Colliers Report: Hybrid office tenants may reconfigure office space

July 12, 2021

Key Takeaways

  • In the next few quarters, tenants will need to renew ahead of lease expirations to secure a Charleston office location as office activity accelerates
  • Tenants right-sizing their space usually only shave off 25% or less of their original office footprint
  • Hybrid and remote options will likely cause some office tenants to reconfigure their space

Click here to read the full report.

Charleston tenants are returning to their offices now that the vaccine is widely available. Some are choosing to rightsize and/or reconfigure their offices because remote and flexible hybrid work schedules are widely acceptable. However, if there is any contraction of office space, it usually only constitutes giving back 20% of their original footprint. If tenants choose to relocate into a Class B or C building, the space will need to be upgraded to provide the desired amenities for hybrid office tenants.

Typical floorplans include small, comfortable, open conference areas in addition to several work area options, as opposed to large offices and cubicles dedicated to one person. Workstations are also popular because they allow employees to work alternate days in the office using the same space. New offices currently under construction are expected to be pre-leased due to quality and amenities available for new tenants entering the market. Positive absorption is expected to continue through this year and in the coming quarters tenants will likely need to renew their office space in advance of lease expiration dates in order to secure a Charleston office location.


Click here to read the full report.