Hybrid work may be here to stay, but it's taking on a different form than many originally imagined at the onset of COVID-19.

The market is still slumping, with data from Kastle Systems from August showing that US occupancy is somewhere between 43% to 44%, a level it's been hovering since April. That figure is below 40% in San Francisco and San Jose.  And in addition to a record amount of sublease space hitting the market, nearly 243 million square feet of office leases are set to expire in 2022, representing roughly 11 percent of office inventory in the US, according to Colliers.  The widespread adoption of hybrid work is expected to cause a 15% drop in office space demand nationally.

"In recent months, the cracks in this work-from-anywhere experiment have started to show," analysts from Colliers write in a new report on the future of work. "The office is not going away but it is certainly going to be utilized in a different way."