Has office work changed forever? Are companies taking a new approach when searching for new office space? Those are questions that JLL asked in its recently released The Future of Work Survey 2022. And according to the opinions of more than 1,000 strategic decision-makers in businesses across the globe, it looks like COVID-19 and the resulting work-from-home movement have brought big, and more than likely permanent, changes to the office world.

The office world of 2019? That’s likely not coming back anytime soon, according to JLL’s report.

In its report, JLL says that hybrid working is here to stay and that companies that want to attract the best workers should focus on investing in quality office space, something that should be a priority over simply expanding their footprints. The report found, too, that companies are ready to create office spaces that focus more on collaboration and less on busy work.

The numbers from JLL’s survey of business decision-makers paint a clear picture of an office environment that has changed rapidly during the last two years.

According to JLL, 53% of organizations will make remote working permanently available to all employees by 2025, while 77% agree or strongly agree that offering remote and hybrid work is now a key to attracting and retaining talent. The survey found, too, that 69% of organizations have already introduced or will introduce this year technology to boost in-office collaboration.

Survey respondents have also taken a new view of the office space, with 45% saying that the primary purpose of this space is to facilitate collaborative working. This means that companies are recognizing that there is some work that employees can do just as well from their homes as they can from a cubicle or conference room. When it comes to working together on projects and ideas, though? Respondents said that working in office is best to promote fresh ideas and brainstorming.

In good news for CRE professionals, the majority of survey respondents said that they expect to maintain at least some office space. JLL’s survey found that 72% of respondents agreed that in the long term, the office will remain central to their organization. The type of office space companies seek, though, will probably change. A total of 77% of respondents to JLL’s survey said that investing in quality office space is more important than expanding their total footprint.

And 73% of respondents said that they have planned or are planning to make all office spaces open and collaborative with no dedicated desk spaces.

Is more pain coming for commercial real estate companies? A new survey suggests that an uncertain economy will bring plenty of it before 2022 ends.

That doesn’t mean, though, that commercial real estate professionals don’t have hope that this pain will be relatively short-lived.

According to a new survey from Trepp, commercial real estate professionals are concerned about rising interest rates and inflation, and expect that both will hurt their businesses before 2022 ends. But they also think that commercial real estate will escape the worst effects of these economic headwinds.

That’s according to the Trepp 2022 CRE Sentiment Survey. From July 13 through Aug. 1, Trepp polled its more than 20,000 clients, blog readers and listeners for their opinions on the near-term future of the commercial real estate and commercial mortgage-backed securities markets.

And what did respondents say? In little surprise, 70% of them said that they expect the office sector to suffer the most from economic challenges throughout the remainder of 2022. This sector, of course, has been hit hard throughout the COVID-19 pandemic, with many employees still working from home. Respondens said that they expect the next several months to remain challenging for this sector.

A total of 83% of survey respondents predicted that during the next six months that delinquencies will increase in both the commercial real estate and commercial mortgage-backed securities industries.

And more than half of respondents said that economic conditions and higher interest rates would impact their businesses negatively.

There was some hope, too, from the survey. For U.S. equities, almost two-thirds of respondents predicted that the S&P 500 would not fall below 3200. Only 27% believed oil would top $150 a barrel. And the results were evenly divided between those who felt that the 10-year Treasury would rise above 4.5%.

A total of 58% of respondents predicted that the multifamily sector will see the highest transaction volume during the next six months. And in a glimmer of hope for the office sector, 70% of participants reported that they are working in the office at least three days a week.

Just under three-quarters of respondents said that their firms were either unchanged or growing when compared to 2021. A total of 88% of participants said that they are either keeping their companies’ current headcount or hiring new employees as needed. Despite this, more than half of respondents said that economic conditions will have a negative impact on their businesses by the end of 2022.