Tyagi says there has been a shift in the workforce in the last 15 years and this isn't slowing down. More than 26 million Americans or about 16% of the total workforce are now working remotely at least part of the time, according to the US Bureau of Labor Statistics.

"To remain competitive in today's next-gen workforce, organizations need to give their employees flex time and other office space perks, i.e, communal space; meeting rooms, study rooms or a game room,  as recent grads have come to expect this. Studies show this increases motivation and employee morale," Tyagi tells GlobeSt.com.

Many organizations overestimate how much space they need and spend millions on space that goes unused, he says. Through integrated workplace management systems solutions, organizations can balance employee requirements while protecting bottom lines by ensuring optimal space utilization and reducing high overhead costs. Moreover, many organizations will rely on AI and predictive analytics to drive corporate real estate and facilities strategies.

"To keep up with market demands, enterprises will look to technology solutions that help align their physical footprint with both company strategy and employee needs, all while driving down costs," Tyagi tells GlobeSt.com. "Through evolutionary modeling based on numerous and varied data inputs, modern integrated workplace management system solutions that incorporate AI and predictive analytics help businesses determine department needs and accessibility for efficient planning. With the issue of new lease accounting standards, mid-market organizations will look to tap more robust automated solutions for efficient and reliable reporting and ensure compliance."

Although the FASB ASC 842 lease accounting standard deadline for private companies has been extended to January 2021, these companies would be wise to start implementing the right automated software solution now, to manage and streamline accounting for real estate property, equipment and embedded leases, and calculate ROU asset and lease liability for accurate reporting, he says.

"It's essential that mid-market companies gain the visibility and insights they need to help them identify savings opportunities with their lease administration and accounting processes, and ensure compliance before extra costs creep up from errors that could occur and will require additional adjustments, etc., as the deadline draws near," Tyagi tells GlobeSt.com. "Over the last year, many public companies found some type of Band Aid solution to help them meet the new FASB ASC 842 lease accounting compliance deadline, but now have to take their medicine and figure out a long-term sustainable approach. Although companies may feel like they meet compliance, it's important for them to ensure current and future lease transactions align to their long-term strategy."

For example, meeting compliance requires moving all leases to the company's balance sheet, resulting in an initial reduction in earnings and will increase EBITDA. Investors need to be aware of these implications as this transition will have far-reaching impacts including stock performance. And, companies need to know the specific impact to educate all parties and determine their best path for implementation, Tyagi cautions.

Finally, nearly 40% of economists surveyed expect a recession next year and 72% expect one by the end of 2021, says the National Association for Business Economics.

"With an economic recession on the horizon, organizations will be scrambling to cut costs yet having an integrated workplace management system that manages lease administration and accounting, and helps assess market trends, fluctuating rents, etc., can be the lifebuoy they need to survive," Tyagi tells GlobeSt.com.