Occupancy Index - August 15, 2022

Comments–

August fell short of expectations with a slight decline in the first 15 days. Companies over 1,000 employees are reporting less attendance while mid-size and small companies report a higher level of occupancy. August holiday taking is clearly impacting activity in the core.

Mondays continue to be the weakest day followed by Fridays.

While transit ridership is increasing steadily across the board, interviews indicate that serious traffic congestion in the core is be not helping encourage in-office work. Can transit operators appeal to office workers in the Fall when schools are back?        

Stay safe, your SRRA team.

Links to Articles of Interest

Dig beneath the headlines! 

Head of RBC comes out strongly for a return to the office. “Face to face interaction is a business necessity” he says.

U.S. survey confirms essential role of offices but major employees concede that offering hybrid options key to successful recruitment

Many Canadian employers ambivalent about requiring a return to the office, with job postings in many sectors using hybrid as a recruiting tool. In short: all over the map!

Failure to maintain ‘state of good repair’ in Boston could harm bid to encourage a return to the office as two major transit lines face extensive closures to undertake repairs

Toronto’s tough stance on lockdowns contributing to slow recovery study suggests

A UK perspective on the costs of working from home. Is this in Canada’s future?

A shift in thinking about returning to the office sparks a sudden 180 from a large employer in the U.S.

Moves by large employers in the U.S. blend relocation to less space, consolidation and desire to save costs even as they increase their numbers.

News from Chicago highlights stark differences between Canada and the U.S. as executives ‘flee’ unsafe cities

Bolshie Apple staff demand flexibility to set working conditions

 “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],”