At a time when the office sector faces a lot of pressure from hybrid work and less corporate need for real estate, a calculation property owners and operators might pay attention to is how much space companies devote per capita worker. The more uncomfortable conditions become, the less one might think workers would want to spend time in the office.

Justin Fox, author of The Myth of the Rational Market, wrote an analysis in Bloomberg on densification, or the reduction of the amount of office space given U.S. workers.

“Saving money was one driver, as was a belief among some employers that denser layouts encouraged interaction and innovation,” he wrote. “But the best predictor of densification was ‘market-level job growth and the availability of space (or lack thereof),’ commercial real estate brokerage Cushman & Wakefield concluded in a 2018 analysis of the phenomenon.”

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