The health crisis has forced millions of Americans to abandon their offices in favor of working from home, for better or worse. Now there are signs this may not be a short-term phenomenon, but more of a permanent shift in favor of remote work even after a Covid-19 vaccine is in place.
More than two-thirds (68%) of large company CEOs plan to downsize their office space, according to a survey released Tuesday by KPMG.
The pandemic is proving employees don't need to work in cubicles to be successful. And that in turn raises questions about the value of expensive office space, especially in high-priced cities like New York and San Francisco.
The survey, which captured responses mostly from companies with more than $1 billion in annual revenue, suggests that even if a vaccine were to be approved tomorrow, the shift to a more nimble virtual work model is not going away. Corporate America is accelerating its investments in digital transformation.
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