Average weekly - 56%
Peak Day - Wednesday 69%
Slow Day - Friday 33%
There was little change in the Index over the first two weeks of November and only minor change throughout the week. Preliminary data for the balance of November suggests the momentum driving the return to the office, which has been steady throughout the year, has slowed. We do not foresee any significant change until the New Year.
Calculating remote work productivity and understanding the impact of remote work on-office building use remain hot subjects. In the New Year, we expect to have more real data on both these indicators which will help inform a better understanding of the steady-state level of remote work.
Many of you have asked if we adjust the Index for seasonal influences on in-office work. The only adjustment we make is simply not collecting data for the last two weeks of December.
The next Index is scheduled for the week of Dec 17th, 2023. For membership information and how to participate in these events please contact [email protected]
Best wishes from the SRRA team.
Links to Articles of Interest
Could Gloomy Prognosis for London re Impact of AI Foretell Toronto’s Future?
Jobs in the finance and insurance sector are the most affected by the adoption of AI, the UK Department for Education’s Unit for Future Skills suggests. London’s high concentration of professional roles thought to be Achilles Heel.
Mixed Signals on the Prospects for Office Real Estate Continue to Clutter Our View of the Future
The office sector is doomed, except when it isn’t. This report on the office apocalypse also points to a boom in Class A buildings, fewer of which are being built, creating a shortage of quality space.
Alternative Data Source Suggests Occupancy in New York Could be as High as 70%
Not surprisingly, the New York Real Estate Board prefers Crain’s ‘industry endorsed’ measure of ‘office visitation’ to that of Kastle (higher by almost 20%). The welcome news is that this issue is sufficiently important to warrant competing efforts to report on the issue. In the meantime, SRRA’s occupancy index continues to win plaudits for its rigour and adaptability.
New Highly Efficient Office Building in London ‘fully leased’
Not too many headlines like this one these days, but this news sends a strong signal that globally competitive markets like London are not only resilient but capturing major new investment. A construction price tag of 1.4B pounds (more than $2B Canadian!) reminds us that massive new office buildings represent a major commitment to a place.
Remote Work Advocate Remains Bullish on Some Metrics, But Cautious on Others
The CEO of a firm founded as “an investment and financial literacy platform for women,” claims that her fast-growing company has thrived with a remote work philosophy, which grew out of practical strategies during COVID such as cost concerns. She points out that women in particularly benefit from flexibility offered by remote work. But in a widely broadcast interview, she admitted that creativity and innovation has taken a hit as a result of remote work.
Architecture Firm Chooses to Design Dedicated Office Space, Rejecting Open Plan Offices
Although geared to the needs of his medium-sized company, this CEO found that returning workers couldn’t function as well in an open-plan environment as the numbers increased. So ‘cozy’ and dedicated space for calls and meetings was his solution.
When the Economist Speaks, We Listen
Look for more insights from this venerable publication in the coming months!
“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],”