands that no two companies are alike and works to deliver the best possible solutions for our clients. Together, we uncover the potential of your work environment, maximize human capital and map the path to critical business success.