Tag

Office Occupancy

All articles tagged with #office occupancy

business2 years ago•1 min saved

"NYC's Office Return Surges to 70% of Pre-Pandemic Levels"

The return-to-office trend in NYC gained momentum in December, with average visitation rates at 350 Manhattan buildings reaching 67% of 2019 levels, up from 65% in November. The analysis, based on Placer.ai location data, shows a steady rise in office occupancy since early last year, with premium buildings averaging 74% visitation in December. While Midtown rates grew to 73%, Midtown South held steady at 68%, and Downtown dipped to 54%. REBNY's director of market data and policy, Keith DeCoster, finds the increasing activity in Manhattan encouraging, despite remaining well below 2019 levels.

via New York Post |

#business #manhattan-buildings #nyc

business2 years ago•3 min saved

The Demise of the Office: WFH to Dominate by 2026

The share of workers being called back to the office has plateaued, indicating that remote work has become a permanent fixture in the U.S. labor market, according to economists. The percentage of paid work-from-home days has remained steady at around 28% in 2023, four times higher than pre-pandemic levels. Office occupancy in major U.S. metro areas has also flatlined at around 50%. The staying power of remote work can be attributed to benefits such as no commute, flexible schedules, and increased job market leverage for workers. Companies have also benefited from reduced costs and increased worker retention, while productivity has not suffered. Remote work is now the new normal, with most arrangements being hybrid, combining days at home and in the office. While a recession may cause a slight decline in remote work, long-term trends suggest that the share of employees working remotely will continue to grow, especially with advancements in technology and the enthusiasm of younger firms and CEOs for hybrid work arrangements.

via CNBC|

#business #hybrid-work-arrangements #labor-market

business2 years ago•1 min saved

Empire State Building Defies NYC's Struggles with Over 90% Office Occupancy

The Empire State Building in New York City has defied the struggling office market with a 90.5% occupancy rate in Manhattan and increased revenue from its Observatory. Despite visitation being only 71% of 2019 levels, visitors spent more, contributing to a 13.6% increase in revenue compared to the previous quarter. Major companies like LinkedIn and Starbucks have also leased additional office space in the building. The Empire State Building has received awards for building management, sustainability, and community contributions. Additionally, Stone Peak Capital is reportedly leasing 75,000 square feet at 245 Park Avenue, while other firms are in talks for expansion or consolidation space at various locations.

via New York Post |

#business #empire-state-building #leasing-performance

workforceremote-work2 years ago•3 min saved

"The Guru of Remote Work Declares: Return to Office Data Falls Flat as a Pancake"

According to Stanford professor Nick Bloom, leader of the WFH Research group, the latest data shows that the workplace has reached a new normal with remote work. Office occupancy has remained flat at around 45-50% in major U.S. metro areas, indicating that there is no significant shift towards returning to the office. The share of hours worked from home each week has stabilized at 25% since 2021, compared to 5% pre-pandemic. Bloom predicts that there won't be any major changes in the near future and emphasizes the importance of organizing hybrid work to balance administrative tasks at home and collaborative work in the office.

via Fortune|

#hybrid-work #new-normal #office-occupancy

business2 years ago•6 min saved

Poll reveals challenges for D.C. with ongoing remote work demand.

A Washington Post-Schar School poll finds that a large majority of people in the Washington D.C. region with remote-capable jobs say they would prefer to mostly work from home if offered the choice. Anxiety related to whether office occupancy rates will return to pre-pandemic levels has been acute in the District, where 58 percent of remote-capable workers say they prefer to work from home most or all of the time. The city’s chief financial officer has revised the city’s projected revenue downward by a total of nearly $500 million between fiscal 2024 and 2026, telling top city leaders that remote work posed a “serious long-term risk to the District’s economy and tax base.”

via The Washington Post|

#business #downtown-revitalization #federal-workers