Last year, merger and acquisition activity increased significantly, and experts expect the momentum to continue in 2022. Real estate is the second or third largest expense on a company's income statement, making it a top priority during a corporate merger. Companies undergoing a merger or acquisition will not only look to consolidate a real estate portfolio, but they will also look at operations, leases and technology.

Rob Raymond, a managing director in the Real Estate practice at FTI Consulting, has seen real estate account for as much as 16% to 22% of general and administrative expenses. "It is a large target of synergy," he tells GlobeSt.com. "From a physical footprint perspective, companies would look at redundant locations and consolidating headquarters."

Cost is typically the primary metric that companies look at when consolidating a portfolio, but access to talent is also crucial. "Companies are also looking at talent in addition to cost. [A company might choose] real estate that is more expensive but will have better access to talent," says Raymond.