Global companies to cut office space

COLUMBIA, S.C. (CNN)– There could soon be a major shift in how the world “works” … literally.

About half of major global companies are planning to cut office space in the next three years.

That’s according to a survey of nearly 350 companies.

This comes amid a rise in remote and hybrid work, falling property values and rising interest rates.

American cities are projected to be the most impacted led by San Francisco.

Still some mid-level and small companies are planning to grow their footprint over the next three years.

The survey was done by Knight Frank – a UK based real estate firm.