The future of the office market rests in a single question: will employees return to the office. If you review the current leasing trends, the answer is unclear. Tech, life science and health care industries are driving office lease activity, and many are expanding their footprint. Other industries, however, are going in the opposite direction and downsizing.

Scott Nelson, CEO of occupier services at Colliers, spoke to GlobeSt.com exclusively about the trend. Nelson saw an increase in office demand at the end of 2021, but he said the activity came alongside some notable downsizing activity. "We saw demand more from high-growth industry sectors and small- to mid-sized businesses, but we also saw quite a few big office space users across many industries, including professional services, that are reducing space," he told GlobeSt.com. "You are seeing both."

The trends are industry specific. While tech, life science and healthcare are growing, more traditional office users, particularly financial services firms, are shrinking their office footprint. "It is really dependent on the profile of the business. In major cities, tech users are doubling down," says Nelson. "Facebook and Google in New York; Oracle in Austin and Nashville; Google in Atlanta. Big professional services firms like Deloitte, PWC, EY, which are some of the biggest occupiers of office space, are looking at downsizing in major urban cores and providing more flexibility for their people."