The office sector is big business for the top three commercial real estate firms—CBRE, JLL, and Cushman & Wakefield sector. But the office market has seen a decline in occupancy levels after the pandemic largely due to remote work policies, prompting many clients to downsize or rightsize their spaces. As these firms assist their clients through these changes, they have also been reevaluating their own office needs. Prior to the COVID-19 outbreak, the corporate office portfolios of JLL, CBRE, and Cushman & Wakefield looked a bit different from their current state. To gain insight into how recent events have impacted their real estate portfolios, we conducted an analysis of each firm’s office footprint before and after the pandemic. Here is what we found.
CBRE
CBRE, the largest of the firms in terms of annual revenue, leases all its office properties, leaving the landlord game to its clients. And in the years since the pandemic forced or incited many an office user to decrease their office occupancies, CBRE has augmented its corporate office portfolio by more than 100 locations. Having grown its presence in EMEA and Asia Pacific substantially over the last few years, the company’s locations have jumped from 537 in 2019 to 657 in 2022. While CBRE has added numerous offices around the world, it hasn’t necessarily increased its square footage in tandem. Through its decade-old Workplace360 initiative, a strategy designed to transform CBRE’s own offices into efficient, collaborative, tech-enabled environments, the firm has been able to expand the number of
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