Occupancy Index - April 1, 2022

Comments–

Many companies are now planning significant return to the office in April. Plans vary from 100% return by some small firms to variations of a partial and more obligatory attendance in the office. As a result, the Index may reach 25% by the end of the month.

Most companies are more insistent on some form of attendance in the office, however, an increase in sickness due to a resurgent in variations may dampen that enthusiasm. We are now seeing parking occupancy nearing capacity and an increase in subway use in the core.

Stay safe, your SRRA team.

Links to Articles of Interest

Dig beneath the headlines! 

This NYT articles offers a brief ‘good news’ respite from talk of hybrid work patterns. Sometimes we need an outside observer to remind us what is happening in our own back yard

Local transit riders typically keep the guard up, for now...

Co-working space undergoing a revival?

Comparing events attendance to a return to the office shows continuing resistance in the U.S.

Even if workers return, will local retailers/restaurants feel the benefit? U.S. examples suggest that food delivery apps may try to muscle in to serve returning workers

U.S. employers brace for continued uncertainty, split decisions on hybrid versus mandated return to the office

Time for Midtown Manhattan decision makers to hold their nerve? With one the most previously vibrant office clusters in the U.S. currently performing below par, New York planners are resisting temptation to open the gates to adaptive re-use.  A true test for policy makers.

Pessimistic perspective from the U.S. on prospects for the recovery of municipal revenues as downtown economies continue to suffer

Major bank survey suggests that return to work numbers have peaked in many jurisdictions – suburbs outperforming central areas

 “The Occupancy Index is supported by the City of Toronto, Financial District BIA, Bloor-Yorkville BIA, The Waterfront BIA, Downtown Yonge BIA, St Lawrence Market BIA and Toronto Entertainment District 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],”