Average weekly - 55%
Peak Day - Wednesday 71%
Slow Day - Friday 29%
Mondays are beginning to attract more workers to the office while overall the Index shows a continued upward trend for the approximately 450,000 office workers in downtown Toronto.
Productivity claims on both sides of the “value of remote work discussion” are basing their opinions on limited data and often without functionality context. It is becoming evident from our research that remote work will find a place in a company’s policy on where people work. It still isn’t clear, however, how productivity is impacting those decisions.
In our next members only briefings, SRRA will review some of this research and lead a discussion on what it means for the future of remote work.
For membership information and how to participate in these events please contact [email protected]
The next Index is scheduled for the week of Nov 20th, 2023.
See the Articles of Interest below for some global perspective on the impact of remote work.
Best wishes from the SRRA team.
Links to Articles of Interest
Markham’s Chris Rickett Hits It Out of the Proverbial Park
Focusing exclusively on housing, housing, housing may satisfy an itch but it is bad policy. Markham’s economic development director sets us straight on the need for balanced growth that includes planning for jobs.
‘Doom Loop’ of Productivity is Major Flaw in Measuring Effectiveness of WFH
Very thoughtful, in-depth review of productivity research that pinpoints lack of training for managers as the weak link in assessing in-office vs WFH – untrained managers give preference to workers they can see in front of them. Could application of SMART (Specific, Measurable, Achievable, Relevant, Time-Bound) goals could level the playing field across sectors?
Tower Proposal for Bloor Street to Replace Offices with Tiny Condos
Undeterred by failure of The One, developers propose to replace offices with 78-storey tower, with more than 90% of space as condos, 61% of which will be ‘investor-friendly’ studios and one-bedroom units. Just what is needed in a housing crisis!
London Leading Trend for Five Days Back in the Office
Employers with enthusiastic backing from government have been pushing workers to come back full time to the office. Seems to be paying off, according to a new survey, but hybrid still a preference for many. Read Article Here.
Compared to Push for Green, Hybrid Work Could Be Yesterday’s News
When determining tomorrow’s office footprints, Investors, landlords and employers are converging around low carbon as the key driver for change. Will hybrid work increasingly be relegated as priorities focus on ESG?
Blackstone – World’s Largest Commercial Property Owner – Resigned to Hybrid Work?
Its billionaire owner feels that remote workers ‘didn’t work as hard’ and saved money on commuting and dressing for success. But Blackstone has reduced office footprint, regardless.
Will Next Generation of Office Developers Transition to Building Something Else?
Regional developers in the U.S. are having a tough time, signaling possible shift in focus to developments with lower risk.
U.S. Surveys Continue to Rue Long-term Impacts of Remote Work
Citing lack of mentorship and loss of company culture, as well as impacts on person growth for younger employees, employers ‘reaching’ in attempts to lure employees back full-tome.
Miami Experiences Continuing Angst Over Return to the Office Mandates
Getting people back to the office is literally the biggest issue right now, say experts. Bribing with perks and focusing on making offices ‘desirable’ the way to go say CEOs.
Do Employers Have Ulterior Motives When Pushing Older Workers to Return to the Office?
Is a perceived reluctance on the part of older employees to come back to the office motivating some companies to double-down on return mandates to accelerate retirement rates?
Location location location - You Heard It Here First (or Maybe Not)
A New York Biznow seminar trotted out the usual bromides but one finding stood out. Offices closer to transit see twice as much pedestrian traffic in their vicinity than properties 15 minutes away from transit. What does this mean for occupancy and leasing rates?
Quote of the Month: Quiet Cutting is a New Term to Describe Demotion
“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],”