THE RETURN OF LARGE COMPANIES TO THE OFFICE
Written by: Hannah Williams, CPRC
Hannah specializes in research capabilities, providing support for the Colliers Columbus Office, Industrial, Retail, and Multifamily Groups. She is responsible for executing data reports, maintaining a commercial property database, reporting quarterly trends, performing data analysis and utilizing statistical information to predict future behavior in the market. She also assists the marketing and research director on special projects and corporate initiatives. Keep reading to get Hannah’s take on what large companies are planning a return to the office.
For nearly the past two years, the COVID-19 pandemic has impacted the way we live and work. The future of traditional office space has been questioned, especially with many large companies postponing their re-entry dates as cases grow and variants arise. However, multiple prominent companies in Central Ohio have been vocal about their workforces coming back to the office and the importance of their physical office spaces. Below are a few examples of large organizations that are returning to the office.
Case Study #1: JPMorgan Chase
JPMorgan Chase has been vocal in their stance to bring their nearly 15,000 employees back to the office. Already enforcing staff to be in-person five days a week in New York, the bank is planning to do the same in other markets. In 2021, the company made the decision to give up their 40,000 square feet at 100 E Broad St. to consolidate at their other offices and better facilitate their staff’s return to the office. According to The Wall Street Journal, representatives at JPMorgan Chase expressed that their teams are more collaborative and innovative in the office and less productive when working remotely. To ensure safety in the workplace, the company is currently requiring twice-weekly COVID testing for unvaccinated employees.
Case Study #2: Upstart
Since establishing their second headquarters in Columbus in 2019, Upstart has grown rapidly. Starting out in coworking space with 13 employees, the e-lender now has two office spaces and over 500 employees in Central Ohio. In the midst of the pandemic, Upstart signed a lease, the largest of 2021, for an entire building at Easton with the goal of bringing employees back to the office. This property used to house Alliance Data’s offices, prior to the company opting for remote working for most of their employees. However, Upstart believes their space is conducive to the additional 500 jobs that the company plans to create in coming years and is committed to utilizing the space for customer-facing operations such as underwriting.
For more information on Columbus office trends, check out our 2022 Columbus Office Tenant Report!