Post-Covid office trends have become synonymous with work-from-home, hybrid work, and a flight to quality. Occupancy has gone down, as have property values and transactions.
However, office market dynamics are more and have been going on for longer. CBRE undertook a new analysis of the Fortune 500 and headquarter relocations. Before going into that, it makes sense to first review its December 2023 analysis of headquarter changes.
After reviewing 465 publicly announced HQ relocations between 2018 to 2023, at 24%, the top reason for headquarter relocations was business climate and lower taxes. Second was, at 16%, operations consolidation and portfolio optimization.
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