![]() In New York City, for example, office vacancy rates have risen 11.3% in the last year, and now stand at the highest level in 27 years. It read in part: “The last year has felt like we have truly been able to do the best work of our lives for the first time, unconstrained by the challenges that daily commutes to offices and in-person co-located offices themselves inevitably compose.”įor companies that opt to require fewer employees to be on-site each day, one question looms: Should managers make the long-term decision to jettison a portion of their office space?īased on our decades of professional experience - one of us is a London-based professor of finance and urban planning, the other is an investment manager who focuses on real estate - we believe that for many companies, the answer should be yes. When Apple CEO Tim Cook announced plans for employees to return to the office three days per week beginning in the fall, employees sent him a petition saying the company had “actively ignored” many employees’ desire to continue with a full-time remote regimen. ![]() ![]() Even as vaccination rates grow, companies remain uncertain about when, how - and in some cases, if - workers will return to their pre-Covid office routines.ĭata from Google shows that workplace activity in London, New York, and San Francisco is running at half what it was before the pandemic.Ī June survey by the London Chamber of Commerce of 520 business leaders revealed that among companies whose employees can work from home, half expect workers to remain remote five days per week even post-Covid. ![]()
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