US Offices Reach 50% Occupancy for First Time Since Pandemic Hit




  • In Business
  • 2023-01-30 18:01:45Z
  • By Bloomberg

(Bloomberg) -- More than half of workers in major US cities went to the office last week, the first time that return-to-office rates crossed 50% of their pre-pandemic levels.

Most Read from Bloomberg

  • Adani Rout Hits $68 Billion as Fight With Hindenburg Intensifies

  • Adani Tries to Calm Investors With 413-Page Hindenburg Rebuttal

  • Wall Street Is Losing Out to Amateur Buyers in the Housing Slump

  • Historic Crash for Memory Chips Threatens to Wipe Out Earnings

An index of building occupancies in 10 major metro areas increased 0.9 percentage points to 50.4% in the week ended Jan. 25, according to security firm Kastle Systems. All of the cities tracked by the company - including San Francisco, Chicago and Austin, Texas - reached return-to-office levels of 40% or above, which was also a post-pandemic first.

Most of the cities tracked saw their occupancy hold steady or rise, including New York, where it increased to 47.5% for the week, and San Francisco, which rose more than two percentage points to 45.9%. Austin had the highest level, at almost 68%, while the San Jose, California, area that includes much of Silicon Valley was the lowest, at 41%.

The data are based on average weekly access-card activity at buildings with Kastle security systems, compared with a pre-pandemic baseline.

Read more about Kastle Systems and its back-to-work measures

Crossing the 50% occupancy threshold is a milestone sure to be cheered by business leaders on Wall Street and elsewhere who have pushed for more in-office attendance. But it comes much later than most return-to-office advocates had expected, due to health concerns surrounding multiple Covid-19 variants, remote-first arrangements by some organizations, and most of all, workers' reluctance to give up the flexibility they've come to enjoy and expect from working from home.

Many organizations that employ desk workers currently use some type of hybrid arrangement, with workers splitting their time at home and on site.

Most Read from Bloomberg Businessweek

  • After 30 Years, the King of ETFs Faces a Fight for Its Crown

  • How to Be 18 Years Old Again for Only $2 Million a Year

  • From 'the Coin' to High-Interest Bonds, the US's Debt-Limit Options Aren't Great

  • The Secret to EV Success Is the Software

  • The US Hasn't Noticed That China-Made Cars Are Taking Over the World

©2023 Bloomberg L.P.

COMMENTS

More Related News

Putin
Putin's Belarus Nuclear Move Puts Him at Odds With China Pledge
  • World
  • 2023-03-27 13:13:04Z

(Bloomberg) -- While Russian President Vladimir Putin's plan to station nuclear weapons in neighboring Belarus is unlikely to change Europe's strategic...

First Citizens Buys Silicon Valley Bank After Run on Lender
First Citizens Buys Silicon Valley Bank After Run on Lender

(Bloomberg) -- First Citizens BancShares Inc. agreed to buy Silicon Valley Bank which was seized by regulators following a run on the lender.Most Read from...

Impax CEO Says Funds Have Run Out of
Impax CEO Says Funds Have Run Out of 'Investible' Green Assets

(Bloomberg) -- Impax Asset Management Group, which runs one of the world's biggest investment portfolios geared toward a low-carbon economy, is warning that ...

US Futures Waver, Bonds Dip With Markets on Edge: Markets Wrap
US Futures Waver, Bonds Dip With Markets on Edge: Markets Wrap

(Bloomberg) -- Early gains for US equity futures evaporated as markets remained on edge, with investors weighing the risk of recession and its impact on...

Morgan Stanley Strategist Says Earnings Are Next Risk to Equities
Morgan Stanley Strategist Says Earnings Are Next Risk to Equities

(Bloomberg) -- Morgan Stanley's Michael Wilson - among the most prominent bearish voices on US stocks - says turmoil in the banking sector has left earnings ...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Business