Average weekly - 78%
Peak Day - Wednesday 87%
Low Day - Friday 52%
Fall has become the time when companies and their employees change the amount of time spent in the office. In 2023, 2924, and this year to date, the Index shows little change between May and September, however, in the Fall policy and the way it is implemented has resulted in an increase in in-office hours per week.
Many companies have announced new policy, some with a component of remote work and some suggesting that by the end of 2026 little if any remote work will be permitted.
Given the number of companies who are not requiring change at this time, we still see the Index peeking at between 80% and 85% by Christmas and beyond. We shall see if this is the case as the data comes in..
Enjoy the Articles of Interest below
Your SRRA Team,
Links to Articles of Interest
“The worm has turned,” says the Leader of a Major Asset Management Company
With many companies calling for employees to return to the office more days of the week, the race to find enough desk space for returning employees is heating up. A full 180 from conditions a couple of years ago, brokers are reporting an uptick in enquiries for leasing large blocks of space, allowing landlords to dial down incentives for the first time since 2020. The new towers that came on stream during COVID and shortly after are seeing high levels of demand, which is having a positive knock on effect on prospects for older properties.
Back to the Office Full-Time? The List of Organizations Demanding Five Days in the Office Continues to Grow
Led by the banks, the federal government and more recently the province, the list of companies and publicly-funded institutions calling for – and even demanding – a return to pre-COVID standards whereby an office job meant that you actually worked in an office is growing. So too are complaints about the time lost and high financial cost of commuting. Small businessowners whose trade disappeared over night when office workers stopped coming downtown are being counselled to think out of the lunch box to woo former customers back. Some are wondering where they will find staff if the number of students living downtown doesn’t rebound as well.
Former Chief Planner Suggests That “Back to Office” Mandates Will Make Toronto’s Traffic Problems Even Worse
“Even before return-to-office mandates take effect, experts say vehicle traffic in the city is at a tipping point, while delays, construction and public safety concerns plague the public transit system.” This is the opinion of someone more than familiar with the many factors affecting Toronto’s mobility, Jennifer Keesmaat. Her worry, echoed by the Toronto Board of Trade and others, is that unacceptable levels of overcrowding (and safety concerns) on transit will persuade more commuters to drive, With municipal elections just over a year away, will the drum beat from potential mayoralty candidates drown out the voices offering realistic solutions?
Amenities Can Help the Transition Back to In-Office But Can Only Go So Far
Coffee companies have a vested interest in promoting investments that position good quality coffee stations as a replacement for old-fashioned water coolers to stimulate casual conversations as part of the push to encourage workers to return to the office. But landlords suggest this and comparable trends such as mini-spas and other incentives could make sense, noting that not everyone is happy about having to turn up at the office after years of remote work conditions. There is also a powerful argument to be made that it is also up to the employer to demonstrate in tangible ways why being back in the office is worth giving up the flexibility of hybrid work. ‘Better office culture,’ ‘innovation,’ and ‘productivity’ will remain as buzzwords unless employers think through and implement concrete actions to emphasize the benefits of returning to the office for the workers themselves.
Read Article Here.
Globe and Mail Offers Up a Less Than Objective Viewpoint on Return to the Office Mandates
London-based Bruce Daisley works with many high profile “big brands” on the “future of work,” but also finds the time to deliver keynotes to promote a perspective that sees “return to work in the office mandates” as yesterday’s news. To be fair, employers that push four or even five days as the basis for a productive work place environment but forget to provide staff with a place to actually do their work are easy targets. He believes “hybrid is here to stay.” The Globe prints it so it must be true, right?
The U.S. is “Escaping” its Office Crisis – The Economist
The “torment caused by COVID-19 and high interest rates appears to be over,” reports the Economist. The perfect storm that launched five years of misery for office landlords and investors seems to be clearing, as commercial office real estate starts to see a turnaround.
“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],”