October Edition
In Our Minds, We’re Going to Carolina: Rethinking Office Space for the New Work Era
By Harold R. Hicks, CFM, MCR
CoreNet Global Carolinas Chapter
"In my mind, I’m going to Carolina..."
And in our real estate strategies, maybe we should be, too.
As hybrid work becomes the default rhythm for many organizations, corporate real estate leaders are finding themselves humming a new tune — one that blends flexibility, efficiency, and experience into every square foot. And just like James Taylor imagined that return to Carolina with a sense of clarity and purpose, we too are being called to reimagine where (and how) work happens in this new era.
🏢 The Shift: Less Space, More Purpose
Across the Carolinas and beyond, companies are reevaluating their office footprints. The pandemic didn’t create the conversation around right-sizing, but it certainly turned up the volume.
Whether it’s a Fortune 500 firm in Charlotte shedding underutilized floors, or a growing biotech in Raleigh investing in highly curated space, the question isn’t “How much space do we have?” but rather “What kind of space do we need to thrive?”
We’re seeing:
- Reductions of 20–40% in total square footage across large portfolios
- Consolidation of underperforming locations into high-performing hubs
- A reallocation of space toward collaboration zones, client experience areas, and wellness-focused environments
📊 Strategy: Using Data, Not Gut Feel, to Guide Realignment
Right-sizing shouldn’t be a euphemism for cutting costs. Done right, it’s a strategic alignment of physical space with workforce behavior and business goals.
Top CRE teams are turning to:
- Utilization studies: Sensor data, badge swipes, and even Wi-Fi patterns to measure actual usage
- Surveys & sentiment analysis: What employees want vs. what they actually use
- Scenario modeling: What if we shift 30% of our workforce to flex? What happens to service costs?
🌇 The Southern Perspective: What’s Happening in the Carolinas?
Here in the Carolinas, right-sizing looks a little different than in Manhattan or the Bay Area.
We’re seeing:
- Flight to quality: Demand for amenity-rich Class A buildings in walkable downtowns like Raleigh, Charlotte, and Greenville remains strong
- Hub-and-spoke models: Organizations are experimenting with suburban or secondary city “nodes” to improve access and retention
- Hybrid infrastructure: More investment in AV, IT, and collaboration tools to bridge the gap between home and HQ
Even legacy buildings are getting facelifts. These projects are not just focused aesthetically, but in terms of air quality, smart access systems, and reconfigurable furniture. It’s not just about downsizing; it’s about rightsizing intelligently.
💡 What to Watch: Flex Space, Experience Design, and the ROI of Less
- Flexible leases are gaining ground even larger corporates are mixing core long-term space with shorter-term flex options
- Employee experience is becoming a top driver in real estate decision-making because the office must now earn the commute
- Return on experience (ROX) is the new ROI. Leaders are evaluating not just cost per square foot, but impact per square foot
🎶 A New Tune for CRE Leaders
Right-sizing isn’t about doing less, it’s about doing more with what you have. It’s about crafting environments that spark collaboration, support flexibility, and reflect your company’s evolving culture.
As CoreNet Carolinas members, we have a front-row seat to this transformation. Our cities are growing, our industries diversifying, and our chance to lead the conversation, from Charlotte towers to Research Triangle campuses, has never been greater.
So, let’s keep going to Carolina…in our minds and in our strategies… and shape a future that’s right-sized, forward-looking, and distinctly ours!
With gratitude and purpose,
Harold Hicks
President, CoreNet Carolinas Chapter