Average weekly - 67%
Peak Day - Wednesday 77%
Low Day - Friday 36%
Summer is holiday time which in the past has resulted in a plateauing effect on the Occupancy Index. So far, this summer appears to be no exception. In calculating the Index, we have accounted for vacation time, but in previous years we have heard from our data sources that the real reason the Index levels off in the summer is a general relaxation of in-office policies. We will see if that occurs this summer.
We thought you would be interested in some of the research on congestion that SRRA is conducting. Recently, some public commentators have suggested that more people are driving to work than before COVID causing the intolerable levels of congestion, not only in downtown Toronto but on the highways across the Region. The question is why and what drives these choices. Our research suggests that the problem outside of Toronto’s business district is the lack of alternatives rather than a deliberate decision to drive.
In downtown, however, surface parking spaces for commuters have been in consistent decline for 25 years, leading to the conclusion that post COVID, a strategy for improving the movement of goods and services would likely have a greater impact on congestion than efforts to further restrict parking. If you have thoughts and or data on this issue, let us know.
Please feel free to send in your comments and thoughts on these important challenges facing the region. They will be treated in confidence and are very much appreciated.
Your SRRA team
Links to Articles of Interest
Everything Old is New Again. Boston Re-Sets the Clock on Urban Planning
After 70 years of relying on a development-oriented planning system, the Mayor of Boston just announced the creation of a brand-new department that will…wait for it…actually do planning. Her goal is “to make Boston a green and growing city depends on planning together for our brightest future,” Mayor Wu said. The new planning department will have planning and zoning, development review, urban design, and real estate. Should this news be forwarded to Queen’s Park?
Meanwhile in Great Britain…
One of the first set of radical changes will be to Britain’s planning system, the new government has said. Changes (more to follow in the next links) include “swift changes to unblock infrastructure and private investment.”
Look to the U.S. Market for Resilience. Tales from Weary Execs
Biznow, the ubiquitous newsletter that provides many of the links we share with you on a regular basis, recently updated it coverage of how U.S. real estate execs are handling on-going uncertainties facing office landlords and developers. Our favorite insights are those captured under the heading “Survive till 25” – a group of battle-seasoned who are placing all their bets on it being better next year. Just do not mention the upcoming election.
Goldman Sachs: the Worst is Over
Call it bravado but Goldman Sachs is saying office market recovery is on the horizon. To back that up the Organisation for Economic Co-operation and Development's U.S. Composite Business Index is saying much the same thing. What do landlords in Canada say to this?
Vancouver to Experiment with a Twist on the Office Conversion Story
Office space glut. Hotel room shortage. This may be a tale that can only be told on the West Coast, but the City of Vancouver is going the extra mile to remove barriers to conversions – relaxing seismic upgrades, other changes to the building code related that acknowledge the communal nature of the product, which is going to be potentially popular with visitors from Asia.
Is Toronto Confused About What Makes a Good Neighborhood?
Criticisms of the plan for Villiers Island – which foresees up to 9000 residential units packed into 8.5 ha – are calling the latest iteration of the plan “too timid,” with not enough effort to include “affordable” housing. But let us remember similar complaints about Vancouver’s Olympic Village saw a late-breaking increase in density that some observers now regret. The project’s priority was “sustainability,’ rather than “affordability.” Which legacy does Toronto deserves?
“The Occupancy Index is supported by the City of Toronto, Downtown Yonge BIA, and Downtown West BIA. It is a measure of the percentage of office employees returning to the office compared to the number of employees who would normally have come to their offices pre-COVID. For a detailed description of the calculation please contact Iain Dobson at [email protected],”