Average weekly - 69%
Peak Day - Wednesday 79%
Low Day - Friday 39%
We are often asked ‘how does the Occupancy Index in Toronto compare with other cities’? While that is difficult to research accurately due to the lack of comparable data, a group in London has put together a data rich analysis which is part of this weeks Articles of Interest below.
The trend is clearly toward more in-office work particularly for organizations who are competing globally in rapidly growing and competitive industries. The week is beginning to balance out as this Index’s data shows. Friday remains the lowest in office day, but Mondays are showing more activity in downtown Toronto.
Look forward to both of these trends continuing.
Your SRRA team
Links to Articles of Interest
London & Toronto Lag Behind Paris Singapore and New York Returning to the Office:
A comprehensive, data-rich report by Centre for Cities in London on office presence levels shows that London trails its international competitors. Far behind Paris. Off the pace with respect to Singapore and New York. And just ahead of Sydney. Toronto compares with London with slightly less in office work. Citing the many disadvantages associated with low levels of attendance, the report calls for the mayor and national leaders in Britain to get behind less remote work and help to shift attitudes in order to get those numbers up. Is there a message here for Toronto?
BMO and TD To Invest in Training Facilities in Downtown Toronto
The cost – and opportunity cost – isn’t trivial, so the decision of two major banks to target the need to train and re-train their employees as a way to promote employee retention is worth noting. In the case, the company has opted for a new facility downtown over a hard to reach suburban location that was unpopular with staff. With a 500-seat auditorium, look for BMO to mimic the success of the Globe and Mail in creating a state of the art facility for hire.
PwC Report Throws Cold Water on Idea that In-office Presence Builds Company Culture
Myth Busters! One of North America’s top consultancies surveyed company leaders (mostly in the U.S.) and concludes that being present in the office helps build and improve company culture is a worthless idea. No word from leaders who dispute that.
KPMG Goes in the Other Direction – Hybrid Work On Its Last Legs Say CEOs
Then there’s the views expressed in a KPMG report that suggests that hybrid work has a three year shelf life. While that could be wishful thinking, this report underscores how it is possible to present diametrically opposed opinions depending how you ask the questions.
Ontario Government Decides to Purchase Underutilized Office Buildings in Toronto
Causing experts to scratch their heads, the provincial government is contracting to purchase an unspecified number of well-located office buildings in downtown Toronto. No mention of conversion potential but efficiency of government operations cited.
London Ontario Offices Suffering High Vacancy Rates
More than three quarters of London’s office inventory is in the downtown, in part thanks to supportive planning policies, but with vacancies at more than 30 per cent in downtown, city officials and landlords alike are getting concerned, blaming post-COVID trends to reducing company footprints when office leases expire.
AI Trendsetters Take a Stake in Manhattan
The rapid spread of AI in almost everything we do took another step forward recently when OpenAI chose Manhattan as its first “urban” stronghold on the East coast. No word on where the “model training” will take place and any impact on the hydro bill.
“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],”