59% of Companies are Currently Mandating or Encouraging More Time In-Office for Employees, According to the 2024 VTS Global Workplace Report
VTS, the industry's only technology platform that unifies owners, operators, brokers, and their customers across the real estate ecosystem, today released the findings from its first Global Workplace Report, which leverages data to pinpoint corporate tenant needs and expectations related to office space. The report is the result of a survey commissioned by VTS from an independent market research firm, reaching hundreds of business leaders from companies across the globe on their workplace strategy and sentiment heading into 2024.
Findings from the report address core workplace pillars such as workplace strategy, operations and access, as well as engagement ? providing visibility around how tenants are currently engaging with office space and what their current needs are. Heading into 2024, the survey found that 59% of companies are currently mandating or encouraging their employees to spend more time in-office, with an additional 55% expected to do so over the next six months, highlighting a much stronger conviction around the workplace as return-to-office continues to gain momentum in a meaningful way. Only 1% of companies in North America and Europe have gone fully remote, meaning that strengthening existing tenant relationships and investing in the technology needed to manage the hybrid work environment will be key to success.
"As companies' return-to-work plans continue to take shape, the office has re-emerged as the primary place of business for today's workforce," said Nick Romito, CEO of VTS. "With more employees getting back in offices, landlords and companies need to be considering the on-site experience of employees and the technology needed to manage it, as tenants' demands have shifted greatly during the pandemic."
Key takeaways from the report include:
The workplace has been redefined ? more flex space than ever before is needed, along with tenant-centric technology to manage employees' day-to-day journey
- Almost 60% of respondents say their employees work from home at some point during the week
- Only 1% of companies have gone fully remote
- 92% of company leaders say they want a singular app for both building and office access, with 52% saying they desire mobile access capability
- Only 67% of companies say their building provides sufficient collaborative spaces outside the workplace suite
Companies have a high degree of confidence in the success of their workplace plans and strategies, including their office footprints
- 84% of respondents have a positive assessment of employee satisfaction and receptiveness towards their workplace policy
- 69% of companies say their office is the right size to meet their current needs
Companies believe collaboration, community, and productivity are the dominant motivators for their talent to return to the office
- 36% say in-person collaboration and community most entice talent to the office
- 49% say producing engagement activities specific and targeted to their company would positively influence sentiment
The report analyzes the results of a survey conducted by an independent market research firm commissioned by VTS, which provides insight on the needs, sentiment, and behavior of tenants as it relates to their workplace heading into 2024.
Download the full 2024 VTS Global Workplace Report here.
About VTS
VTS is the industry's only technology platform that unifies owners, operators, brokers, and their customers across the commercial and residential real estate ecosystems. In 2013, VTS revolutionized the commercial real estate industry's leasing operations with what is now VTS Lease. Today, the VTS Platform is the largest first-party insights and collaboration engine in the industry, transforming how strategic decisions are made and executed by real estate professionals across the globe.
With the VTS Platform, consisting of VTS Lease, VTS Market, VTS Activate, and VTS Data, every stakeholder in real estate is given real-time market information and workflow tools to do their job with unparalleled speed and intelligence. VTS is the global leader, with more than 60% of Class A office space in the U.S., and 13 billion square feet of office, residential, retail, and industrial space is managed through our platform worldwide. VTS is utilized by over 45,000 professionals and over 1.2 million total users, including industry-leading customers such as Blackstone, Brookfield Properties, LaSalle Investment Management, Hines, BXP, Oxford Properties, JLL, and CBRE. To learn more about VTS, and to see our open roles, visit www.vts.com.
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