Vantage Space Global Trends Report: Q4 2023

1: Global Average Occupancy

The final quarter of 2023 showed a slight increase in global average occupancy, reaching 36.0% (+1.0% compared to Q3 2023). This growth was primarily driven by EMEA, which saw a significant jump to 42.0% (+7.0%), possibly indicating a stronger end-of-year return to the office or specific organizational pushes. AMER also saw a modest increase to 33.0% (+2.0%). Conversely, APAC experienced a notable decrease to 33.0% (-6.0%), potentially due to regional holidays or differing return-to-office policies. The overall trend suggests a stabilization, albeit with significant regional variations.

Table 1: Average Occupancy by Region. Note: The percentage changes are calculated based on the previous quarter’s data (Q3 2023).

2: Average Occupancy by Space Type

Globally, Work Space (+1.0%) and Meeting Space (+3.0%) occupancy saw slight increases, while Other Space occupancy decreased (-4.0%). The regional picture is mixed. EMEA saw a large increase in Work Space usage (+9.0 points to 46.0%) but decreases in Meeting and Other spaces. APAC experienced declines across all categories, particularly Work (-7.0 points) and Other spaces (-6.0 points). AMER bucked the trend with a significant jump in Meeting Space occupancy (+12.0 points to 30.0%), alongside smaller increases in Work and Other spaces. This highlights differing regional priorities – perhaps more focus work in EMEA, reduced overall presence in APAC, and a surge in collaboration focus in AMER towards year-end.

Table 2: Average Occupancy by Space Type. Note: The percentage changes are calculated based on the previous quarter’s data (Q3 2023).

3: Meeting Room Occupancy

Meeting rooms are spaces designed for collaborative activities, such as team meetings or client presentations. The efficient use of these often high-value spaces remains a key focus for workplace optimization.

Table 3: Average Meeting Size by Region. Note: The changes are calculated based on the previous quarter’s data (Q3 2023).

Average meeting sizes increased globally to 3.0 attendees (+0.5 compared to Q3), driven by rises in EMEA (+0.3) and notably APAC (+0.8). AMER saw a decrease (-0.5), aligning with its increased Meeting Space occupancy but suggesting these meetings involved fewer people. The overall trend towards slightly larger meeting groups (excluding AMER) might indicate more end-of-year team gatherings or project wrap-ups.

The Q4 capacity vs. usage data continues to show a strong preference for small meetings, despite ample availability of larger rooms. Globally, almost half (49.6%) of meetings involved only one person, while only 14.5% of rooms are designed for one. This mismatch is most pronounced in AMER (59.8% single-person meetings vs. 11.7% single-person rooms) and least in EMEA (38.6% vs. 25.1%). Rooms built for 5+ people constitute a large portion of the portfolio (over 45% globally) but are used for less than 15% of meetings. Even with the slight increase in average meeting size globally, the demand overwhelmingly remains for smaller spaces.

Conclusion

Q4 2023 concluded with global occupancy at 36.0%, showing resilience but significant regional divergence. EMEA led with strong growth, while APAC saw a downturn. Meeting space usage increased globally, particularly in AMER, though average meeting sizes varied, increasing in EMEA/APAC but decreasing in AMER. The persistent theme remains the mismatch between meeting room supply and demand. The vast majority of meetings involve very few participants, yet a large percentage of meeting room inventory is designed for larger groups. As organizations plan for 2024, optimizing the meeting space portfolio by increasing the availability of smaller, tech-enabled rooms for focused work and small-group collaboration should be a primary strategic consideration.