Half of Large Firms Plan to Cut Office Space, Knight Frank Says

Many of the biggest corporate employers plan to reduce the amount of office space they occupy over the next three years, underlining the changes set to reshape the commercial real estate market.

A Knight Frank poll of 350 real estate leaders at international firms found that half of the largest companies surveyed — those with more than 50,000 staff — expect to shrink their global portfolios, with most expecting to shrink by between 10% and 20%.