Average weekly - 78%
Peak Day - Wednesday 87%
Low Day - Friday 51%
We continue to see a trend toward more in-office work. The economy is suffering from uncertainty and with it more job instability, we are hearing that being present in the office is becoming a hedge against possible job loss. This trend emerged prior to the March break, and we think it is contributing to more in-office work for those who feel their job is at risk. Data through the balance of April confirms this trend. In the institutional sectors the amount of in-office work has levelled off significantly.
Your SRRA Team,
Links to Articles of Interest
Controversial Move By London’s Mayor on Greenbelt Could Reverberate in Toronto
Mayor Sadiq Kahn shocked a lot of people last week when he announced plans to permit housing development on London’s Greenbelt, which has been a fixture in the UK’s planning circles since 1947’s Town and Country Planning Act was put in place. Citing a continuing housing crisis, but committing to prioritize brownfield sites, Khan hopes his decision will help the capital complete much needed housing starts. Could this decision encourage similar moves in Toronto?
Sign of the Times? Deloitte to Anchor 5th Tower at Hudson Yards
Described as an “accounting and consulting behemoth” in this entertaining article, Deloitte has signed on to lease 800k sq ft of space in the first major project post-pandemic in Hudson Yards. With so much uncertainty permeating the economy, this commitment will no doubt be seen as a welcome article of faith by commercial landlords.
More “Deal Signs” on the Horizon?
Two major U.S. commercial brokerages are merging and will take new space in Bethesda MD and Philly while retaining multiple regional offices. Considering that their core business is built around facilitating commercial real estate projects, does this move signal that new office buildings are beginning to be seen as feasible investments?
The Other Side of the Office Market Coin…Firm to Focus on Selling Office Assets
This story offers a less optimistic perspective that underscores the growing divide between trophy-quality offices and ‘the also rans.’
The Pendulum Swingeth…New Offices in the Pipeline Face Delivery Crunch
Cushman Wakefield is suggesting that demand for grade A office space is greater than supply in Britain’s capital city.
CreateTO to Redevelop Body Shop Site with Candy Floss-Inspired Condos
The City of Toronto’s development arm has its sights on building a transit-oriented condo development on city-owned property on Eglinton East, choosing a Vancouver firm to design a colourful differentiator in the condo market. The actual developers selected include Civic Developments, Windmill and Co-Op Housing Federation of Toronto.
Oxford Properties to Build One of Canada’s Largest Current Projects
With building heights ranging from 50 to 71 storeys, Oxford is proving to be no shrinking violet as bids to construct a more than 3M sq ft project! The first three towers will be condo – and as of now – a fourth building to follow is purported to be an office tower (although the typical pattern is for promised commercial buildings to be re-zoned years down the road when surprise surprise the market for office fails to materialize.
And Now For Something Completely Different…
The late Don Shoup’s classic “The High Cost of Free Parking” managed to elevate the science of parking strategies into our heads. This entertaining review of parking culture in Manhattan confirms many of Shoup’s evidence-based findings but the best is a tale of a company paying someone $10 an hour to reserve parking spots 24-7!
“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],”