NAREIM Member Survey Results: Hybrid Work

September 3, 2024

Eight out of ten real estate investment managers that have a hybrid work policy require a majority of employees to be in the office at least three days a week. The most popular days are Tuesday, Wednesday and Thursday.

More than 50 firms participated in NAREIM’s member survey on hybrid and remote work policies. Conducted between August 5 and August 20, the Survey asked members about their remote working policies and attitudes, obstacles and wins, and hybrid work culture. 

A total of 53 member organizations participated. Three-quarters of respondents were independent real estate investment firms.

Download your copy of the hybrid work survey to see the full results.

Among the key findings were:

Days in-office required

• A majority of respondents require employees to be in the office at least three days a week. 

• For managers that require in-office days, 63% require employees to be in the office on certain days of the week.

• Four percent of firms require a majority of employees to have full-time office presence (remote work is not allowed), while six percent of firms do not have an in-office requirement and give employees space in the office as needed. Eight percent of firms have no policy.

Eligibility

• Almost four in ten managers have different hybrid work rules for different departments or groups, such as separate rules for executives and new hires. 

• Just over half of respondents require new hires to work a period of three months or less to be eligible for remote work, while over one in five managers require at least one year of in-office presence before being allowed to work remotely.

Policy

• Just over half of respondents would consider fully remote work eligibility based on job function. Fifteen percent of managers allow employees to be fully remote if they lived out of state or lived farther than 50 miles from an office.

As a benefit

• Half of managers do not regard hybrid work as a benefit for it is simply the way the firm operates, while 37% consider it an employee benefit/part of a rewards package. 

• Only 17% of respondents are considering new benefits for their remote workforce; benefits range from home office stipends to meal delivery services to pet insurance.

Obstacles and wins

• Respondents say the top barriers to success with a hybrid workforce is employees feeling disconnected from the company’s mission, employees struggling to understand where to go for help, and employee development and training.

• Other obstacles cited include the perception that remote workers are less hardworking, concerns about availability for meetings/calls, and risking career development if the employee is not consistently engaging with managers.

• The most significant wins with a hybrid workforce are improved employee work-life balance, increased retention and easier recruitment.

Culture

• To build relationships in teams with hybrid workers, leaders regularly schedule virtual meetings and in-office days together.

NAREIM Member Surveys:

NAREIM regularly conducts member surveys to help member firms understand organizational policies and strategies of peers. A total of 53 organizations, representing over 16,000 FTEs and a median FTE of 150, participated in the hybrid work member survey, conducted between August 5 and August 20, 2024.

To download a copy of the NAREIM Hybrid Work Member Survey results, click here.